Question 7: Who is a Fiduciary?

Answer: In the context of the retirement benefits sector, Trustees and all other service providers are fiduciaries and must, in the management of retirement benefits schemes: Act with due care, skill, diligence, good faith and prudence, and shall avoid misleading and deceptive acts or representations; Act in the best interest of the scheme members and beneficiaries; Ensure that all decisions regarding the scheme comply with scheme rules; and Act with impartiality in respect of all members and beneficiaries of the scheme.