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In its annual survey of the fiduciary management sector, made public for the first time, fiduciary oversight and selection specialists IC Select found that the average size of a UK pension scheme moving to a fiduciary manager (excluding the two largest schemes) rose to £270m over the first six months of 2021, an increase of £120m compared with the preceding five years, when schemes using a fiduciary manager averaged £150m in size.
Schemes that had fiduciary management before 2016 had to retender this by 9 June of this year on the instructions of the Competition and Markets Authority. IC Select found that 78% of fiduciary management contracts retendered over the 18 months to the end of June 2021 were won by incumbent providers.
Other findings include that just 10% of pension schemes that use fiduciary managers receive their strategic advice from a third party, and fewer than a third of schemes (31%) seek independent oversight of their provider.