UK - At least one pension fund trustee of a FTSE 350 company is likely to be sued in the next 12-15 months, according to Deutsche Asset Management chairman Neil Dunford.
Speaking at DeAM’s ‘Myners: Investing at the Coalface’ conference, Dunford also said that in the current “dangerous” climate, the chances that the existing pension fund structure in the UK would collapse were “high”.
“You [trustees] are faced with even more responsibilities than I can remember during 30 years in the pension fund industry,” he told delegates. “The demand on trustees now is truly awesome.”
Dunford highlighted an “oppressive regulatory regime”; the “quantity of information” thrown at trustees; the “looming conflict between trustees and finance directors” resulting in the increased abandonment of DB schemes, and the “explosion of investment products and structure choices” - particularly in light of more pension funds opting for customised benchmarks - as some of the pressures on trustees.
On a more conciliatory note, Dunford added that the current climate had resulted in bringing trustees and fund managers together in a less “confrontational” way.
By Madhu Kalia
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.