The Pensions Management Institute today urged the Government to deliver targeted reform to strengthen pensions governance and improve saver outcomes.  

In its response to the DWP’s consultation on raising standards, the PMI stresses that although the current system is fundamentally sound, raising the baseline for trustee skills, knowledge, and accreditation is essential to ensure all schemes - regardless of size or type – meet the requirements for a rapidly evolving pension system.  

In its formal response to the consultation, “Trust-based pension schemes: trustees and governance – building a stronger future”, the PMI welcomes the consultation as a timely and important step toward strengthening governance within a rapidly evolving and increasingly complex pensions landscape. Trusteeship remains a “precious public good” that protects the interests of more than 40 million savers, it claims.  

But it raises concerns about commercial conflicts of interest in professional and sole trustee models, growing market concentration among trustee firms, and the potential loss of lay trustee diversity amid a wave of expected retirements. Reform must be proportionate, future-proofed, and supportive of both lay and professional trustees. The PMI stands ready to work with DWP, The Pensions Regulator and industry partners. 

Helen Forrest Hall, Chief Strategy Officer at the Pensions Management Institute (PMI), said: 

“The trustee model is strong, but it now needs focused reform to raise the baseline for trustee skills, knowledge and accreditation, and to give us a clearer and more proportionate regulatory framework while keep member interests at the centre. We must learn from international best practice without importing models that dilute fiduciary duty and empower trustees to use sound judgement rather than box‑ticking.  

“We urge the DWP to ensure reforms genuinely improve standards without overburdening schemes or weakening member voice.” 

Drawing on surveys of its 8,500 members, the PMI highlights strong support for raising professional standards, enhancing trustee knowledge and understanding, and improving administration quality. Members also report growing pressures from regulatory complexity, data and technology requirements, and resource constraints, particularly for smaller schemes. 

Effective governance in 2030, the PMI argues, will feature accredited, well‑trained trustees, diverse and representative boards, and governance structures that embed member voices. Strong conflict‑management practices, data‑driven decision‑making, and robust technology will support effective operations. Regulation should be streamlined, risk‑based and proportionate, with expanded oversight across administrators and service providers. 

Read the full consultation response here

Notes to Editors 

Calls to Action in the PMI’s response include: 

1. Mandatory accreditation for all professional trusteesProfessional trustees should meet higher statutory standards and ongoing CPD requirements.
2. Protect and strengthen member voiceRetain MNTs wherefeasible and support alternative mechanisms such as member panels, surveys and digital engagement. 
3. Mandatory, proportionate administration standardsIntroduce clearminimum standards with flexible accreditation models and phased implementation. 
4. Strengthen conflict‑of‑interest controlsSet clearer boundaries on bundled services, enhance oversight of professional trustee firms, and require enforceable capacity assessments.
5. Support lay trustees through structured development pathwaysBack programmes such as the PMI’s Trustee Accelerator Programme to widen and diversify the trustee talent pipeline.
    

• The Pensions Management Institute (PMI) is the UK’s leading professional body for those working in pensions and retirement savings. With over 8,500 members, the PMI represents the broadest range of pensions professionals and trustees in the country. 

• Its members are responsible for managing and advising some of the world’s largest pension schemes, making key decisions on substantial financial matters. With more than £1 trillion invested in UK pensions, PMI members play a vital role in shaping the nation’s financial future. With five decades of experience, PMI remains at the forefront of pensions education and thought leadership. 

Press contact:     

For media enquiries, please contact Matt Adams, Head of Media and PR at pressoffice@pensions-pmi.org.uk