Client feedback

“I enjoy working with PSGS and we have a very positive relationship. I was new to pensions and found them very helpful.”

Bruce Allison,

RTUK

“They deliver above expectation when the scheme has a particular challenge.”

Ian Edwards,

Comet

“They are very proactive and full of new ideas, they've brought better scheduling and better minute sets.”

Paul Rudd,

Express Newspapers

“So much more proactive than the previous company. On the ball - thinking in advance of things needing doing - very proactive.”

Paul Rudd ,

Chairman of Trustees, Express Newspaper

“Many organisations and people provide the services that clients need. In my opinion, the differentiator is in the way those services are provided and to that extent, Kathy embodies the qualities that I have come to value from PSITL. Kathy is organised but not fussy; diligent but not dogmatic; persistent without being pushy and compliant in a pragmatic way. Whilst she takes ownership and drives issues forward, Kathy is a team player who uses her and her colleagues experience to provide services to her trustee client whilst working closely with those like me representing the sponsoring employer. She works collaboratively with advisers but constructively challenges the scope of services, fees and service standards whenever necessary and makes sure that member needs are always taken into account. I enjoy working with her and trust that she will deliver what is required by the trustee and the members they represent in a manner satisfactory to the sponsoring employer. ”

Stuart Barker,

Internal Pensions Consultant, RSPCA

“In my experience, not all professional trustees are able to cope with tricky or potentially confrontational situations. I find PSGS has massive experience in getting involved, earning the respect of others and resolving such issues. They get stuck in – they are a first rate team.”

Katherine Dandy,

Partner at Sackers & Partners

image for Fiduciary management | Selection

Fiduciary manager selection

The use of fiduciary management by pension schemes is growing but the market has suffered from historical conflicts. Many pension trustee boards need help to improve knowledge and run competitive tenders for fiduciary manager selection following the CMA review.

The decision on a fiduciary manager is important – don’t make it lightly. Unwinding it can be difficult and expensive.

PSGS is a knowledge leader and can run tenders for fiduciary management mandates for pension trustee boards (whether or not we are appointed as professional trustee or scheme secretary). Our professional trustees can provide the robust dialogue and challenge needed with consultants and providers in the fiduciary manager market.

We have many independent trustee appointments where we have fiduciary managers in place and many where we have the traditional consulting model. We can help pension trustees understand what is right for them. We have no fixed view either way – what’s key is we share our knowledge to help trustees make the right choice for them.

Pension trustee considerations

Fiduciary management is a complex area with several different types of provider with varying strengths and weaknesses. Without expert knowledge, ensuring you’re buying what you think you’re buying can be hard.

Case study

The issue: we were appointed to a new client and attended our first pension trustee meeting that same day. The trustees had taken investment advice and were about to act on this advice and implement a revised strategy.

During the discussion on this agenda item, it became clear the advice the trustees had received (and were about to implement) didn’t match what they were actually looking for.

The result: although it was our first meeting, we were able to support the trustees in re-examining the decision. By explaining the difference between what it is they understood they were getting (full fiduciary management) and what they would be getting if they went ahead as planned. We then helped the board select a new investment adviser and progress to implement an appropriate solution shortly thereafter.

PSGS’ independent team help pension trustees work through all the areas that need to be considered, for example:

Does the current governance framework optimise investment performance and progress along the pension scheme’s journey plan?

Is the sponsor supportive of fiduciary management?

What do the trustees want to achieve?

Have they agreed their investment beliefs?

Can current issues be fixed with a better investment consultant or improved governance?

Are they aligned on risk and hedging parameters?

Are trustees mentally ready to outsource?

Competitive tenders for fiduciary managers

Following a CMA investigation, pension trustees are required to put fiduciary mandates out to tender if:

they are outsourcing 20% or more of scheme assets for the first time; or
they have an existing fiduciary mandate that was not subject to a competitive tender when it was put in place.

The PSGS service helps you:

address all the trustee considerations
understand the difference between providers
identify potential ‘showstoppers’ in a manager or approach
compare fiduciary manager performance effectively
compare fiduciary management pricing effectively
ensure all CMA tender requirements are met
select the best fit provider for your particular needs

We also offer specialist trustee training on fiduciary management and other areas of pension scheme investment.

Download our fiduciary management service flyer

To find out more about how PSGS can help you with your new fiduciary manager selection process or meet the requirements for a competitive market test of an existing fiduciary mandate, contact us online or call 0845 313 0024.

Speak direct to our specialist in this area

Gerald Wellesley

Client Director

Email Gerald