The Pensions Powerbrokers
Pensions & benefits Professional trustee selection DB pensions DB surplus reform Policy & regulationThis report examines where DB pension assets are held and the crucial role trustees play in managing them.

Do policymakers understand the people behind £1.2 trillion in pension assets?
The UK government is looking to pension assets to fuel economic growth, yet the trustees overseeing £1.2 trillion in Defined Benefit (DB) schemes remain largely absent from policy discussions. These individuals hold significant influence over investment decisions, yet many feel overlooked by policymakers - risking reforms that may not work as intended.
In this report, we examine where DB assets are held and the crucial role trustees play in managing them. To better understand their perspective, including views on proposals to extract ‘surplus’ DB funds, we conducted interviews with:
- Professional trustees from specialist firms, who serve on multiple pension scheme boards.
- Independent professional trustees bringing individual expertise without firm affiliation.
- Member-nominated trustees, elected by scheme members to represent their interests.