Client feedback

“I would recommend them to anyone - I have dealt with a number of other independent trustee firms and would rate PSGS as the best. We are very happy with Mark and the service we get.”

Julia Morton,

Camellia plc

“It’s a pleasure working with key members of the PSGS team: their experience and leadership means that they know how to get the job done, working in partnership with fellow trustees, employers and advisers to achieve the best result for members.”

Mark Smith,

Partner at Taylor Wessing

“The Trustee training was very interactive and the presenters were engaging - thank you.”

Nick Marsh,

Comet Pension Scheme

“We now have a very collaborative approach between trustees and employer.”

Peter Millard,

Company Secretary, TRL Limited

“These days, Boards need real expertise on tap (with excellent back-up) to cope with a constantly evolving and more regulated environment. PSGS is geared to delivering that.”

Ray Pygott,

Partner at KPMG LLP

“The Trustee Training course is very good. Excellent coverage of material presented in an easy-to-digest manner and quality of presentation by both presenters. ”

Jonathan Williams ,

Bangor University

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