Asset Management

Fiduciary management insights 2013: UK&I pensions

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The conditions in the market for pensions management in the UK & Ireland are changing rapidly, meaning trustees are challenged to make fast decisions.

In the last year, regulatory change has been constant and rapid, including: the gradual introduction of automatic enrolment; new drawdown rules; changes to the annual allowance and changes to inflation. In addition, investments are becoming increasingly complex with LDI, derivatives, infrastructure and a wider variety of alternatives.

It's no surprise then that the concept of fiduciary management is meeting with keener interest as an answer to increased governance and knowledge requirements of pension scheme investment.

During 2012, EY hosted a series of four webcasts to introduce pension trustees and company representatives to the concept of fiduciary management. During these events, we asked participants for their thoughts on a variety of subjects.

In response to what we’ve heard from the market, we produced a short publication to capture the participants' views along with some of our insights and are hosting another webcast in conjunction with the release of this.

The webcast will cover:

  • A brief recap of the ideas and concepts of fiduciary management
  • Market responses to fiduciary management and their perception of the benefits it can bring to pension schemes and their sponsors
  • EY's insights regarding the UK and Ireland fiduciary management market

During the webcast, you will have the opportunity to ask questions, and we will answer as many of them as time permits.

The program is designed to be of particular interest to pension scheme trustees, finance directors and pension managers.

Panelists:

Tony Martinez

Ernst & Young LLP

Tony is a Manager in Ernst & Young LLP's Pensions Advisory practice with eight years' experience advising trustees and sponsors of UK pension schemes. He has worked with a range of clients, with scheme assets ranging from £50m to £1bn, each with their own unique considerations and complications. In that time Tony has witnessed, at first hand, the difficulties and challenges faced by many Trustee Boards when making complex decisions, especially when only meeting a few times a year.

Tony joined EY In late 2011 and has become a core member of the fiduciary management team. He qualified as an actuary in 2008 and has a 1st Class Masters in Mathematics, Operational Research, Statistics and Economics from the University of Warwick.

Matt Mignault

Ernst & Young LLP

Matthew is a Senior Manager at Ernst & Young LLP, who advises companies and trustees on managing their pension costs and risks. With significant experience advising both trustees and corporates of all sizes and across many industries, he brings a strong risk management focus to assist in the effective operation of pension schemes.

Working in our fiduciary management services he has helped trustee boards in the selection, appointment, and ongoing ongoing monitoring of fiduciary managers. The development of fiduciary management in the UK pensions industry is a welcome development, offering sponsors and trustees a new approach to manage their pension investments in an increasingly complex and fast-paced world.

Melanie Xu

Ernst & Young LLP

Melanie Xu is an associate at Ernst & Young LLP, with a specific focus on fiduciary management. She is also an associate of the Institute of Actuaries. Mel joined EY in September 2011 and has worked with both trustees and corporate sponsors of UK pension schemes.

Mel has been closely involved in the development of EY’s fiduciary management services and is a core member of the fiduciary management team. She attends regular research meetings with fiduciary managers and has worked on a number of selection and monitoring exercises.

Moderator:

Iain Brown

Ernst & Young LLP

Iain is a Partner at Ernst & Young LLP specialising in the actuarial and investment strategy challenges faced by trustees and sponsors of UK pension schemes. He has advised both trustees and sponsors, and believes that funding and investment solutions should be crafted on the back of trustee and sponsor alignment.

In 2011, Iain formed EY’s fiduciary management service to provide trustees and sponsors with assistance in the selection and monitoring of fiduciary managers. Fiduciary management can have a significant positive impact on the risk management of UK defined benefit pension schemes but both the mechanics and diversity of solutions need to be understood in detail before proceeding in any appointment.