Member voice in pension scheme governance
This report was researched and prepared on behalf of the Trades Union Congress by Daniela Silcock, and was funded by the TUC and the National Union of Rail, Maritime and Transport Workers.
This report presents research conducted for the Trades Union Congress on member representation in pension scheme governance, in the UK and internationally. It looks at how members have a voice in decisions that affect their pension outcomes, the benefits this brings, and how that voice is changing as schemes become larger and more centralised.
The report focuses on consolidation (smaller schemes being merged into fewer, larger schemes) and the growth of multi-employer schemes (pension schemes used by many employers, rather than one employer running its own scheme). These models can improve efficiency and the ability to run the scheme well, including oversight, controls and decision making. However, they can also reduce direct member voice if members do not have representatives able to influence the outcomes of these processes.
The research is based on a review of relevant literature, policy and regulatory material, alongside qualitative interviews with 16 stakeholders across the UK, Australia, Canada, Denmark, and the Netherlands, including scheme chairs, trustees, union nominees, employer representatives, and public sector pension bodies.
Stay Updated
Want to hear about our latest news and blogs?
Sign up now to get it straight to your inbox