Twice in two years the UK Government has described the fiduciary duty of pension trustees as permissive. In April 2025 the Department for Work and Pensions said that the findings of the Law Commission review of investment intermediaries ‘reflect the permissive nature of trustee fiduciary duty’, and the Government was ‘not currently considering any change to the law’. In January 2026 the Department committed to guidance giving trustees ‘clarification and practical support on their ability to take account of system level risks, such as climate related risks’. Both statements answer a real question. Neither answers the harder one, which arises when the system-level risk is produced by the investment strategies of trustees themselves … (more)
[Lincoln Booth, Oxford Business Law Blog, 16 October 2026]
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