The Pensions Management Institute (PMI), in partnership with Schroders, has launched a survey on defined benefit (DB) investment governance, seeking industry views on how governance is evolving amid changing funding and regulatory conditions.

The survey comes as many DB pension schemes report improved funding positions, while expectations around governance, value and long-term planning continue to increase.

It also follows the publication of The Pensions Regulator’s (TPR) latest Annual Funding Statement, which outlined expectations for trustees and sponsoring employers to shift their focus from deficit recovery towards long-term endgame planning.

PMI chief strategy officer, Helen Forrest Hall, said the survey would provide valuable insight for trustees operating in an increasingly demanding environment.

“Our members - and the wider industry - have a deep understanding and knowledge about pensions, making the results of this survey extremely valuable to trustees operating in an increasingly demanding environment,” she said.

“In its latest Annual Funding Statement, TPR has once again been crystal clear about its expectations for DB planning.

"And so, with important decisions to make about investment strategy, governance and long-term objectives, our survey provides an opportunity to shape the PMI’s future education syllabus and support that trustees rely on, while also helping to influence government policy making.

“I would strongly encourage those involved in DB schemes to complete the survey.”

Echoing this, Schroders head of UK pensions and insurance clients, Ian Biscoe, added the findings would help the industry understand how DB governance trends are developing.

“This research offers a valuable opportunity to highlight the challenges DB schemes are facing, as well as the approaches that are proving most effective," he continued.

We encourage everyone involved in DB schemes to take part and share their views, so we can build a clearer picture of how the sector is adapting - and where it should focus next.”

According to the PMI, responses will help benchmark trends across funding, investment strategy and endgame planning, while also providing insight into the impact of UK policy and regulatory developments on trustee decision-making.

The survey will additionally explore how governance models, advisory support and fee structures are evolving as schemes respond to increasing complexity and scale.

The research will also examine trustee appetite for investment in UK productive assets, alongside emerging priorities such as sustainability, stewardship and the growing role of technology in governance and oversight.

Findings from the survey will be used to inform future PMI guidance, policy engagement and educational activity.

The survey is now open, with results due to be published later in 2026.

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