Detail of outcome
We published the government response to this consultation on Thursday 12 November 2015 as part of another consultation on Occupational pensions: reducing regulatory burdens and minor regulation changes.
Detail of feedback received
The responses to this consultation are attached. We received 47 responses from a variety of organisations. Having considered these responses, the government concluded there was not a compelling case to amend the regulations. It is important that trustees are supported in understanding heir responsibilities in taking investment decisions, and The Pensions Regulator is supporting trustees in doing this. Guidance provided by the Law Commission has been shared with trustees by The Pensions Regulator, and The Pension Regulator’s own guidance has been updated to reflect the Law Commission’s findings.
This consultation seeks views on recommendations made by the Law Commission on the law governing investments in occupational pension schemes. These recommendations were made in the commission’s report Fiduciary Duties of Investment Intermediaries, published on 1 July 2014. They cover 2 main themes:
- the difference between financial and non-financial factors when taking decisions about investments
- the role that a ‘stewardship’ approach can play when taking decisions about investments