What changes have companies made to their default investment funds? 

Have you ever wondered how regularly other companies review their default investment fund?

We’re delighted to welcome a panel of senior HR directors to the Punter Southall Aspire blog, to share their practical experience delivering pensions programmes to thousands of members.

Today our panel tells us what reviews they have carried out in the last three years, and whether these reviews have resulted in any changes.

“Regular reviews are part of our due diligence”

We have done a mini-review this year. Although we haven’t done a full market review, we have reviewed our current schemes. We did a full market review when we came up to automatic enrolment and have another one coming up next year. We try to do full reviews every couple of years or so.

We didn’t make any changes are a result of our review, and decided to stay put, but it is part of our due diligence. If we are ever challenged we can show that due diligence is in place.

Morag Bailey, HR Director, Ardo                                                                  

“We recently changed our default fund”

We reviewed our default fund this time last year. The regulator’s guide is that it needs to be reviewed every three years, and that was near to our three-year mark.

We changed our default fund, because our previous one was based on the assumption that people were going to buy an annuity and with pensions freedoms, we were looking for a default fund where that was no longer the automatic outcome.

“This wasn’t something people were asking for, but we carefully considered it after seeing a lot of data suggesting that the majority of people now accessing their pension funds are using the pension freedoms. The pension providers were saying they only thought that trend would continue. 

“We have been very happy with the change. The fund has performed well and it was clearly the right thing to do.

Penny Hathaway, HR Reward Manager, THB Group                           

“We don't review our DC scheme regularly”

 We haven’t reviewed our DC scheme. We don’t have a built-in, regular review process there.

“However, we take regular advice in terms of matching liabilities and assets for our DB scheme. And that does change at least annually. We recently changed our investment strategy. We need to make sure that our DB scheme deficit is being managed as well as possible, so that it is viable to fund people’s retirements."

Head of HR, food company                                                

 Our review takes place at our annual governance meeting”

 “We have an annual review at our annual governance meeting, however we haven’t changed anything in the last three years as we are pleased with our scheme.

“Nevertheless, this is an important process for us. We have a pension plan in place to provide a good investment platform for our staff. We want to make sure it’s working as best it can for all ages, and that it’s geared correctly for people coming up to retirement.”

Sally Cheeseman, HR Manager, Inspectorate International

We are considering changes”

 “We review our fund every year as part of our pension governance and are considering changes next year.

Roanne Gibbs, Head of HR, BMS


Posted by John Buttress

Topics: HR Panel


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