Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Statement of investment principles definition

What does Statement of investment principles mean? A statement of investment principles (SIP) is the trustees’ core investment policy document for an occupational pension scheme, setting out objectives and how investments, risks and stewardship will be managed in practice. In the UK it is a statutory requirement for trust-based schemes under Pensions Act 1995, s 35 and the Occupational Pension Schemes (Investment) Regulations 2005 (SI 2005/3378), as amended. Key features include: preparation and maintenance by trustees with written advice from a suitably qualified person; consultation with the sponsoring employer; review at least every three years and promptly after significant changes. The SIP must cover the kinds of investments...

UK Occupational Pension Schemes: Statement of Investment Principles—Trustee Duties, ESG and Stewardship, Asset Manager Arrangements, Disclosure, Implementation Statements, Review and Penalties, and Default Arrangement SIPs

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING CHANGE :

On 3 December 2025, Torsten Bell set out plans for legislation permitting the creation of statutory guidance on fiduciary duties. The aim is to give trustees practical certainty about incorporating wider considerations within existing duties, including, in particular, system-level risks such as climate change and the long-term impacts of Investments on members’ outcomes. It will further explain how trustees may take account of members’ views and will restate the need to consider all financially material factors, whilst remaining aligned with acting in members’ best interests (see DWP Parliamentary response, 19 January 2026). A Consultation on the guidance will take place before it is finalised.

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES

Trustees of an occupational pension scheme are responsible for safeguarding and investing the scheme’s assets so that the benefits the scheme promises can be paid. These arrangements exist to ensure benefits promised by the scheme can be met. For this purpose, a range of investment powers and restrictions apply to them. For further information, see Practice Note: Investment powers and duties of pension scheme trustees...

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Nick Stones

Pinsent Masons

Nick is a partner at Pinsent Masons specialising in pensions. He advises corporate sponsors and trustees of pension schemes. Nick also has experience in the public sector, acting for contractors and central and local government. He has also built up an increasing presence in advising charitable and not-for-profit organisations on managing pension risks. Nick is a full member of the Association of Pension Lawyers, he sits on the regional committee of the Pensions Management Institute, presents at internal and external seminars and writes for the pension press....

Web page updated on 21/05/2026

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