The vast majority of fiduciary management retendering exercises resulted in the same manager appointed, although comprehensive processes led to fee reductions, says Isio.
Nearly of a quarter of pension schemes required to retender their fiduciary manager had not started the process as of last month, says XPS Pensions Group.
A third of DB schemes worryingly close to fiduciary manager retendering deadline
The deadline for schemes to complete competitive tender process is 9 June 2021
More than a third of defined benefit (DB) pension schemes are running “worryingly close to the deadline” to comply with the Competition and Market Authority’s (CMA) retendering order, according to Hymans Robertson.
A poll by the consultant revealed 38% of pension scheme trustees with fiduciary managers have not started the retendering process and are planning to review their manager or test the market before mid-June, a move Hymans Robertson warned could lead to a likely capacity crunch as fiduciary managers will struggle to respond to all tender requests.