Tuesday is packed with interest for DB fiduciary aficionados.

I’m pleased to see Rosalind O’Connor leading the discussion tomorrow at our Pension PlayPen coffee morning, organised by Steve Goddard. The question being asked is..

What are Trustees’ legal duties around employer covenant and employer requests?

Rosalind writes..

In the current climate, pension trustees are being approached by employers with requests that they help the employer, whether it be running on the scheme to avoid an accounting charge, returning surplus to the employer or consenting to a commercial transaction in the employer’s group.

Trustees want to consider the employer’s wishes but, legally, how much are they required to do that?

Should they just care about the covenant, or does the employer have other legal claims on them? And, legally, does the covenant risk override other trustee concerns, and how should covenant advice be read to comply with legal duties?

If you want to come and aren’t a member of Pension PlayPen, please use this free link as a thank you for reading this blog.

Free link to the Pension PlayPen even on Tuesday 25th Feb. with Rosalind O’Connor.

Rosalind Connor is a Partner at Temple Bright and has many years of experience in Pension Law having lead the team at ARC Pensions.

We hope you can join!

The PMI alternative

Also on Tuesday, you have the opportunity of attending the PMI DB pensions Conference 2025.  It’s free if you are a PMI member and £600 for the day – if you are affiliated.

We wish Bobby Riddaway luck as Chair this year. I would suggest the afternoon as of particular interest, if you want to find out more about fiduciary duty try this

There will be no holds barred with Richard Smith

If you think that DB or the PMI are history, check out your capacity to get in . Not much of a chance according to their announcements to applicants.

This is why

The Defined Benefit (DB) Pensions Conference is a pivotal event focused on navigating the complexities and challenges within the realm of defined benefit pensions. Set against the backdrop of an ever-evolving financial landscape, the conference aims to provide a comprehensive exploration of critical topics shaping the pensions industry.

Industry experts and thought leaders will converge to discuss strategies for managing risks, optimising investment portfolios, and ensuring the sustainability of defined benefit pension schemes. Attendees can expect insightful sessions on regulatory updates, technological advancements, and innovative solutions that impact pension fund management.

The conference serves as a platform for networking, fostering collaborations, and sharing best practices among professionals in the field. With a keen emphasis on practical insights, the event offers a unique opportunity for pension scheme trustees, investment managers, and advisors to stay abreast of the latest trends, exchange ideas, and gain a deeper understanding of the challenges and opportunities associated with defined benefit pensions.

Here are the sponsors, giving you a good feel for the event

There is a waiting list if you want to put yourself down

What is fiduciary duty anyway?

Those of you who have been following recent blogs will notice this question of fiduciary duty has been discussed, following the FT paper “What is fiduciary duty anyway?

Our discussion has followed a number of trains and can be read here, Starmer and the pension lawyers.

We have in the FT an organisation that understands the issue and in Mary McDougall, a successor to Jo Cumbo who we can feel confident will listen to the gathering voices of those who read and contribute to this blog.

There is a lot to learn and much to discuss before we get to the bottom of this question!