Member

Having discussed this matter with my right hon. Friend, I agree that more clarity about the ability of trustees to take into account such factors would help. But rather than hardwiring that into primary legislation, there are advantages to consulting more fully and retaining an ability to be responsive to future developments. I can therefore announce today that I intend to bring forward legislation that will allow the Government to develop statutory guidance for the trust-based private pensions sector. The guidance will encapsulate those wider factors set out in his new clause, with the goal being to provide practical support to trustees about how to comply with their existing duties in considering these factors, including what we mean by systemic risks and standards of living. There is good support in the industry for providing that clarity, giving added confidence to trustees that they can invest in the long-term interests of their members and our society. We will set out more details on our guidance plans in due course.