DWP launches working group on fiduciary duty guidance

Author: LAPF Investments | Published: March 20, 2026

The Department for Work and Pensions (DWP) has launched a new working group designed to develop statutory guidance around fiduciary duty and investment decision-making.  

It’s been tasked with developing “practical, principles-based guidance to give trustees of occupational pension schemes greater clarity and confidence on their investment duties”, with the panel including LGPS Central’s head of responsible investment and stewardship Patrick O’Hara.  

Commenting on his appointment to the panel, the pool said: “We believe his substantial experience on ensuring our investments meet the responsible investment objectives of our local authority partner funds should ensure the guidance is clear, usable and effective.”  

It follows a recent pledge from pensions minister Torsten Bell to develop “statutory guidance” on fiduciary duty to clarify terms.  

The new working group will be chaired by Sir Robin Knowles, a High Court judge and a member of the Financial Markets Law Committee, which has previously issued guidance on fiduciary duty in relation to climate change and sustainability. 

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