Chair of the Working Party on the Security of DC Assets, and partner at Hymans Robertson, Rona Train commented: “It is inevitable that members will want to know their assets are secure. However, we as an industry are still in a position where we can’t definitively answer the question from members “how secure are my assets?”. The levels of protection can vary depending on the fund structure and platform structure and can even vary depending on the type of contract used. Two employees sitting next to each other may well find they have different levels of protection and this is a very worrying situation.”
Anna Copestake, Committee Member and Senior Associate at ARC Pensions Law commented: “We have been engaging with the various industry bodies on this topic for over two years and have yet to be able to determine for certain what protections are in place if providers or funds were to fail. Although in most cases it will be a ‘tail end risk’, members are clearly worried about this topic and we hope this research helps us to move forward in an increasingly constructive manner with those with whom we are talking.”
Security of DC Assets Working Party Members:
Barry Parr – Association of Member Nominated Trustees
Bill Trythall – Association of Member Nominated Trustees
Anna Copestake – Senior Associate, ARC Pensions Law LLP
Jane Kola – Partner, Gowling WLG UK LLP (formerly Wragge Lawrence Graham & Co LLP)
Rona Train – Partner – Hymans Robertson LLP
Andy Cheseldine – Partner, LCP
Stuart O'Brien – Sacker & Partners LLP
Steven Charlton – Vanguard
Jason Bullmore – Aviva
Hugh Skinner – Fidelity
|
