• Home
  • About Us
  • Professional Trustees
    • Professional Trustees
    • Chair of Trustees
    • Co-Trustee
    • Corporate Sole Trustee
  • Our Services
    • Our Services
    • DB Pension Schemes
    • DC Pension Schemes & DC Master Trusts
    • Investment & Funding Strategy
    • Master Trust Transition
    • Pensions Manager
    • Project Management
    • Regulatory
    • Relationship & Conflict Management
    • Risk Transfer
    • Scheme Discontinuance
    • Scheme Secretary
    • Transactions & Restructuring
  • Our Team
  • Case Studies
  • News & Views
  • Careers
  • Contact Us
T: +44 (0)20 4599 7299
E: info@rosstrustees.com
Ross Trustees

News

And the Objective is…?

07 Jan 2022

Today, 7 January, is the deadline for schemes to submit their compliance statements under the CMA’s Investment Consultancy and Fiduciary Management Market Investigation Order. As such, many trustee groups will have spent time in the run-up to Christmas reviewing and updating the objectives that they agree with their Investment Consultant (IC). As professional trustees, we have been involved in many of these exercises and actively support an annual formal review and rating exercise, even though the regulatory requirement is, at least for now, less prescriptive.

The main reasons for doing this are to ensure that the objectives set are continually revised in light of both scheme and market developments and to strengthen the partnership between the consultant and the trustees. At a time when many schemes have seen improving funding levels against a backdrop of volatile and divergent market returns and increasing inflation, it has also provided a welcome opportunity to plan ahead for the coming year.

The Order has only been in place for a couple of years, but we are already seeing best practice evolve as the most engaged trustee groups look for a service that is some way beyond basic housekeeping and regulatory compliance.  While most IC objectives that we have seen still contain sections and scores for activities such as report timeliness, legislative updates and clarity of advice, there is a move to include explicit requirements aiming to improve investment decision making rather than just supporting investment governance.  In particular, we are seeing IC’s committed to improving trustee-side governance through training, clear and targeted advice and involvement in the idea-generation process.  We are also seeing more recognition that working with a trustee board where a professional trustee is present, let alone Professional Corporate Sole Trustee arrangements, requires a different approach, objectives and perhaps team from the IC.

In summary:

  • Fellow trustees: Don’t just tick-off the CMA IC objectives review as ‘job done’ for another year (you have done it, haven’t you…?)  Instead, use it as a prompt to consider how you want to work with one of your most important advisers.
  • Investment Consultants: Don’t simply re-use your standard objectives across the whole client base. Think more widely about how each group of trustees can get the best use from your expertise.

WHAT'S NEW?

09 Jun 2022

Manpreet Sohal new Chair of APPT’s Diversity and Inclusion Sub-Committee

Manpreet brings a wealth of relevant experience to her new role, having played a key role in the development of Ross Trustees for over a decade.

READ MORE

07 Jun 2022

How a good Scheme Secretary makes good business sense

How the role of Scheme Secretary has evolved to become more than an administrative function to add value to well run schemes.

READ MORE

23 May 2022

Five trustees nominated for a Women in Pensions Award

Five of our trustees have been nominated for a Women in Pensions award.

READ MORE

QUICK LINKS

  • About Us
  • Professional Trustees
  • Our Services
  • Our Team
  • Case Studies
  • News & Views
  • Careers
  • Contact Us
  • Data Privacy
  • Diversity & Inclusion
  • Terms & Conditions
  • Modern Day Slavery Statement

ADDRESS

Westgate House
9 Holborn, London
EC1N 2LL

CONTACT

T: +44 (0)20 4599 7299
E: info@rosstrustees.com

Ross Trustees Services Limited (company registration number 07904277) and Ross Corporate Services Limited (company registration number 07104969) are registered in England and Wales.
Registered offices are at Westgate House, 9 Holborn, London EC1N 2LL

Copyright © 2022 Ross Trustees Services Limited & Ross Corporate Services Limited. All Rights Reserved.

We are audited annually by the Audit and Assurance Faculty (AAF) and are currently AAF 02/07 accredited.

SUBSCRIBE

SUBSCRIBE TO OUR NEWSLETTER

  • By submitting this form, the personal data provided will be used to help us present information on Ross Trustee products to you.

    If you wish to know about how we process your personal data and understand your rights, please see our full Data Privacy statement.