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A third of DB schemes race to meet CMA’s June fiduciary management deadline, Hymans Robertson poll reveals - Hymans Robertson
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A third of DB schemes race to meet CMA’s June fiduciary management retender deadline
08 Mar 2021
Over a third (38%) of pension scheme trustees with fiduciary managers are planning to review their manager or test the market before mid-June, running worryingly close to deadline to comply with the CMA’s retendering ruling, reveals a poll from Hymans Robertson. This leaves little time and points to a likely capacity crunch, where fiduciary managers will struggle to respond to all tender requests warns the leading pensions and financial services consultancy.
Commenting on what how the CMA rule has been taking effect, Samora Stephenson, Senior Investment Consultant, argues that the ruling is working:
“The purpose of the CMA’s call to retender fiduciary management services was for schemes to not only demonstrate good governance but to ensure that fiduciary management provides value for money for the scheme. It is a concern, then, that over a third (38%) of schemes are estimated not to have started the ball rolling on this.
“As the deadline looms, this is a real opportunity for trustees to ensure they are getting the best from their fiduciary arrangements. As a result of activity driven by the CMA order we are already seeing many schemes benefit. Trustees are also gaining a better understanding of what is driving their fees and costs. This retender process allows all schemes to question whether their evolving needs are being met, particularly key when the last 12 months will mean that some schemes are in a very different position compared to last year due to the fallout from Covid-19.”
Commenting on the speed with which Pensions Trustees will need to act, Samora Stephenson, Senior Investment Consultant, Hymans Robertson, says:
“If trustees want to avoid a stampede of market activity ahead of June, fiduciary management tendering needs to be at the top of their agendas over the next few weeks. It can take up to two months to run an effective tender process from beginning to end and time is of the essence.
“Trustees who are compelled to tender their fiduciary mandates before the June deadline should be starting these exercises in the coming days or weeks. We really urge schemes to act now as not only will they avoid regulatory wrath but there is the risk that waiting longer could lead to disappointment because trustees’ chosen fiduciary managers may be too busy to participate in tender exercises. Ultimately, rushed tender exercises are less likely to yield good outcomes.”
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