Open consultation

Consultation on pension fund trustees draft guidance

Published 5 November 2026

Chair foreword

At the kind invitation of the Minister for Pensions, I have had the privilege of chairing the work of the technical working group and of the advisory group to enable the production of this draft guidance.

In forming those groups, the Department for Work and Pensions convened expertise and experience from right across the pensions sector. Government departments and regulators have helped as observers, further rounding and deepening the expertise and experience involved.

From my work with the sector on this guidance, I wish to place on record my sureness that the guidance is needed. I express my admiration and gratitude for the way in which the sector has worked together to achieve it.

Fiduciary duty is there as a constant in the law. But as circumstances and experience develop so too the way in which fiduciary and related duties work is further illuminated. By understanding fiduciary duty in today’s circumstances, we can ensure it continues to protect and enable.

I commend the draft of the guidance to the Minister, and to those who consider it in the consultation ahead.

A constructive approach will be particularly important in that consultation. Of course, individual opinions may differ on some aspects, but the guidance is about realising a best collective view on the practical application of the law today.

The guidance is designed for pension fund trustees. Where parts are more complicated, that is a reflection of the complexity of what is in hand. The guidance will need settling in, but that will come and, as the guidance notes, there is room for complementary work from the sector to assist in implementing it. Advisers, managers and others with whom trustees engage, will continue to work with the trustees and with the guidance, all in service of the best interests of members.

Sir Robin Knowles CBE
Chair, technical working group and advisory group on Trustee Investment Duties

Ministerial foreword

Millions of people rely on workplace pension saving to provide security in later life. Ensuring that occupational pension schemes are well governed and focused on delivering good outcomes for members is therefore of fundamental importance.

During the passage of the Pension Schemes Act 2026, the government committed to consider whether greater clarity could be provided regarding the legal framework governing trustees’ investment decision-making, including the role of fiduciary duties in that framework. While trustees’ primary duty to act in the best interests of members is well established, questions continue to arise about how certain financially material factors should be considered. The government considers that further guidance can provide trustees with added confidence to take decisions in the long-term interests of members while remaining firmly within the existing legal framework.

This consultation fulfils that commitment by seeking views on draft guidance developed by an independent technical working group chaired by Sir Robin Knowles CBE.

The working group’s guidance is intended to support trustees and those advising them in understanding and applying the existing legal and regulatory framework. It does not change trustees’ duties. Rather, it seeks to provide practical support in areas where questions have arisen about the application of established legal principles, while preserving the discretion and judgement that remain central to trustee decision-making.

I am grateful to the members of the technical working group and all those who have contributed their expertise to the development of this draft guidance.

I encourage trustees, advisers, investment managers, employers, member representatives and all other interested parties to engage with this consultation. Your evidence, expertise and experience will help ensure that any final guidance is clear, balanced and practical.

Torsten Bell MP
Minister for Pensions

Acknowledgements

The government wishes to express its sincere thanks to Sir Robin Knowles CBE and the members of the technical working group for the time, expertise and commitment they have dedicated to the development of this draft guidance.

Drawing on experience from across the pensions, investment, legal, academic and trustee communities, members provided valuable insight and constructive challenge throughout the process. Their willingness to engage with complex issues, test assumptions and consider differing perspectives has made an important contribution to this work.

The government is also grateful to members of the advisory group, whose knowledge, evidence and experience helped inform and strengthen the development of the draft guidance. We are particularly grateful for the diverse perspectives and constructive challenge they brought throughout the process.

We would also like to thank the many organisations and individuals who participated in workshops, roundtables, bilateral discussions and other engagement activities. The quality of engagement received from across the pensions sector has been invaluable.

The government is also grateful to representatives from other government departments and relevant regulators who participated as observers during the development of the draft guidance.

Participation in the technical working group or advisory group should not be taken as indicating endorsement by individual members, their organisations or professional bodies of every aspect of the draft guidance. While the government has intentionally chosen not to lead the drafting of this guidance, responsibility for the consultation and publication of the draft guidance rests with the government.

Technical working group membership

• Sir Robin Knowles CBE (Chair)
• Clair Alcock, Local Government Pension Scheme Advisory Board
• Claire Brinn, ShareAction
• Simon Daniel, Eversheds Sutherland
• Maria Espadinha, Pensions UK
• Richard Giles, Pension Board Member, Institute and Faculty of Actuaries
• Emma Jones, Universities Superannuation Scheme
• Claire Jones, Chair of the Influence Workstream of the Investment Consultants Sustainability Working Group
• Andy Lewis, Sacker & Partners LLP
• Jo Myerson, Independent Governance Group
• Stuart O’Brien, Sacker & Partners LLP
• Patrick O’Hara, Local Government Pension Scheme Central
• Diandra Soobiah, National Employment Savings Trust (NEST)
• Matthew Swynnerton, Chair, Association of Pension Lawyers
• Oscar Warwick Thompson, UK Sustainable Investment and Finance Association

Advisory group membership

The following organisations and individuals participated in the advisory group:

• Anna Tilba (Professor of Strategy and Governance at Durham University)
• Association of Professional Pension Trustees
• BlackRock
• BT Pension Scheme
• Faith Ward (Faith in RI/ LPPI)
• HSBC Asset Management
• Impact Investing Institute
• Legal & General
• Maria Nazarova-Doyle
• Marsh
• Pensions for Purpose
• People’s Partnership
• South Yorkshire Pensions Authority
• Society of Pension Professionals
• Trades Union Congress
• University and College Union
• Zedra Governance

About this consultation

This chapter explains who this consultation is aimed at, how responses can be submitted and how the government will consider responses received.

Who this consultation is aimed at

The Department for Work and Pensions (DWP) welcomes input from pension scheme providers, trustees, scheme managers, employer, employee and member representatives or groups, pension industry professionals, and any other interested stakeholders.

Scope of the consultation

Consultation responses will be used to inform policy development by DWP in Great Britain and by the Department for Communities in Northern Ireland, recognising that occupational pensions policy is a devolved matter for Northern Ireland. This consultation is therefore of relevance to stakeholders in both Great Britain and Northern Ireland.

Duration of the consultation

The consultation will run for 12 weeks, starting on 5 November 2026 and ending on 28 January 2027. Please ensure that your response reaches us by that date, as responses received after the closing date may not be taken into account.

How to respond to this consultation

Please respond to this consultation using the online form. You can submit your response anonymously.

We also welcome evidence and views on any aspect of the draft guidance, whether or not covered by a specific question. If you would like to provide further information, please email investment.fiduciaryduty@dwp.gov.uk.

When responding, please indicate whether you are responding as an individual or representing the views of an organisation.

What happens next

Following the consultation, the government will consider all responses and supporting evidence before determining whether revisions to the draft guidance are required.

The government will continue to engage with the technical working group and other stakeholders following analysis of the consultation responses, as it considers whether any changes to the guidance are necessary. The technical working group will play an important role in providing expert insight on practical implementation issues and helping to ensure that the final guidance is clear, proportionate and workable for trustees and the wider pensions industry.

Subject to the outcome of the consultation, the government expects to publish its consultation response alongside final guidance. Further details will be provided in due course.

Responses may be shared with regulatory bodies, including The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA), for the purposes of policy development and oversight. If you do not wish for your response, or specific information within it, to be shared, please make this clear at the time of submission.

Consultation principles

This consultation is being conducted in line with the Cabinet Office Consultation Principles, published in March 2018. These principles provide guidance to government departments on the conduct of public consultations and encourage proportionate, targeted and effective engagement with interested parties.

Feedback on the consultation process

We value feedback on how well we consult.

If you have comments about the consultation process itself (rather than the issues that are the subject of the consultation), including if you consider that the consultation does not adhere to the consultation principles or that the process could be improved, please write to:

DWP Consultation Coordinator
Legislative Strategy Team
4th Floor, Caxton House
Tothill Street
London
SW1H 9NA

Email: caxtonhouse.legislation@dwp.gov.uk.

Freedom of Information and confidentiality

The department will process personal information in accordance with applicable data protection legislation.

Information provided in response to this consultation may be shared within DWP and with relevant regulators, referred to in the government’s response to the consultation, and may be subject to publication or disclosure in accordance with the Freedom of Information Act 2000.

The report will summarise the responses and may quote specific responses where appropriate. Where respondents do not wish to be quoted, they should make this clear as part of their response.

All information contained in your response, including personal information, may be subject to publication or disclosure if requested under the Freedom of Information Act 2000. By providing personal information for the purposes of this consultation, it is understood that you consent to its use and potential disclosure in accordance with applicable legal requirements.

If you wish information contained within your response to remain confidential, you should explain why when submitting your response. While the government will take such requests into account, confidentiality cannot be guaranteed.

To find out more about the general principles of Freedom of Information and how they are applied within DWP, please contact the Central Freedom of Information Team via email at freedom-of-information-request@dwp.gov.uk.

The Central Freedom of Information Team cannot advise on specific consultation exercises and can only provide advice on Freedom of Information matters.

Further information about the Freedom of Information Act 2000 can be found on GOV.UK.

Introduction and background

Evolving investment landscape

1. Trustees today operate in increasingly sophisticated investment markets and are required to consider a broad range of risks and opportunities when making investment decisions. In doing so, they must act within the legal framework governing occupational pension scheme investment, including their fiduciary and related investment duties. Effective investment decision-making within that framework is an important component of delivering good long-term outcomes for pension savers. As investment markets, risks and opportunities have evolved, questions have periodically arisen regarding the practical application of those duties in particular circumstances.

2. Developments in investment practice, stewardship, sustainability-related analysis, long-term investing and pension scheme governance have contributed to renewed discussion regarding how established fiduciary and related legal duties apply in contemporary investment contexts.

3. Stakeholders from across the pensions sector have identified a number of areas where uncertainty can arise regarding the practical application of trustees’ investment duties. These include sustainability-related considerations, system-level risks such as climate change, nature and biodiversity, and geopolitical developments, factors that may affect members’ future costs and circumstances of living, and decision-making under conditions of uncertainty and incomplete information.

4. Many of these themes have been the subject of substantial debate within the pensions sector for a number of years. They have been considered by trustees, advisers, academics, regulators and policymakers, often resulting in differing views regarding the practical application of established legal principles in particular circumstances.

5. Although views can differ on the application of particular legal principles in specific contexts, there is broad agreement that trustees’ primary duty is to act in the best interests of members and beneficiaries. The challenge is often not in identifying the relevant legal duties themselves, but in understanding how those duties should be applied in practice when making complex investment decisions within an evolving investment environment.

Why the guidance has been developed

6. The government has heard calls for consideration of whether additional clarity could assist trustees and those supporting trustee decision-making in understanding the legal framework governing pension scheme investment. This includes trustees’ fiduciary and related duties, the provisions contained in sections 34 to 36 of the Pensions Act 1995, and the wider body of trust law, pensions legislation, case law and regulatory requirements relevant to investment decision-making.

7. The objective of this work was to consider whether guidance could help address areas where differing interpretations of trustees’ investment duties have arisen. In particular, the work considered whether there was scope to provide greater clarity and confidence in relation to existing duties and the treatment of wider or longer-term financially material factors in investment decision-making.

8. While the legal framework governing trustees’ investment duties is well established, its application often requires trustees to exercise judgement in the context of evolving evidence, changing economic conditions and uncertain future outcomes. As a result, debate has periodically arisen regarding how trustees should approach financially material risks and opportunities that may emerge over different time horizons, how uncertainty should be taken into account in decision-making, and how broader economic, environmental and societal developments may affect investment outcomes over the longer term.

9. These discussions concern the interpretation and practical application of existing duties rather than considering changes in the underlying legal framework itself. The government therefore considered whether additional guidance could help address areas where uncertainty or differing interpretations had been identified.

10. Guidance offered a proportionate means of responding to these issues. Rather than changing trustees’ legal duties or introducing new requirements, guidance has the potential to provide practical support on the application of the existing framework while retaining the flexibility to respond to future developments in investment practice, evidence and regulation.

Development of the draft guidance

11. To support the development of the draft guidance, the government established an independent technical working group chaired by Sir Robin Knowles CBE, bringing together expertise from across the pensions, investment, legal, academic and trustee communities. The group was supported by a wider advisory group, with other government departments and regulators participating as observers.

12. The group was asked to examine areas that had been the subject of discussion, uncertainty or differing interpretations across the pensions sector and to consider whether guidance could provide greater clarity regarding the application of existing legal principles.

13. Sir Robin led the drafting of the guidance, with the technical working group reviewing and helping to shape the document as it developed. In doing so, the group considered relevant legal and regulatory materials alongside evidence and perspectives gathered through wider stakeholder engagement. This included consideration of how established legal principles apply in contemporary investment contexts, consistently with the wider legal and regulatory framework governing trustee decision-making.

14. The group’s work was informed by the advisory group, which provided evidence, expertise and challenge throughout the process, as well as engagement through workshops, roundtables, bilateral discussions and written contributions. This helped the group test its emerging thinking, consider differing perspectives and identify areas where further explanation or clarification could assist users of the guidance.

15. The technical working group met regularly throughout this process and was supported by officials from the Department for Work and Pensions. Regulators and other government departments participated in the process as observers.

Purpose of this consultation

16. The purpose of this consultation is not to seek views on whether trustees’ fiduciary or related investment duties should be changed. Rather, it seeks views and contributions to enable the draft guidance to provide an accurate, balanced and practical explanation of the position under the existing legal and regulatory framework and to assist those applying that framework in practice.

17. The government and the technical working group consider that the draft guidance has the potential to provide a useful reference point for trustees, advisers and others involved in pension scheme investment decision-making. However, it is important that any final guidance benefits from further evidence, expertise and practical experience from across the pensions sector.

18. This consultation therefore seeks views on whether the draft guidance succeeds in providing a balanced and practical explanation of the existing framework and whether any aspect would benefit from clarification, amendment, additional supporting evidence or further examples.

Legal context

19. This chapter summarises the principal legal and regulatory sources relevant to trustee investment decision-making.

Trust law principles relevant to investment decision-making

20. Trustees are subject to fiduciary duties derived principally from trust law. These duties provide the foundation for trustee decision-making and shape how trustees exercise investment powers on behalf of members and beneficiaries.

21. At a high level, trustees are required to:

• carry out the purpose of the trust in the best interests of members and beneficiaries
• exercise powers for proper purposes
• act with appropriate care, skill and prudence
• take account of relevant considerations and disregard irrelevant considerations
• exercise independent judgement

22. These principles have been developed and refined, including through case law over many years. The courts have consistently emphasised the importance of prudent decision-making, proper process and the exercise of trustee judgement.

23. In applying these principles, the courts have generally focused on the process by which trustees reach decisions, including whether trustees have identified and considered relevant factors, obtained appropriate advice where necessary, exercised independent judgement and acted within the scope of their powers. The law does not typically prescribe particular investment outcomes but requires trustees to act in accordance with their duties when making decisions.

24. Case law, together with subsequent legal developments, commentary and analysis, has contributed significantly to understanding how trustees should approach investment decision-making in the interests of members and beneficiaries.

Legislative and regulatory framework

25. Alongside trust law, pension trustees operate within a legislative and regulatory framework governing investment governance, strategy and oversight.

26. This framework includes statutory and regulatory requirements, as well as codes, guidance and other materials issued by TPR, relating to:

• statements of investment principles
• investment governance and stewardship
• diversification and prudent investment
• obtaining and considering appropriate advice
• risk management and disclosure
• oversight of delegated investment arrangements

27. Trustees may delegate investment functions to authorised investment managers but retain responsibility for governance and oversight.

Financially material considerations and non-financial matters

28. A central feature of the legal framework is the distinction between financially material considerations and matters pursued for non-financial reasons. Trustees are required to disclose policies concerning financially material considerations, stewardship and, where relevant, non-financial matters through their statements of investment principles.

29. The Law Commission examined these issues extensively in its work on fiduciary duties and pension fund investment, including its 2014 report ‘Fiduciary Duties of Investment Intermediaries’ and subsequent work on pension funds and social investment. Its analysis remains an important reference point for trustees, advisers and regulators.

30. Questions regarding the identification and assessment of financially material considerations have been a recurring feature of discussions concerning trustee investment duties. In particular, debate has often centred on factors that may affect investment outcomes over different time horizons, involve significant uncertainty or arise through broader economic, environmental or societal developments.

31. The application of this distinction, and the exercise of trustee judgement in identifying and assessing financially material considerations, is a central theme of the draft guidance.

Recent developments

32. Developments in investment practice, stewardship, sustainability-related analysis and understanding of long-term, indirect and system-level risks and opportunities have contributed to renewed discussion regarding the practical application of trustees’ investment duties.

33. These developments have prompted further consideration of established fiduciary and related duties and decision-making in the context of financially material risks and opportunities in an increasingly complex investment environment. While the underlying legal framework has remained broadly stable, the context in which trustees exercise their judgement continues to evolve.

34. More recently, the Financial Markets Law Committee has examined aspects of trustee decision-making in the context of sustainability and climate-related financial risks, including areas where stakeholders have identified uncertainty or differing interpretations regarding the application of established legal principles.

35. Regulatory developments concerning stewardship and climate-related financial risks have also reinforced the importance of identifying and managing financially material risks and opportunities over appropriate time horizons, while recognising the role of trustee judgement in assessing their relevance to particular schemes and investment decisions.

Relationship between the legal framework and the draft guidance

36. The legal framework outlined above provides the context within which the draft guidance should be read. The draft guidance should be considered alongside relevant law, regulation and other applicable guidance.

37. The guidance does not create new legal obligations, alter existing duties or replace legislation, regulation, case law or professional advice. Rather, it is intended to support informed and well-evidenced decision-making by explaining the application of the existing framework in areas where questions or differing interpretations have arisen.

About the draft guidance

Nature and purpose of the guidance

38. This consultation seeks views on whether the guidance provides an accurate, balanced and useful explanation of the legal and regulatory framework and whether any aspect would benefit from clarification, refinement or additional supporting material, whilst remaining a proportionate and practical length.

Applying the guidance in practice

39. The government recognises that pension schemes differ in their circumstances, including their size, maturity, funding position, membership and governance arrangements. Trustees are responsible for making decisions in the interests of members and beneficiaries, taking account of the particular circumstances of their scheme.

40. The government therefore considers it important that the guidance is applied proportionately and supports, rather than replaces, trustee judgement. Trustees may reasonably reach different conclusions depending on their scheme’s circumstances and the decision being taken.

Who the guidance is for

41. The guidance is intended primarily for trustees of occupational pension schemes and those supporting trustee decision-making, including investment consultants, legal advisers, investment managers and other professionals.

42. While directed principally at trust-based occupational pension schemes, the guidance may also be of interest to other pension arrangements and to those involved in pension fund investment decision-making more generally.

Structure of the guidance and key themes

43. The guidance begins by explaining the legal and regulatory framework governing trustee investment decision-making before considering how those principles may apply in practice across a range of investment-related activities. It brings together legal, regulatory and practical considerations in a single reference document and includes illustrative examples to support trustees and advisers in applying the framework.

44. In explaining how established fiduciary and related duties may apply in contemporary investment contexts, the guidance considers several themes that have been the subject of ongoing discussion across the pensions sector.

45. A central theme is the identification and assessment of financially material considerations. The guidance considers how trustees may approach factors that are reasonably capable of affecting investment outcomes over different time horizons, including factors that may arise directly or indirectly, involve uncertainty, or operate at investment, portfolio, economy or system level.

46. The guidance also considers the relationship between trustees’ duties and long-term investment decision-making. It discusses how trustees may take account of risks and opportunities that emerge over different time horizons when seeking to act in the best interests of members and beneficiaries.

47. The guidance further explores system-level and economy-level factors, sustainability-related considerations and stewardship activities. It considers how such factors may be relevant where trustees conclude that they are financially material and how they may be addressed through investment decision-making, stewardship and, where appropriate, collaborative activity.

48. The guidance also addresses the relationship between investment outcomes and members’ future costs and circumstances of living. These issues have featured in wider discussions within the occupational pensions sector concerning the application of trustees’ fiduciary and related duties, particularly where broader economic developments may affect both investment outcomes and members’ longer-term financial interests. The guidance seeks to clarify how trustees may approach such matters within the existing legal framework where they consider them relevant to the decision under consideration.

49. The themes addressed in the guidance were not selected because they represent new policy objectives, legal duties or regulatory requirements. Rather, they reflect areas that have been the subject of discussion, differing interpretations or requests for clarification across the pensions sector over a number of years. Throughout the development process, stakeholders identified these topics as areas where further explanation of the application of existing legal principles could assist trustees and those supporting trustee decision-making.

50. Throughout, the guidance emphasises the importance of evidence, advice, proportionality and trustee judgement. It recognises that trustees often make decisions under conditions of uncertainty and that different schemes may reasonably reach different conclusions when applying the same legal principles in different circumstances. The inclusion of a particular topic in the guidance should not be taken as indicating that it will be relevant to every scheme or every investment decision. Trustees will continue to exercise judgement in determining what factors are relevant to the circumstances of their scheme and the decisions being taken.

Future status of the guidance

51. This consultation seeks views on draft non-statutory guidance. Following consideration of consultation responses, the government will determine whether revisions to the guidance are required before final guidance is delivered. Trustees should take into account all relevant factors when exercising their powers of investment. Therefore, once finalised, the government expects trustees and those supporting their decision-making to have regard to the guidance where it is relevant to the decisions they are taking.

52. The government recognises that there may be questions about the longer-term status of the guidance and will consider whether there is merit in placing the guidance on a statutory footing in future, once a suitable legislative opportunity arises. This would aim to support the accessibility, visibility and consistent use of the guidance, rather than alter the substantive legal and regulatory duties that apply to trustees.

53. Neither the draft guidance nor any future statutory framework is intended to create new disclosure, reporting or compliance requirements. The purpose of documenting decision-making is to support good internal pension scheme governance and appropriate audit trails, rather than to require disclosure of individual investment decisions or detailed decision-making processes.

Consultation questions

54. The consultation questions below are intended to assist respondents in providing feedback. Respondents may answer as many or as few questions as are relevant to their expertise, experience or interests.

55. We also welcome evidence and views on any aspect of the draft guidance, whether or not covered by a specific question.

Questions

Question 1: respondent information

Please indicate the capacity in which you are responding to this consultation:

• Academic/researcher
• Actuary
• Asset manager/investment manager
• Employer representative
• Investment consultant
• Lay trustee
• Legal adviser
• Member representative organisation
• Professional trustee
• Trade association or industry body
• Trustee board representative (other than a lay or professional trustee)
• Other (please specify)

Where applicable, please also indicate the type and approximate size of the occupational pension scheme you represent or are responding on behalf of.

Question 2: overall assessment

To what extent does the draft guidance provide a useful, practical and proportionate explanation of how trustees’ fiduciary and related duties apply in investment decision-making today?

Please tell us:

• which aspects of the guidance you found most helpful
• where additional clarification, explanation or examples would be useful
• whether any aspects may be difficult to apply in practice for certain schemes or trustee boards, and why
• whether the guidance strikes an appropriate balance in providing clarity and preserving trustee discretion
• whether there are areas where uncertainty may remain and, if so, what further support may be helpful
• any other comments you would like to make

Question 3: trustees’ duties and decision-making

How well does the guidance support understanding of how trustees’ fiduciary and related duties apply in investment decision-making?

Please identify any areas where further explanation, examples or supporting material would be helpful.

Question 4: financially material considerations

How well does the guidance explain the identification, assessment and weighing of financially material considerations in investment decision-making?

This may include considerations arising over different time horizons, sustainability-related factors, indirect effects and wider economy-level or system-level risks and opportunities.

Please identify any areas where further explanation, examples or practical guidance would be helpful.

Question 5: future costs and circumstances of living

How clearly does the guidance explain the relevance of future costs and circumstances of living to trustees’ assessment of financially material considerations?

What aspects of the explanation are most helpful and where, if anywhere, would further explanation or examples assist?

Question 6: non-financial matters

How clearly does the guidance explain non-financial matters and the circumstances in which trustees may take non-financial matters into account?

Are there particular aspects that would benefit from further explanation or examples?

Question 7: stewardship, engagement and member views

How useful is the guidance in explaining the role that stewardship, engagement, collaborative activity and member views may play in trustee investment decision-making?

What aspects are particularly helpful and where, if anywhere, would additional explanation or examples be useful?

Question 8: advisers, managers and investment arrangements

How useful is the guidance in explaining the respective roles and responsibilities of trustees, advisers and investment managers in investment decision-making today?

Please identify any areas where additional explanation, examples or practical guidance would be beneficial, including in relation to delegated and pooled investment arrangements.

Question 9: practical examples

How helpful are the examples in Annex A, or similar examples, in illustrating the practical application of the guidance?

Please identify:

• examples that are particularly helpful
• areas where additional examples would be beneficial
• practical scenarios or issues that are not currently covered.

Question 10: trustee confidence

To what extent would the guidance increase your confidence in understanding and applying trustees’ fiduciary and related duties when making investment decisions?

Please explain your answer and identify any areas where further clarification or support would be helpful.