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The PMI’s DC Master Trust Group was established to help overcome barriers to offering a good service to members. As part of bringing the group together, the decision was made to include not just Master Trust providers but representatives to the supply chain. The delivery of good services requires many different components to work together in harmony. Without bringing together the component parts, we would not be able to work towards overcoming the barriers.
When pension de-risking is mentioned, our minds immediately think of defined benefit (DB) schemes. This, of course, is a big issue and needs significant attention. However, we shouldn’t forget about defined contribution (DC) when de-risking. In fact, undertaking a DC derisking review could provide substantial rewards for both Trustees and Employers, including freeing up valuable resource, and saving money.
The pensions freedoms were introduced five years ago. They relaxed rules on how pensions can be taken, and gave those in later life new choices on what to do with their savings. With new freedoms, however, have come new challenges for consumers and for the industry. Savers who left to navigate a complex market have sometimes paid a very high price.
In the summer, the cross-party House of Commons Work and Pensions Committee launched a three strand inquiry to examine the effects of the 2015 shake-up, and how it is working for savers.
Many UK pension schemes use gilt repurchase transactions, or repos, at the heart of their investment strategies. Market and regulatory developments have challenged the traditional bank-intermediated repo market, leading pension schemes to seek new ways to access gilt repos. These are leading to clear benefits.
Covid-19 pushed Environmental, Social and Governance (ESG) risks to the backburner for many trustee boards. However, recent regulatory changes have put ESG firmly back on the agenda. This is a positive step forward for the industry as it raises the bar for all participants. But there’s so much more we can do.
Integrating ESG needs to go much further than statements of compliance with policies and mission statements. Ultimately it requires a holistic approach across a scheme’s portfolio, prefaced in two key aspects: looking deeper and looking forward
Investor engagement on Environmental, Social and Governance (ESG) issues has evolved from a niche practice carried out by mission and faith-based investors to a mainstream investor activity. This year, BMO Global Asset Management are celebrating 20 years of engagement, having engaged more than 5,500 companies across 87 countries during this time period.