Member

On the point about best interests made by the noble Baroness, Lady Coffey, trustees will obviously be familiar with the concept of best interests as part of their fiduciary duties owed to members. Clearly, no action should be taken against a member’s express decision for their pension to be invested in a particular way, such as a specific religious fund. Another good example is that they need to be careful to consider whether an action would cause a member to lose a valuable guarantee attached to their pot, or something like that. Regulations can include further information on how trustees and scheme managers are to make those decisions, but those are the sorts of thing that we expect to be in scope.