Jurisdiction(s):
United Kingdom

Key definition

Fiduciary definition

What does Fiduciary mean? In legal practice, a fiduciary is a person or entity who undertakes to act for, and in the interests of, another, creating a relationship of trust and confidence that requires loyalty and selflessness. The scope and incidents of fiduciary duty are principally defined by case law in England & Wales and Northern Ireland and are closely aligned in Ireland; Scots law recognises equivalent fiduciary obligations notwithstanding its different doctrinal foundations. Some duties are partly codified for company directors (Companies Act 2006 (UK) and Companies Act 2014 (Ireland)), but fiduciary is otherwise a descriptive expression used across contexts. Core fiduciary duties...

Fiduciary Management for UK Occupational Pension Schemes: Delegation Models, Trustee Duties, CMA/DWP Tendering Rules, Appointment, Oversight, Fees and Performance

Published by a LexisNexis Pensions expert

Practice notes

This Practice Note explores what fiduciary management services mean for occupational pension schemes, covering, among other aspects, the various models and providers, the reasons for opting for them and the possible hurdles, key points trustees should weigh when selecting a fiduciary manager, and the practical mechanics of delivery. For further detail on obligations placed on trustees of occupational pension schemes by the competition and markets authority (CMA) and the department for work and pensions (DWP) when appointing investment consultants and fiduciary managers, see Practice Note: Appointing investment consultants and fiduciary managers—the pensions requirements.

What is fiduciary management?

The concept first emerged in the Netherlands in the 1990s, with the UK’s initial mandate arriving in the early 2000s. Across the UK, defined benefit (DB) schemes are the primary adopters, with only limited uptake among defined contribution (DC) schemes. Historically, strategic investment advice to trustees and the asset implementation to execute that strategy sat apart and were delivered by different firms. Within that conventional model, a pension scheme engages an investment consultant to provide strategic guidance on its long‑term asset allocation and with implementation of the strategy historically undertaken as a distinct function by a different entity under separate arrangements and oversight...

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Georgina Davies , FIA C.Act CERA

Lane Clark and Peacock

Georgina Davies is a Principal in LCP’s investment team and joined LCP in 2015 after graduating with a first class honours degree in Mathematics from the University of Birmingham. Georgina qualified as a Fellow of the Institute of Actuaries and a Chartered Enterprise Risk Actuary (CERA) in 2019. Georgina advises DB pension scheme clients of varying size and governance structure on all aspects of their investment arrangements. This includes setting appropriate long term investment objectives and investment strategies, as well as strategy implementation, manager selection and performance measurement. Georgina is a key member of LCP’s Fiduciary Management research team, involved in independent strategic oversight and monitoring of fiduciary management arrangements, as well as fiduciary manager selections for clients. Georgina is also an investment specialist within LCP’s Pension Risk Transfer team and spends a portion of her time advising on investment aspects of buy-in and buy-out...

Web page updated on 21/05/2026

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