The government's commitment to governance arrangements that give members effective representation is welcome. Master trusts are expected to hold most future megafund assets, yet they are not required to have member nominated trustees. AMNT will press for the member nominated trustee model, which has served occupational schemes well for decades, to be the starting point for that work. Government and the Regulator often praise the Australian model. They would do well to remember the substantial representation of MNTs on those schemes.

Mandatory standards for administrators are long overdue. Accurate data underpins everything trustees do and AMNT welcomes this proposal.

John Flynn, Co-chair of the AMNT, said:

“We welcome this consultation and share the minister's ambition that every member should feel confident their pension is in safe hands. Members want people like themselves, who understands their circumstances, around the boardroom table.

“As schemes grow larger and more distant from the people they serve, the member voice matters more than ever. A competency framework should raise the standard of the whole board, with the right training and support, rather than narrow who can serve on it. The member voice must be heard on every scheme and not just members panels.

“We look forward to working with DWP and the Pensions Regulator to make sure the new regime for megafunds puts members and their voice at its heart.”