Schemes raise investment consultant concerns

The study - Assessing Investment Consultants Performance - found 10% or more respondents gave a poor or very poor rating and less than half considered the service good or very good in a "small number of areas".

Defined benefit schemes were worried about value for money, the amount of pro-active advice, training and supporting dialogue with the sponsoring employer.

Defined contribution schemes ranked value for money and communication with members as poor or not very good.

However, overall the response was positive. The survey found 83% of DB schemes and 80% of DC schemes, would recommend their investment consultancy to another scheme with similar needs.

The survey, launched today at the NAPF Investment Conference, forms part of the NAPF's Assessing Investment Consultants Performance toolkit, launched last year, and is designed to measure how satisfied pension funds are with the service they receive from their investment consultants.

NAPF director of policy Nigel Peaple said: "Despite the worsening economic conditions, our survey finds that schemes remain very satisfied with their investment consultants.

"Overall it is a very positive picture but there are some areas where improvement could be made - such as value for money, pro-activity, training and member communications."

Overall pension funds rated their consultancies very positively. Depending on the type of service between 44% and 89% said the service received was good or very good.

No area of service was rated as poor or very poor by more than 14% of respondents.

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• United Kingdom
• Regulation