The board of trustees work for our pension scheme members under the Smart Pension Master Trust. They look after members' money, which is held under a trust arrangement. They're the guardians of the scheme, and hold the provider of the scheme to account. They also work with Smart Pension Limited on the scheme strategy.

The trustees have direct links to The Pensions Regulator and other financial regulators. They are fully independent and unaffiliated with Smart. Between them, they have decades of experience in overseeing large pension schemes. We carry out checks before a new trustee is appointed and on an ongoing basis, to make sure that they meet The Pensions Regulator’s fit and proper requirements.

The trustees

Duties of the board of trustees

The trustees have a number of legal duties they need to act on, including:

ensuring pension legislation is followed

acting in the best interests of the scheme members

investing the scheme's assets in line with the Statement of Investment Principles (SIP), and at a competitive cost

producing an annual chair’s statement – detailing trustee activity during the year, how the scheme has performed, investments, charges, core financial transactions and how they consider the scheme to provide value

producing a statement on how the board approaches environmental, social and governance (ESG) issues


In addition to the main trustee board, there are a number of sub-committees that focus on specific issues, including:

risk & governance




Regulation and oversight

The Smart Pension Master Trust is authorised by The Pensions Regulator. This means they meet strict standards to ensure members’ money is protected and well looked after.

The Pensions Regulator keeps a close eye on the running of the scheme through their supervisory activities. As part of this, the board of trustees submits a supervisory return and scheme return. There are also regular audits of governance processes.


The board of trustees is supported by a number of advisers to help them manage the scheme. These appointments are regularly reviewed. The current advisers are:

Hymans Robertson
Scheme Secretary
Capital Cranfield
Hogan Lovells

The scheme’s asset managers are Legal and General Investment Management (LGIM) and HSBC.


The trust wants to hear from scheme members, and encourages feedback. The trustees run an annual webinar so members can hear from them and ask questions.

They can also be contacted on

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If you're a member and would like to learn more about how coronavirus will affect your pension savings, read our latest article here.