mallowstreet's new annual survey to reveal pension trustees’ biggest challenges
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mallowstreet, together with the Pensions and Lifetime Savings Association, the Pensions Management Institute and the Association of Member Nominated Trustees, is launching an annual Trustee Survey to take the pulse of the nation’s pension trustees.
The trustee landscape is changing; from freedom and choice to climate change and technology, there is a growing range of things trustees need to keep on top of. This complexity is reflected in a proliferation of regulatory requirements and increased demand for professional trustees.
Given these demands on trustees, how can they make sure they are up to date on developments in regulation, investments and member engagement? Are their training needs being fulfilled, and do they have the resources they need to act in members’ interests? How satisfied are they with their role – and how is their effectiveness being assessed?
The mallowstreet Trustee Survey seeks to answer these and more questions by offering a forum where trustees can share their experience and views anonymously.
Survey will identify key themes and where support is needed
David Weeks, co-chair of the AMNT, said the survey will provide a view on the type of support that pension trustees would find most useful.
“The Association of Member Nominated Trustees exists to provide support and advice for our members in their trustee work,” he said. “This survey will help to give us a clearer picture of what sort of support will be of greatest value. We encourage all trustees to take part, and we look forward with interest to see the results.
The survey will help to raise trustee standards, said chief executive of the PMI, Gareth Tancred.
“We are very excited by mallowstreet’s new Trustee Survey and Report and are extremely proud to be associated with it. PMI is committed to raising standards within the pensions industry, and this survey identifies key themes necessary for achieving this,” said Tancred. “We have no doubt that this is a major step forward for our industry.”
Given the sheer size of the sector and the responsibility it carries, it is vital to understand what issues trustees are grappling with, agreed the PLSA’s director of membership engagement, Laura Webb.
“The PLSA is delighted to be working closely with mallowstreet on its Trustee Survey and Report. The trustee community is responsible for the financial futures of over 76% of the working population in the UK, so it’s imperative that we get a better understanding of the challenges the sector faces,” said Webb.
“Given the interest of PLSA members this is a vital piece of work which can really put trustees’ needs at the forefront of the agenda when the results are published and shared within the industry.”
Results to be shared with TPR and government
The results of the report will be shared with those who have taken part in the research, as well as the wider trustee community. The findings will also be taken to The Pensions Regulator and government to campaign for trustees’ needs.
Stuart Breyer, CEO of mallowstreet, said the focus will be on identifying roadblocks in the institutional pension industry.
“The Trustee Survey is all about the needs of pension fund trustees and how we as a community at mallowstreet, the AMNT, PLSA and the PMI can empower our members,” said Breyer. “It is essential trustees are listened to by the broader industry as they work to safeguard the future income for their members.”