ShareAction has submitted a consultation response to the DWP and HMT. We support the aim of fewer, bigger, better-run schemes and driving more productive investment in the UK, however we want the government to ensure that this delivers tangible benefits to pensions savers. We recommend clarification of the law in relation to fiduciary duty and we urge HMT to expedite plans to regulate all activities of investment consultants. We also note concerns about the delay to phase two of the pensions review and the need for broader pensions reforms, including to ensure pensions adequacy and to support green investment.