• About Us
  • Professional Trustees
    • Professional Trustees
    • Chair of Trustees
    • Co-Trustee
    • Sole Trusteeship
  • 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
  • Useful Links
  • Contact Us
Telephone
T: +44 (0)20 4599 7299
E: info@rosstrustees.com
Search
Ross Trustees

News

Spotlight on investment

21 January 2022

What trustees should be asking their investment advisers and managers this quarter.

With inflationary pressures building, we set out the investment topics that should feature on trustee meeting agendas this quarter.

Asset markets

  • How confident are you that central banks, especially the Bank of England, will manage to balance the need to raise interest rates to address inflation without damaging their underlying economies? Is runaway inflation or stagflation (inflation without meaningful growth) a real risk or just press speculation?
  • How is our portfolio exposed to the risks, and opportunities, of rising energy prices?
  • Do rising inflation and the impact of the various pension increase caps and floor within our scheme mean that we are now miss-hedged on inflation? If so, should we re-optimise the LDI portfolio as a matter of urgency?
  • Rising interest rates could lead to increased leverage in our LDI portfolio / funds. What is our collateral position and plan for replenishment if needs be?
  • Investment grade credit spreads are very low, ie investment grade credit is very expensive. Given that over time we are likely to move further into this asset class, how should we do this?  Should we pause until prices fall or are there areas of the credit market which are still reasonably priced?
  • The UK equity market is still noticeably cheaper than the rest of the world. Is this likely to reverse over the next year?  Will the end of Covid restrictions lead to a rally?
  • Are we seeing a bubble in renewable / low carbon asset prices and if so how should we factor this into our ESG plans?

Other issues

  • For schemes that are well hedged on rates and inflation, given the impact of Covid, is it now time to consider longevity hedging, as this may now be one of the biggest risks to the funding level?
  • Much of the ESG and climate discussion has been focused on equity holdings. Are we doing enough to incorporate the scheme’s bond holdings into our strategy and monitoring, gilts as well as credit?
  • How do you see ESG practices evolving to include more of the S factor?
  • Three large pension schemes have been granted a judicial review over the announced changes to RPI. If they are successful, what is the impact for this scheme?

KEY CONTACT

Pavan Bhardwaj

Trustee Director

M  +44 (0)7384 258 671  /   Email me

WHAT'S NEW?

15 Dec 2022

Happy birthday…to us!

We spoke to three of our most long-standing employees.

READ MORE

06 Dec 2022

Recruitment challenges leave large employers at risk from pensions management skills gap

In-house pensions managers are a crucial but often overlooked role within a company.

READ MORE

21 Nov 2022

Ross Trustees secures trio of strategic hires

Three new hires join Ross Trustees.

READ MORE

QUICK LINKS

  • About Us
  • Professional Trustees
  • Our Services
  • Team
  • News & Views
  • Careers
  • Useful Links
  • 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

LinkedIn

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 © 2023 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.

NEWSLETTER

Join our mailing list

  • When you submit this form, the personal data provided will be used to respond to your query and to provide information to you about what we do and how we do it. We will hold the personal data you provide securely and may send you information in the future about our services. You will always have the opportunity to opt out of receiving any further communications from us.

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