Trustee as sovereign
Think tank: Social Market Foundation
Author(s): Michael Johnson
March 4, 2026
This report from UK think tank the Social Market Foundation calls for a pensions governance and regulatory framework fit for 2035.
This paper examines the Pension Schemes Bill 2025, supporting its aims while warning against excessive delegated powers and mandated investment in private assets, which could conflict with trustees’ fiduciary duties.
It urges caution over DB surplus extraction, noting risks to benefit security. Anticipating consolidation into large “megatrusts,” it calls for stronger governance, mandatory trustee accreditation, member representation and a more coherent regulatory framework under TPR.
