The ghost of Christmas past

In 1994, just before Christmas, a Pensions Bill was presented to Parliament. That Bill became the Pensions Act 1995, one of the most significant pieces of pensions legislation that this country has enacted. It was passed as a response to the Maxwell scandal, followed an extensive report into pensions law by Professor Roy Goode, and marked the beginning of a long period of legislative and regulatory intervention. In retrospect it was the beginning of a revolution.

And yet at the time it was considered evolutionary not revolutionary. Calls for an entirely new regulatory system had been rejected and trust law retained. Additional statutory requirements – member trustees, the MFR, clarification of trustee and professionals’ responsibilities and accountability- seemed workable and complemented the trust framework. The powers of OPRA, the new pensions regulator, were relatively light touch.

Fast forward a few years. A compliance culture arguably emerged rather than material improvements in scheme governance. Further legislative requirements were imposed. Trustees’ decision making became shaped by a tougher Pensions Regulator, its new concepts and its lengthy codes of practice. Since although guidance repeats the mantra that trustees should take their own advice and that every scheme is different, increasingly detailed lists of items for trustees’ consideration are set out. Trusteeship – but not as we knew it.

And it was the Pensions Act 1995 which provided that the pensionable age of men and women should be gradually equalised. The equality ghost still haunts us 30 years later…

Pensions Archive Trust Director, Jane Marshall

This article was first published in the December 2025 edition of Pensions Age magazine