Survey identifies the areas where they are likely to need support in future
First Actuarial has published its first survey of independent professional trustees.
The consultancy's survey questioned 65 trustees from 12 professional trustee firms with responsibility for diverse scheme types.
Among the findings, the survey identifies key factors professional trustees look at when selecting advisers, and areas where they are likely to need support in future – areas that include risk transfer; run-on; the new funding code and the general code; and data and administration quality.
First Actuarial partner Sam Mullock said: "We see from the survey that independent professional trustees are looking for advisers to help them navigate risk transfers. The market has recently opened up to smaller schemes following a period in which few insurers provided quotations, a development that is particularly noticeable to First Actuarial as we specialise in transactions below £150m.
"Another finding that stands out is data – administration is finally having a moment. Some schemes are struggling to manage business as usual while addressing member data quality, procuring suitable systems and recruiting administrators with relevant experience."
First Actuarial said the pressures confronting trustee boards are reflected in findings around professional trustees' preferred support channels – noting that 62% of professional trustees prefer to engage with advisers through live online training sessions and webinars.
The survey also revealed the qualities that surveyed professional trustees valued most in advisers:
- Openness, honesty and trust
- Genuine collaboration
- Dependability and consistent follow-through
- Clear and concise advice with "no surprises between meetings"
- Strong communication and a proactive approach
Mullock concludes: "[Professional trustees] play an important role in the pensions world. Whereas a member-nominated trustee may only work with one or two actuaries or administration teams in their career, an independent professional trustee may be working with up to ten at a time. They know what a good adviser looks like and what reasonable costs are… This survey will help us meet their ongoing expectations."
