Pensions Aspects Magazine Edition 44 : simplebooklet.com

Edition 44 | August 2022Find your next job at www.pensioncareers.co.ukwww.pensions-pmi.org.ukConsolidation and continuity Ensuring world-class governanceJust box-ticking?ESOG: what, when and why?Manager diversiﬁcation

Events PMI EventsJoin us on Tuesday 25th October, at the Londoner Hotel, Leicester Square.For more information about entry or sponsorship, please visit:pmipinnacleawards.co.ukTAKE YOUR PLACE IN THE PENSIONS INDUSTRY SPOTLIGHTKAT_PMI_PressAd_v1_alt.indd 1KAT_PMI_PressAd_v1_alt.indd 1 03/05/2022 16:5603/05/2022 16:56

Move Governance forwardForewordMove Governance forward03ISSUE 44One of the Regulator’s principal concerns over the last decade has been to drive up standards of scheme governance. This has not been a straightforward objective; traditional British pensions culture has resulted in a huge number of schemes, and the majority of these have been very small. There have however been a number of landmark developments. Statutory governance requirements were introduced by the Pensions Acts of 1995 and 2004, and there is now an overall regulatory strategy that will create pressure on schemes to consolidate if governance standards are not seen to have improved.PMI has played a pivotal role in improving governance standards through the provision of support for trustees. Our range of qualiﬁcations has been designed to match regulatory requirements. We were also the ﬁrst body to provided formal accreditation for professional trustees. PMI remains committed to promoting the highest standards of scheme governance and to helping trustees achieve the best outcomes for their members.Tim Middleton Director of Policy and External Aﬀairs, PMIJoin us on Tuesday 25th October, at the Londoner Hotel, Leicester Square.For more information about entry or sponsorship, please visit:pmipinnacleawards.co.ukTAKE YOUR PLACE IN THE PENSIONS INDUSTRY SPOTLIGHTKAT_PMI_PressAd_v1_alt.indd 1KAT_PMI_PressAd_v1_alt.indd 1 03/05/2022 16:5603/05/2022 16:56Foreword

ISSUE 44Contents June 202204Contents Issue 44 | August 2022 Features12Consolidation and Continuity Um doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explaboria cor si cus aspeliquas rest res volor accatios et aceprorem non poreicimolut qui18Simplify the ESG Manager Selection Process Um doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim rest res volor accatios et aceprorem non poreicimolut qui30Student essay competition winner Um doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explaboria cor si cus aspeliquas rest res volor accatios et aceprorem non poreicimolut qui14Just box-ticking? Um doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explaboria cor si cus aspeliquas rest res volor accatios et aceprorem non poreicimolut qui20Manager diversiﬁcation. To diversify or to integrate? Um doluptat qui sequo volor. Fero omnima ist harum volor adi anim ut et explaboria cor si cus rest res volor accatios et aceprorem non poreicimolut qui16ESOG: what, when and why? Um doluptat qui sequo vol omnima ist harum volor adi anim ut et expla boria cor si cus aspeliquas rest res volor accatios et aceprorem non poreicimolut qui24How to manage your pension scheme liquidityUm doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explaboria cor si cus aspeliquas rest res volor et aceprorem non poreicimolut qui

ISSUE 44ContentsAugust 202205PMI Update10PMI EventsListing the latest upcoming PMI Events.08Membership updateA comprehensive breakdown detailing PMI Membership grades and programmes.09Regional newsA breakdown of the latest news and notiﬁcations from across the PMI’s regional groups.07PMI Academy UpdateOutlining the dates and details for the latest PMI Academy courses and certiﬁcates.50Pension ConundrumOur regular pensions puzzle.32DC and Master Trust Symposium 2022Um doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explabooria cor si cus aspeliquas res 52Service ProvidersA comprehensive directory of PMI services.55AppointmentsAn overview of openings and career opportunities in the pensions industry.ContactsHead oceDevonshire House, 6th Floor, 9 Appold Street, London, EC2A 2APMembership: +44 (0) 20 7247 1452membership@pensions-pmi.org.ukLearning and qualiﬁcations: +44 (0) 20 7247 1452PMIQualiﬁcations@pensions-pmi.org.ukCommercial development: +44 (0) 20 7247 1452sales@pensions-pmi.org.ukFinance: +44 (0) 20 7247 1452accounts@pensions-pmi.org.ukEditorial: +44 (0) 20 7247 1452marketing@pensions-pmi.org.ukMonth in Pensions27Codifying your governanceUm doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explaboria cor si cus aspeliquas rest res volor accatios et aceprorem non poreicimolut qui28Pensions administration governance – mind the gapUm doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explaboria aceprorem non poreicimolut quiTPR Column34Climate change reporting: a challenge but also an opportunityUm doluptat qui sequo volor ratectem. Fero omnima ist harum volor adi anim ut et explaboria cor si cus aspeliquas fam volor adi anim ut et explaboria cor si cus aspeliquas rest re.

Join ourTrusteeGroup.Find out more: www.pensions-pmi.org.uk/trusteegroup

07Revision course + exam package dealPMI Academy UpdateQualiﬁcationsPMI Academy UpdateThe PMI have introduced a ‘package deal’ which consists of an exam entry and revision course session combined. This means if you want to book onto the package deal you would save £20 overall. Revision courses are beneﬁcial to any learner, as they promote collaborative learning, encourage you to engage in questions and answers and are useful to go over certain topics of learning material. The PMI recognise that revision courses are an essential aspect of enrolling onto a qualiﬁcation, which is why we have introduced the package deal, for the ﬁrst time ever, to promote learners to make use of the discounted opportunity.Our data shows that learners who have booked onto a revision course have an increased chance of passing the corresponding exam, as learners are able to ask important questions and be guided by the tutor. Generally, the revision recording is sent round to all delegates after the session, so that individuals have something to cross reference in future. Learners are also sent the tutors PowerPoint presentation and any documents the tutors deem helpful.If you are thinking of booking onto a PMI exam, or you are considering taking one but have not booked your place yet, we encourage you to book a place on a revision session also. Why not book onto our package deal, which saves you £20 oﬀ the total price.PMI revision sessions are part of the Advanced Diploma in Retirement Provision units as well as the Retirement Provision Certiﬁcate. The Advanced Diploma is considered the same level as a ﬁrst year degree, so why not take advantage of every opportunity you can to pass these exams. We also oer assignment submissions, which are a useful tool to prepare and practice for the exams, as they are marked by tutors who give you detailed feedback. The Retirement Provision Certiﬁcate is a qualiﬁcation for individuals new to Pensions or individuals who have not taken an exam with us yet, so enrolling onto a package deal will be a perfect opportunity to see ﬁrst hand what the PMI oer and help you prepare for all of the eventualities. Don’t leave your exam result up to chance. Plan, prepare (by attending a revision session) and perform.If you are interested in any of our qualiﬁcations, please raise any questions with the Qualiﬁcations team directly here, who would be more than happy to assist. We wish you all the best with your studying!ISSUE 44

Membership Your membership, what's happening?Your membership, what's happening?08ISSUE 44Membership RenewalYour 2022-2023 membership becomes due on 1st September 2022. Renewal notiﬁcations have been sent out by email and include a copy of your renewal invoice. We are mindful of the challenges our members face due to inﬂation. So we will only be increasing your fee by a nominal amount of less than 2%, and we are still working to oer you more member beneﬁts.Please see 2022/23 Membership fees below.If you have not received your email, please ensure the email address we have on ﬁle for you is up to date via your ‘My PMI’ member portal. If you have any problems accessing the PMI member portal please contact us at membership@pensions-pmi.org.uk Membership UpgradesHave you recently successfully completed a PMI qualiﬁcation? Then you may be eligible to apply for your membership upgrade. This membership oers you relevant recognition for carrier and professional progression and also access to designatory initials. We are pleased to announce that the following people who have been elected for an upgradeCertPMI - Holly HarmesAPMI – Ian CornerFellow Membership Fellowship is open to Associates with ﬁve years membership and ﬁve years’ logged CPD.We are pleased to announce that the following eligible Associate has been elected to Fellowship and is now entitled to use the designatory initials “FPMI”:Jayne Pocock Adam ChateContinuing Professional Development (CPD)Fellows and Associates are reminded that meeting the PMI CPD requirement is compulsory (except where retired/non-working). Under our CPD Scheme, PMI members are required to record at least 25 recognised hours during the year for 2021. Please log on to the website and update your CPD record if you have not yet done so. A digital copy of your CPD certiﬁcate is available upon request. For a copy, please contact the Membership Department at membership@pensions-pmi.org.uk.Membership UpdateMembership Category Fees 2021/22Student £165Certiﬁcate £210Diploma £260Associate £360Fellow £455Retired/Non-Working £75

09London Regional UpdatePMI Regional Group NewsRegional NewsLondon Regional UpdateThe PMI London Group Committee hopes our members are keeping well and will be able to take a break over Summer! Although Autumn feels a long way away, please hold Wednesday 16 November at 6pm in your diaries for the annual PMI pub quiz at Willy’s Wine Bar. We’ll be in touch with members closer to the date swith more information.The easiest way to keep in touch with us and ﬁnd out details of our upcoming social events and business meetings is via the PMI London Group LinkedIn Group. If you’d like to join or leave the London Group, please contact Mark Jenkins (our Membership Secretary) via email: mark.jenkins@cms-cmno.comISSUE 44Martin Lacey Communications, PMI London Regional Group

Events PMI Events10ISSUE 44EventsDates Event(s)29 September 2022Trustee Workbench Hybrid3 October 2022Introduction to Pensions (Basic) Online5 October 2022Introduction to Pensions (Advanced) Online6 October 2022RetirementMatters Training Course – The fundamentals of retirement savings OnlineDates Event(s)10 October 2022Secretary to the Trustee (Basic) Online13 October 2022Secretary to the Trustee (Advanced) Online19 October 2022Annual dinner25 October 2022The Pinnacle Awards The Londoner Hotel, 38 Leicester Square, London WC2H 7DXAll events are subject to change; please visit pensions-pmi.org.uk/events for the latest updates.PMI Events

RetirementMatters Discover the service that can help your members and employees maximise their retirement income options.Financial education that bridges the gap to retirement.www.pensions-pmi.org.uk/events/retirementmattersSupported byJoin our publictraining course on8 October 2022Register today

12Consolidation and Continuity Feature Consolidation and Continuity Following the beginning of the Master Trust authorisation regime, governance in the Master Trust space has been focused on the key aspects of The Pension Regulator’s (TPR) Code of Practice 15 (COP15). As the world moves on, what do the gestures toward Master Trust consolidation and improving value for members mean by way of opportunity to ensure world-class governance in the DC arrangements that remain?Alison Leslie Senior DC Consultant, Hymans RobertsonISSUE 44Feature

13There are many examples of moves towards Master Trust consolidation already in the market. Whilst these are typically purchases of one funder by another, commercially it makes sense for separate Master Trusts to eventually combine, bringing with it a new governance challenge to the busy world of Master Trusts. The current COP15 is not designed to cover consolidation. So many of these Master Trusts will be forging new paths (if and when they do so). Although there is now an experienced path to ensure Master Trust Authorisation remains on an ongoing basis. Consolidation will involve implementing continuity strategies for the Master Trust and will involve revision to Business Plans. The importance of “exploring” consolidation becomes key to ensure that there isn’t an inadvertent triggering event, resulting in the need to follow the very tight continuity strategy timescales prescribed in legislation. As with many large projects, the key to success in governing a consolidation exercise is planning! Engaging with all stakeholders is important and is often best facilitated by establishing a merger working party with representation from all key stakeholders.FeatureConsolidation and ContinuityWhat do we need to think about?Do the rules allow us to do this? What are the steps we need to take to legally formalise this? What documents need to be signed? Can we do two transfers? In eect, there is a review of the future target operating model. All these questions (and more!) need to be answered as part of the legal and administration approach. Ensuring you can do what you want to do is crucial and planning the timing of key steps is vital.Understandably, merging investment strategies is often the ﬁrst consideration when contemplating consolidation. Consolidation should after all be about improving member outcomes. Master Trusts, however, do not need to merge investment strategies as a ﬁrst step and this often acts as unnecessary noise when considering consolidation. It may be that doing this at the same time is key for some but not others. Careful consideration should be given to the order in which items are done to prevent confusion from too many moving parts.The Governance ChallengeChallenge here brings invaluable opportunity to improve member outcomes for millions of savers. But at the same time, this must be balanced against strong governance and robust implementation.ISSUE 44

14Diversity and inclusionWe all know diversity is important and, collectively, we are moving forward. The statistics are improving and many boards are beneﬁting from embracing a more diverse input to their discussions. But, in that statement, lies the challenge: we like what we can measure. We like statistics but they need data and many types of diversity are not easily deﬁned or measured. Gender diversity is incredibly important and serves a valuable role of helping people evolve their thinking on diversity and inclusion, but how often have you seen diversity disclosure only focusing on ratios of female Board members and employers, and the gender pay gap? How often do diversity discussions focus only on visible diversity, such as gender and ethnicity?Some of the most important forms of diversity are hidden within individuals: dierent backgrounds, personalities and neurodiversity. How do you measure this diversity without pigeon-holing people, or drawing attention to dierences that your colleagues may prefer not to talk about (particularly in small groups, such as trustee boards)?Box-ticking can highlight issues and focus our attention so it still has a role. However, most Boards can be smarter about how they monitor diversity and inclusion, and initiatives to drive progress. Ultimately, building a truly diverse team and making the most of that diversity needs a shift in mindset and an ongoing commitment to improvement, only some of which can actually be measured quantitively. Journey planningWith The Pension Regulator’s new Deﬁned Beneﬁt Funding Code coming soon, trustees are expecting a more prescriptive approach to journey planning, with a predetermined long-term objective and period over which to achieve it. Trustees may well ﬁnd themselves thinking they have done their jobs well if they meet the new Fast Track parameters. Employer covenant is not a box that can easily be ticked. It is the ultimate underpin for scheme risks, but it is a concentrated risk, often inﬂuenced by factors outside of our control. Many deﬁned beneﬁt pensions will be reliant on their sponsor for many more decades. In the last few years, we have seen a series of “exceptional” events, with Brexit, COVID-19 and the Russia-Ukraine conﬂict, reminding us that the future is never easy to predict.ISSUE 44Just box-ticking?Emily Goodridge Managing Director, CardanoAs pension scheme governance becomes more prescriptive, are we all losing sight of basic principles in a fog of box-ticking? This article explores a few common areas where compliance for the sake of compliance is at risk of overshadowing important objectives for our industry that need and deserve our full focus.Feature Just box-ticking?Feature

15Trustee boards that embrace the uncertainty, via contingency and scenario planning, forward-looking covenant monitoring, and reducing reliance on covenant may, or may not spot the next “exceptional” event early, but will at least be well placed for when it does come into view. Those that feel they have ticked the box on covenant, are at risk of complacency, and could ﬁnd themselves on the back foot in downside scenarios. Box-ticking has a role in covering the basics but it needs to be paired with a mindset focused on continual improvement in a world of ambiguity. Climate change reportingThe latest reporting regulation to impact the deﬁned beneﬁt pensions universe is the requirement to report on climate risk under the guidelines set by the Task Force on Climate-related Financial Disclosure. Whilst the framework for reporting could lend itself to a box-ticking approach (there are four key areas to report against, speciﬁc metrics that need to be measured etc.), in practice we see this new requirement as a signiﬁcant opportunity for trustees to think beyond traditional risks such as reﬁnancing or mergers and acquisitions and embrace a topic that is both relevant to their scheme and to the wider world. It has been too easy over the last few years for trustees to consider climate risk as irrelevant to their scheme, perhaps because it’s far along its journey plan or its sponsor doesn’t operate in a sector that is obviously impacted by climate change. But climate change cannot be ignored. Even if physical risks are unlikely to impact a sponsor over the scheme’s remaining journey plan, we see few schemes that will be insulated from transition risks (the risks arising from the move to a low-carbon economy), even in the near term. Beyond the requirement to report, the new regulations therefore provide the platform for trustees to assess climate risk as they would any other ﬁnancial risk, and adapt their approach to scheme management accordingly. As with the journey planning example above, risk management may beneﬁt from box-ticking for the basics, but there is no space for complacency when so many risks are not easily deﬁned and the future is uncertain.ISSUE 44We have focused on diversity, journey planning and climate change as three dierent areas where the same theme shines through. These are all areas where a step-change improvement is needed, and all suer the same risk of basic principles being overshadowed by pressure to demonstrate compliance through box-ticking. This theme could be applied to almost all aspects of our roles. Perhaps the worst example is the risk register itself – how many trustee boards have a risk register that is so long, there is never time to delve into any of the items or prioritise the key risks properly? Important risks are relegated to a cursory glance at the end of a long zoom call. It is on us all to think more creatively about how we can continually raise the bar, beyond just demonstrating compliance.“ Building a truly diverse team and making the most of that diversity needs a shift in mindset and an ongoing commitment to improvement, only some of which can actually be measured.”FeatureJust box-ticking?

ESOG: what, when and why?16Greig McGuiness Professional Trustee, Dalriada TrusteesNew pension scheme governance requirements have been mentioned to some extent at almost every trustee meeting I’ve been to for quite some time. I’m not sure quite how long, but deﬁnitely since before the time warp of the COVID years. Amidst the acronyms such as IORP, ESOG and ORA, is it really change, or just rebranding?I’ve also read many pieces covering the changes in minute detail (a number of my Dalriada colleagues have written very informative blogs on the subject); this isn’t one of those articles. With all the noise of the detail and the delay, I thought it would be worthwhile to take a breath and remember the what, when, why and how - and perhaps most importantly the ‘what do I do now’? What is changing/has changed on pension scheme governance requirements?Fundamentally, the law covering how we should approach pension scheme governance has been updated and, whilst the dierences might appear at ﬁrst glance quite subtle, there’s potential for wide ranging implications.Previously, trustees of an occupational pension scheme had to “establish and operate controls which are adequate for the purpose of securing that the scheme is administered and managed:a. In accordance with the scheme rules, andb. In accordance with the requirements of the law”However, trustees are now required to “establish and operate an eective system of governance including internal controls” and that system must be “proportionate to the size, nature and complexity of the activities of the occupational pension scheme”. For schemes with more than 100 members, that Eective System of Governance (“ESOG”) must cover the three key functions of risk management, actuarial and internal evaluation, and will need to be evidenced by way of an Own Risk Assessment (“ORA”).Key take-aways1. It’s no longer enough to be adequate, you have to be eective.2. It’s not just about controls, although they must be included in the system of governance.3. Your ESOG should be proportionate to the size and complexity of your scheme – not your governance budget.ISSUE 44Feature ESOG: what, when and why?Feature

17When did/do the changes take eﬀect?The legal requirement for all occupational pension schemes to have an ESOG has existed since 13 January 2019.However, the statutory instrument that introduced the new law (SI2018/1103) stated that certain elements would not become fully eective until The Pensions Regulator (TPR) provides more information in a code of practice - the long awaited Single Code.Therefore, trustees currently require to have established and be operating a proportionate ESOG. Until the actual details are ﬁnalised on the Single Code, trustees should be ensuring compliance with the current Code of Practice No.9 and be able to demonstrate (e.g. through meeting agendas, papers and minutes) that their scheme is eectively governed.Why are things changing?It’s the natural evolution of an improving governance framework that a pension scheme should be eectively governed, and trustees should be able to demonstrate that. Whilst the vast majority of pension schemes are well run, it’s an unfortunate fact that some aren’t and TPR requires some amount of visibility. The existing occupational governance model was set out 18 years ago when the EU directive on the governance of Institutions for Occupation Retirement Provision (“IORP”) was adopted into UK law as part of the Pension Act 2004 (PA04); and then interpreted through TPR’s Code of Practice No.9. IORP II was released in 2017, which like most good sequels, repeated the best parts from the original and ramped them up a bit. SI2018/1103 adopted IORP II into UK law, notwithstanding the UK’s departure from the EU in early 2020. How will it aﬀect the way I run my scheme?Hopefully not very much! The vast majority of schemes already embody the ESOG principles. What you’re doing currently is probably ﬁne in most cases, but you should make sure that you can exhibit compliance with the new requirements, which will include ensuring that policies and controls are documented and regularly reviewed.The key nuances are that you now need to show eectiveness and proportionality:1. Are you getting business done in a risk managed fashion, with trustees in control?2. Does your model ﬁt your scheme now and going forward? Remember that the needs of your scheme may change with personnel, size, maturity, funding position, corporate structure, etc. What can/should I do now?Ask yourself:1. Are you compliant with the current Code of Practice and can you show it?2. Are you aware of what is included in the draft Code of Practice and started conversations to:a. Make sure the sponsor is aware of what is coming, especially if they pay the bills.b. Make sure that your advisers/providers are on the ball and are planning ahead; thinking about gaps, budgets and their likely bandwidth issues.3. What does eective and proportionate governance mean for your scheme?a. Do you have the right trustee structure, including succession and contingency planning, with adequate knowledge, experience and diversity?b. Are your advisers and service providers the right ﬁt?c. Are you making the best use of technology?d. Most importantly, are you meeting the needs of your members?As with most complex changes, I’d recommend caution. Don’t get too excited. If you’re doing things properly just now, implementing the new governance doesn’t have to be the biggest of jobs. Slightly more than codifying best practice, but mostly just documenting and being able to show that you’re doing the right thing. Beware of consultants trying to over complicate and remember to act proportionally, but don’t leave it too late to start.ISSUE 44FeatureESOG: what, when and why?

18ISSUE 44Simplify the ESG Manager Selection ProcessAlbert Reiter CFA / CEO / investRFP.com Pension funds face multiple challenges in the current market environment. New ESG and sustainability disclosure requirements were developed by various international regulators and supervisory authorities. The application of an eﬃcient digital process in asset manager & fund selection supports pension funds in mastering avoidable challenges with ease. Best Practice in Asset Manager & Fund SelectionOne of the most important tasks of a pension fund investment team is operating an ecient manager selection programme in coordination with service providers for those assets managed externally. The investRFP platform can be utilised for any kind of due diligence and search process, asset class and investment objective. Standard industry questionnaire templates are optionally available to be used or customized to meet pension fund’s unique requirements. Based on the decision to start a due diligence or search process investRFP provides an ecient digital tool to perform three important steps: (1) Issue of Request, (2) Sourcing of Responses and (3) Analysis and Evaluation. Subsequent steps are performed outside the platform. Asset OwnersAsset ManagersDecision to start a Request(On-site) Due DiligenceNegotiation & DecisionAsset Manager NotiﬁcationSteps on the platformResponse DeadlineFeedback to disqualiﬁed Asset ManagersShortlist SelectionRequest IssueAsset Manager ResponsesAnalysis & EvaluationFeatureFeature Simplify the ESG Manager Selection Process

19ISSUE 44Providing an unbiased access to the global asset manager universe is one of the key beneﬁts of the investRFP platform process. The integrated message system as well as documentation and reporting features support pensions funds’ work. “investRFP is the tool we use when we search for ESG managers and funds” (Investment Manager, European Pension Fund)“The Fund’s Board of Trustees‘ selection committee used the platform to eﬀectively and eﬃciently screen, evaluate and rank RFP respondent’s qualiﬁcations and other information that was provided.” (CFO, U.S. Public Pension Fund)What is Your Implicit ESG Policy & StrategyPension funds working with external asset managers not only face the challenge of assessing the ESG policy, strategy and factor integration of managers when investing in new funds or hiring new managers but they should also perform an equally diligent screening of all existing investments. Some of the investment mandates might have started a number of years ago when ESG and sustainability was less important and might not even featured in the questionnaire at all. Today pension funds have to assess 100 percent of the assets and understand the ESG policy, strategy and factor integration applied by external managers. Portfolio diversiﬁcation and manager diversiﬁcation is a common practice. With reference to ESG policy, strategy and factor integration it is essential for pension funds to know how the dierent managers compare and be fully aware of the extent to which their ESG exposures correlate.The aggregate risk parameters and data from all external asset managers represent the implicit ESG policy and strategy of the pension fund. This is important to know. Some pension funds might be surprised when the implicit dataset are above their expectations and asset managers provide the relevant metrics and information to meet disclosure and reporting requirements. To the contrary, the implicit dataset might also be below expectations. In these cases some managers won’t meet the overall objectives of the pension fund management team. Replacing asset managers and adding new managers will be necessary to bring the overall portfolio data in line with the pension funds’s expectations. Monitor Your ESG ManagersBy monitoring shortlisted asset managers who did not win the mandate but were ranked 2nd or 3rd the pension fund can stay informed and consider these managers for future allocations.The Monitoring Request on the investRFP platform can be fully customized by the pension fund and set up right after the selection decision. It represents a continuous request providing relevant data on speciﬁc metrics on a monthly, quarterly, semi-annually or annual basis. Simplify Your ESG Data SourcingOver the next few years pension funds will be challenged by increasing disclosure requirements. Even more important will be the challenge to and assess the relevant ESG and sustainability risk factors and data, ranging from climate, biodiversity, human rights, gender pay-gaps, water, governance, etc. Understanding the inﬂuence of these risk factors on investment decision-making will have an important impact on the overall performance of pension funds. The investment teams beneﬁt from the use of digital tools like investRFP for manager search & selection, screening of existing investments and monitoring managers post selection decision. The unique requirements of ESG and sustainability strategies favour this request-based platform approach which provides unique data and up-to-date information to pension funds at no cost. FeatureSimplify the ESG Manager Selection Process

ISSUE 44The use of a range of fund managers with diverse skill sets has become so commonplace for deﬁned beneﬁt pension schemes over the past 20 years, that to suggest a single manager might now be preferable for some schemes needs some explanation. So, here we set out the merits of a mature deﬁned beneﬁt pension scheme integrating their mandates with a single risk manager and contrast it with the traditional case for the beneﬁts of manager diversiﬁcation.The case for manager diversiﬁcationDiversiﬁcation is one of the most important concepts in investment theory and one that often has positive connotations associated with it. When it is applied to support the division of an investment strategy amongst multiple asset managers, the traditional arguments put forward include:• Access to a wider range of specialist expertise: It can be dicult to ﬁnd a manager that has the requisite expertise across all the asset classes used in an investment strategy.• Reduced exposure to a single manager's active views: A mix of managers provides diversiﬁcation of active positioning within asset classes. This can be important to reduce the risk of a single manager's active views or management style signiﬁcantly impacting the success or otherwise of the overall investment strategy.• Less operational risk: Diversiﬁcation lessens the impact of any potential operational, legal or business mishaps occurring at a particular manager. Manager diversiﬁcation. To diversify or to integrate?20Jack Rowett, Solution Designer, Insight Investment Ren Lin, Head of Client Strategy, Insight Investment Feature Manager diversiﬁcation. To diversify or to integrate?Feature

The case against manager diversiﬁcationConsolidating most or all of the assets with a single asset manager seemingly runs counter to the popular mantra, ‘don’t put all your eggs in one basket’. However, there are several reasons why a single manager can be advantageous for some pension schemes.• Mature pension schemes focus on a few core asset classes: De-risking often involves reducing the number asset classes used by a pension scheme, to focus on assets such as high-quality bonds to help manage risk and increase certainty of outcome. As a result, fewer managers are needed. For a mature, well-funded scheme, a single manager can design a credit portfolio to deliver sucient cashﬂows versus liability projections and only take as much credit risk as necessary given the required returns.• An investment solution that operates in an integrated way can bring eciency gains not available from ‘siloed’ managers: An integrated set up allows the investment manager to determine how LDI and ﬁxed income assets could work together to secure the funding outcome required, deliver the returns required as well as ensure sucient liquidity to meet liability payments on the journey to full funding. If along the way, collateral top-ups are required, the integrated solution would enable the manager to determine the most ecient source of such funds without compromising on the funding outcome or adding to trustee governance burdens.• Managing an integrated liability-driven investment (LDI) strategy can reduce the amount of collateral needed: For an LDI portfolio, a single manager is well placed to ensure the right balance between the liability hedge ratio and size of the collateral pool. A single collateral pool that can be accessed for all hedging purposes will also reduce the amount of collateral needed. It can also potentially reduce the risk of needing to sell other assets at inopportune times.• Governance is simpler with fewer managers: Trustees’ governance budgets are increasingly being stretched, so monitoring and meeting with a large roster of investment managers can detract from the time and eort spent on investment strategy.• A single manager can beneﬁt from economies of scale: Consolidating a mandate, such as an LDI strategy integrated with a cashﬂow-focused bond portfolio, with a single manager can potentially lower fees, as the larger asset base allows the manager to pass economies of scale back to the underlying investor.• Where an investor uses several fund managers that adopt active strategies that seek to add value relative to a market benchmark, the tracking error (or risk) of that portfolio will typically fall as more managers are added to the roster. However, as maturing pension schemes increasingly allocate to contractual assets that deliver the required quantum of cashﬂows at the right time, there is increasing homogeneity of portfolios even if they are split across several managers. This higher correlation across portfolios reduces some of the risk reduction beneﬁts that might have been previously available. 21ISSUE 44FeatureManager diversiﬁcation. To diversify or to integrate?

22ISSUE 44Continue manager diversity or beneﬁt from integration as endgame approaches?There are compelling arguments for both manager diversiﬁcation and a single-manager approach and we do not believe there is a single ‘right’ answer for all investors. Instead, we believe the story is more nuanced, with the relative attractiveness of each option largely governed by the unique circumstances that each investor ﬁnds themselves in, as shown in the table below. Improvements in pension schemes’ funding levels have facilitated greater de-risking as schemes rely more on contractual maturing returns instead of diversiﬁed market-based returns. Against this backdrop, the beneﬁts of manager diversiﬁcation start to diminish as pension schemes adjust their approach. In this environment, we believe there are signiﬁcant beneﬁts to increasing integration. This is especially true where an asset manager excels in the relevant components and is able to deliver trustees greater eciency, transparency and certainty through such integration.How to decide whether diversiﬁcation or integration is the way forward for your pension schemeManager diversiﬁcation preferred when…Solution integration preferred when…Nature of investment strategy Large number of dierent/niche asset classesFewer asset classes/where core strategy is more ‘risk management’ focusedReliance on alpha High LowCorrelation of managers’ performance to one another Low HighAre dierent components of the investment strategy likely to interact with one another?No YesIs there a desire or need for collateral eciency/synergies? No YesNature of reporting and analytics valued by investor Mandate-focused, with focus on performance versus market indices and benchmarksScheme-level outcome-focused, with focus on analytics versus the investor’s overall objectivesWillingness to devote governance budget to manager monitoring High LowRetired/Non-Working £75 £75IMPORTANT INFORMATIONRISK DISCLOSURESInvestment in any strategy involves a risk of loss which may partly be due to exchange rate ﬂuctuations. This document is a ﬁnancial promotion/marketing communication and is not investment advice.This document is not a contractually binding document and must not be used for the purpose of an oer or solicitation in any jurisdiction or in any circumstances in which such oer or solicitation is unlawful or otherwise not permitted. This document should not be duplicated, amended or forwarded to a third party without consent from Insight Investment.Insight does not provide tax or legal advice to its clients and all investors are strongly urged to seek professional advice regarding any potential strategy or investment.For a full list of applicable risks, investor rights, KIID risk proﬁle, ﬁnancial and non-ﬁnancial investment terms and before investing, where applicable, investors should refer to the Prospectus, other oering documents, and the KIID which is available in English and an ocial language of the jurisdictions in which the fund(s) are registered for public sale. Do not base any ﬁnal investment decision on this communication alone. Please go to www.insightinvestment.com Unless otherwise stated, the source of information and any views and opinions are those of Insight Investment. Telephone conversations may be recorded in accordance with applicable laws. For clients and prospects of Insight Investment Management (Global) Limited: Issued by Insight Investment Management (Global) Limited. Registered oce 160 Queen Victoria Street, London EC4V 4LA. Registered in England and Wales. Registered number 00827982. Authorised and regulated by the Financial Conduct Authority. FCA Firm reference number 119308. For clients and prospects of Insight Investment Management (Europe) Limited: Issued by Insight Investment Management (Europe) Limited. Registered oce Riverside Two, 43-49 Sir John Rogerson’s Quay, Dublin, D02 KV60. Registered in Ireland. Registered number 581405. Insight Investment Management (Europe) Limited is regulated by the Central Bank of Ireland. CBI reference number C154503.© 2022 Insight Investment. All rights reserved. IC2916Feature Manager diversiﬁcation. To diversify or to integrate?

We’ve launched a new accreditation to help lay trustees formally recognise their expertise and competency in trusteeship.At its core is the requirement for lay trustees to complete our Certiﬁcate of Pension Trusteeship, equipping them with professional trustee standards.Accreditation has the backing of both our 45-year legacy in setting high levels of excellence in trusteeship and our unrivalled and inclusive network of over 1000 lay and professional pension scheme trustees.If you are interested in becoming a lay trustee, discover more here www.pmitap.org.We’ll be with you every step of the way.Lay trustee accreditation

24How to manage your pension scheme liquidityISSUE 44This article explores why understanding liquidity is more important to pension schemes now. We consider how to improve the way it is managed and the things that trustees can do to govern liquidity management eﬀectively. Illiquid assets such as private equity, private credit and property may oer higher expected returns than equivalent liquid assets. This is because investors demand an “illiquidity premium” in return for tying up their assets. As pension schemes move towards a cashﬂow driven investment (CDI) approach many are exploring how to take advantage of the illiquidity premium. Most pension schemes do not need immediate liquidity – in fact they often have abundant scope to hold illiquid assets to improve returns.A liquidity management framework can help to quantify how much liquidity is needed so that the allocation to illiquid assets can be scaled appropriately thereby enhancing risk adjusted returns. Why is liquidity management increasingly important?Structural changes in deﬁned beneﬁt (DB) pension schemes mean that liquidity management has come to the fore in the last few years. The Pensions Regulator has recognised this – the DB Funding Code consultation requires trustees to ensure that their investment strategy can meet liquidity requirements.As we see it, the main structural changes aecting UK pension schemes are: • higher allocations to illiquid assets;• increasing maturity;• increased interest rate and inﬂation hedging; • changes in the endgame (e.g. to target buyout) and; • liability management projects.Ajeet Manjrekar Head of UK Client Solutions, Schroders SolutionsFeature How to manage your pension scheme liquidityFeature

25ISSUE 44How can a liquidity management framework help?Left unmanaged, liquidity issues may cause higher costs, forced sales, more risk and sub-optimal decision-making. Similarly, without a liquidity management framework, opportunities to enhance returns by investing in illiquid assets may be missed. So good liquidity management is a crucial part of pension fund governance and management.There are three components: the liquidity need, the liquidity availability and holistic liquidity management.Liquidity need: Analyse the liquidity need in scenarios including business as usual, market stress and change in strategic goals.The chart below shows a simpliﬁed example – the anticipated income and redemption proceeds from the assets are plotted and compared with the amounts needed for beneﬁt payments. Any shortfall must be met by selling assets – which needs liquidity. This chart can be used to test “what-ifs”. For example, what if the endgame strategy changes to include full or partial buy-in?Liquidity availability: Look at the liquidity of each asset class, at manager level, and at security level. Look both at business-as-usual liquidity and liquidity in market stress scenarios. Be careful to challenge conventional wisdom around the assets that will be liquid in stress scenarios. Look at the vehicle used to wrap the illiquid assets – is it open or closed ended? If closed does the manager oer an early redeeming share class?Liquidity ladder: A “liquidity ladder” can help to visualise overall portfolio liquidity and the scope for holding illiquid assets. The chart below illustrates the proportion of the portfolio which is liquid in 1 day, 1 week etc. This can be compared with the expected need for liquidity.Liquidity eciency: Consider liquidity at the whole portfolio level. For example, portfolio eciency can be improved by considering collateral for interest rate and inﬂation hedging alongside collateral needed for equity structures and for rolling currency hedges. Source: Schroders Solutions, for illustrative purposes.Beneﬁt outgo Contribution incomeShort-term liquid creditMedium-term incomeMedium-term incomeLDISource: Schroders Solutions, for illustrative purposes.FeatureHow to manage your pension scheme liquidity

26ISSUE 44How should trustees monitor and manage liquidity?The trustee’s role is to set a liquidity policy and monitor its application and ecacy. In most cases, it is most ecient to delegate liquidity management to a pension scheme’s in-house team or to a ﬁduciary manager. Good liquidity management is a daily activity bringing together a full understanding of the assets, the liabilities, individual manager mandates, and market behaviour. Here are 5 key steps for trustees to consider:1. Include liquidity management as part of investment strategy reviews. Pension boards typically carry out a full investment strategy review every three years. It is now natural to include liquidity strategy in this review. Aspects to consider include; business as usual liquidity needs, liquidity in market stress scenarios and the constraints that liquidity places on future strategic changes, such as buy-in and liability management exercises. 2. Establish a liquidity management framework. A liquidity management framework would naturally follow from the strategic review. Key components are: “liquidity-need”; “liquidity availability” and “liquidity eciency” assessments as described above. 3. Delegate management of liquidity. Be clear where the day-to-day responsibilities lie and how you will hold those with roles and responsibilities in this area to account. For pension funds with in-house support, identify who in the in-house team is accountable. For ﬁduciary and OCIO mandates, your providers should work with you to help deliver on your liquidity needs. 4. Set reporting metrics. Decide which liquidity metrics to monitor and include them in regular reporting. 5. Include a liquidity impact assessment in every investment decision: This helps to keep liquidity management at the forefront of investment decision-making and provides transparency.Important Information: For professional investors and advisers only. This document is conﬁdential and is intended for the recipient only. It should not be distributed to any third parties and is not intended and must not be, relied upon by them. Unauthorised copying of this document is prohibited. Please note that all material produced by Schroders Solutions is directed at, and intended for, the consideration of professional clients. Retail clients must not place any reliance upon the contents. The information expressed has been provided in good faith and has been prepared using sources considered to be reliable and appropriate. While the information from third parties is believed to be reliable, no representations, guarantees or warranties are made as to the accuracy of information presented, and no responsibility or liability can be accepted for any error, omission, or inaccuracy in respect of this. This document may also include our views and expectations, which cannot be taken as fact. Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. Issued by Schroders IS Limited (SISL), 1 London Wall Place, London, England, EC2Y 5AU. Registration No. 03359127 England. Authorised and regulated by the Financial Conduct Authority. Schroders Solutions is a trading name of SISL.Feature How to manage your pension scheme liquidity

27MIP LegalCodifying your governanceMonth in Pensions: LegalCodifying your governance For those unfamiliar, the Code aims to amalgamate 10 of TPR’s current 15 codes of practice, into an updated and online format. Although the Code is not itself legislation, it does contain content that reﬂects certain of the additional statutory governance requirements. With this in mind, it will be a brave trustee board who fails to dance to its beat without good reason. And like with any new release worth its salt, there have been teasers and trailers aplenty: TPR’s 2021 draft Code consultation went viral, with over 10,000 individual answers provided to questions posed. The ﬁnal form Code is due to be published this summer and is expected to take eect in the autumn. But in the meantime, there are plenty of known “knowns”, and these are the ﬁrst places trustees should look. By now occupational pension scheme trustees should know of the need to establish and operate an eective system of governance (“ESOG”). This is a legislative requirement and, in practice, will be formed of trustee policies and procedures. Alongside this, trustees will have to ensure their policies and processes remain eective by conducting an own risk assessment (“ORA”). The ﬁrst ORA needs completing 12-months from the date the Code comes into force. Proactive trustees can do better than heel kicking until the ﬁnal Code drops. For example: 1. Plan aheadPull together a project outline, schedule regular review meetings, consider forming a new sub-committee (or look at who will be more prominently involved) and decide who will be responsible for keeping the project moving. 2. Break it into manageable chunksNo wants a repeat of the pre-GDPR scramble: there is potentially a lot of work here, so break it into manageable chunks. Work out what you can do now and what should be left until after the ﬁnal Code is available.Simple tasks like updating annual planners and business plans to account for the ORA (plus a triannual review of ESOG policies and procedures) can all be ticked o too. 3. Carry out a gap analysisUsing the draft Code’s list of required policies and procedures, trustees can review existing documents and identify gaps. There may be holes, processes in place that aren’t documented or content that needs updating. Trustees shouldn’t assume that just because there is a document in place, it will be compliant with the Code. Thought should be given to which advisers are best placed to review existing / draft new policies. When carrying out the gap analysis, trustees should have the initial ORA in mind, and think about how the eectiveness of the polices can be assessed in due course.4. Consider proportionalityCompliance with the compliance is not a one-size-ﬁts-all. Trustees can work with their advisers to understand what is appropriate for their scheme.Although the autumn feels a long way away, it will arrive quickly. Be nimble, start now and spread the load. Sam Dalling Associate, Sackers The Pensions Regulator’s (“TPR”) new single code of practice (“the Code”) is hotly anticipated. Well, it is in pensions circles anyway. ISSUE 44

Pensions administration governance – mind the gapAn eective system of governance for scheme administration should include the following controls:• trustees maintaining sucient knowledge and understanding of administration;• ensuring that administration is covered as a regular agenda item at trustee meetings;• ensuring that monitoring of administration processes is used to drive improvements;• adherence to data protection requirements and ensuring that cyber security control measures are in place and functioning;• processes for the secure transmission of information and internal controls to ensure that IT systems can meet the scheme’s current needs and legal requirements;• a policy for monitoring the accuracy and completeness of scheme data, the frequency of reviews and addressing shortfalls;• ensuring that administration and record keeping have been identiﬁed as key features of the scheme’s risk register;• internal controls that ensure correct deduction, payment and prompt investment of member and employer contributions and that the data is complete and accurate;• considering quality alongside value for members when assessing and selecting administration providers;• compliance with transfer regulations; and • taking steps to mitigate the risk of scams.We would therefore suggest that trustees engage with their scheme administrators to satisfy themselves that both the contract they have in place, and the management information they receive, provide sucient detail to allow them to:• monitor service;• reach an informed decision on why they are satisﬁed that their administration services and written policies meets TPR’s expectations; and• identify where improvements can be made. However, whilst at ﬁrst sight it may appear that TPR’s guidance in this area has been increased, in the main the new Code is catching up – closing the gap – in order to include changes in the law and TPR’s expectations that have already come into eect, or have been enhanced, over the last few years. Therefore, trustees of well-run pension schemes that already reﬂect TPR’s expectations in the way they run their schemes are less likely to experience a step change because of the provisions set out in the new Code, than trustees of schemes who have previously been more relaxed about governance issues. Trustees will be aware of the increased levels of governance that have already been introduced, or are on the horizon, from The Pensions Regulator (TPR). The draft consolidated new Code of Practice (new Code) consists of 51 modules, ten of which fall within its administration section and eight of which fall within the communications section and relate to information to be provided to members. With 35% of the new Code’s modules focused on administration and member-related communications, trustees may be concerned about the increased governance burden this presents. Sara Cook Principal and Senior Pension Management Consultant, Barnett Waddingham 28MIP Admin Pensions administration governance – mind the gapMonth in Pensions: AdministrationISSUE 44distinguished by designHow hard is your brand working these days?Your brand could be your greatest asset, inspiring your audiences both external and internal. Even when they are working from home.To ﬁnd out how, email info@kingandtuke.comKAT Press Ad_Artwork.indd 1KAT Press Ad_Artwork.indd 1 26/05/2022 13:0826/05/2022 13:08

distinguished by designHow hard is your brand working these days?Your brand could be your greatest asset, inspiring your audiences both external and internal. Even when they are working from home.To ﬁnd out how, email info@kingandtuke.comKAT Press Ad_Artwork.indd 1KAT Press Ad_Artwork.indd 1 26/05/2022 13:0826/05/2022 13:08

30social cohesion overrides good problem-solving skills. A homogenous group is more likely to be overconﬁdent in their opinions as these are less likely to be challenged, and more likely to match those of the people around them. A board of trustees should represent the members of the pension scheme, which is likely to be a hugely broad population. There is an enormous problem with members not engaging with their beneﬁts and options, and therefore not making the most of their money. A member that feels represented by the board may be more likely to engage with their pension choices, and fare better in retirement.There are possible downsides to a very diverse board, particularly where this produces a group of people with expertise in very dierent areas. When considering complex subjects - as pension scheme trustees are - it is easy to defer to the perceived expert in the room to steer a discussion. If a very diverse board creates a group of trustees with very speciﬁc - and separate - areas of expertise, robust debate between members of the board may not occur. Before considering the beneﬁts that could be realised by further diversifying governing bodies in pensions, we should recognise that these bodies have barely begun to diversify at all. 83% of pension trustees are male, and 50% of trustee Chairs are over 60 years old1. There is certainly room for improvement. However, whilst it would be remiss of trustees to consider diversity and inclusion a ‘hot topic’ – this isn’t something that trustees can ‘box tick’ and move on – the Pensions Regulator (‘TPR’) now has a diversity and inclusion strategy, and the issue is being given increased focus by governing bodies. When we look for diversity we are striving for diversity of thought. Robust debate will lead to boards making better choices, which should result in better outcomes for members. Diversity of thought is more likely to be achieved if a board reﬂects a spectrum of experience, and this could be through a mixture of ethnicities, genders, sexualities, professional and educational backgrounds, and ages. A diverse board is less likely to experience the pitfalls of behavioural biases such as groupthink, which refers to the practice whereby our desire for Student essay competition winnerISSUE 44Katie Walker Associate Consultant, Lane Clark & Peacock LLPWhat beneﬁts could be realised by further diversifying trustee boards and other governance bodies in pensions (e.g. IGCs)? What steps can be taken by the next generation of pensions professionals and the industry as a whole to improve diversity in this area?Feature Student essay competition winnerFeature

31Schemes should also consider how their governance frameworks and decision-making processes intersect with their perceived diversity. As we move into a hybrid world there has been a push for more ecient trustee meetings, which can often mean proposals are brought to a meeting for approval rather than for debate and discussion. A board may be diverse as a whole, but its decision making may not be. For example, a proposed asset allocation may be debated by a less-diverse Investment Committee, and only brieﬂy noted by the full board for approval before being signed o. In the virtual world the role of the Chair is even more important. A diverse board does not make use of its diversity if all trustees are not engaged with decision making. A good Chair should ensure that all members of the board are conﬁdent in speaking up. Silence should not be interpreted as agreement. Chairs should make use of interactive tools such as polling or a ‘hands up’ function in order to swiftly garner opinions. In summation, a board should not assume that it is eective simply because it is diverse. In 2019, TPR acknowledged the correlation between D&I, good governance and the proper performance of a trustee board’s legal duties2. So, what should be done to improve diversity? Firstly, governing bodies should take stock of their existing board and be aware of where any gaps may be. Make member-nominated trustee applications more appealing – sell the role to those outside of the usual pool of applicants. Be mindful of religious and school holidays when setting trustee meeting dates. Have a parental leave policy. Use a mix of in person and virtual meetings. Professional Trustees are becoming more common place on boards, these companies should lead the way and demonstrate how worthwhile a diverse board is to a scheme. The industry as a whole should ensure it follows suit. 1. The Pensions Regulator: Future of trusteeship and governance consultation report (2019)2. The Pensions Regulator, Industry Consultation: Future of Trusteeship and Governance, July 2019.ISSUE 44Sponsored ByFeatureStudent essay competition winner

32Our ﬁnal session of the day with Jack Parsons, CEO of the Youth Group, was a little dierent to the our usual speakers, and gave us some real food for thought. Jack noticed the lack of junior professionals in the audience, and since then we have been encouraging entry level professionals to join our conferences to hear about what’s going on in the industry. If you are a junior pensions professional or have a junior colleague who is interested in attending any of our conferences, please take a look at our website for a full list of our events. We hope to see you at our next in-person events: Please visit pensions-pmi.org.uk/events to ﬁnd out morePMI Activities DC and Master Trust Symposium 2022 PMI ActivitiesJessica Taylor Events Manager, PMIThe PMI welcomed 120 in-person and 115 virtual delegates to our DC and Master Trust Symposium at the British Library on 11 May. From the gender pensions gap and the challenges young people face when thinking about pensions, to the pensions dashboard and stronger nudges, there was something for everyone interested in the world of DC! DC and Master Trust Symposium 2022 ISSUE 44

33ISSUE 44PMI ActivitiesDC and Master Trust Symposium 2022

34TPR ColumnTPR Column Climate change reporting: a challenge but also an opportunity We are mindful of the concerns and challenges trustees have around the Taskforce on Climate-related Financial Disclosures (TCFD) reports. We know that for many trustees, climate is a substantial body of work, with a steep learning curve in respect of knowledge, regulatory requirements and emerging and evolving market practices. In the coming months, around 100 schemes are due to publish their ﬁrst TCFD reports in line with Climate Change Governance and Reporting Regulations, with the ﬁrst reports expected this month. We’ll be reviewing these reports as they are published so that we can provide high level observations and feed-back to in-scope schemes where we have an existing supervisory relationship. Trustees and advisers of smaller schemes not in scope, but who wish to improve their management of the climate-related risks and opportunities, will also beneﬁt from review insights. As well as providing feedback for in-scope schemes, the review meets targets set out in our climate change strategy to review TCFD reports, share best practice examples (with the DWP) and carry out a thematic review of scheme resilience to climate-related scenarios. In addition, the review will inform the DWP’s assessment of the regulations in late 2023, which will consider their eectiveness and the range of schemes to which the regulations should apply. Here David Fairs outlines TPR’s approach to climate change reporting and highlights that while challenging, it is an opportunity to achieve better member outcomes.Climate change reporting: a challenge but also an opportunity ISSUE 44David Fairs, TPR’s Executive Director of Regulatory Policy, Analysis and Advice

35Climate change reporting: a challenge but also an opportunity TPR ColumnUnless the report has not been published (resulting in a mandatory penalty of at least £2,500) or where its’ clear trustees have not made a genuine eort to comply (resulting in a discretionary penalty of up to £50,000) – we do not anticipate it will be necessary to issue any penalty notices to trustees that publish their scheme TCFD reports in the ﬁrst wave. We know signiﬁcant work has been carried out by many trustees and some have faced challenges relating to the availability, quality and consistency of data and the identiﬁcation and selection of suitable scenarios. Trustees are also challenged by ensuring they strike the right the balance between the level of disclosure necessary to meet the requirements in the regulations and the expectations set in DWP’s statutory guidance - while keeping the disclosure accessible and useful to readers. We also understand some trustees, possibly inﬂuenced by experience with chair’s statement disclosures, have concerns about how the published reports will be used and reviewed. The purpose of disclosures The DWP’s statutory guidance indicates that: • the principal purpose is to ensure trustees are thorough and rigorous in taking the action required under the regulations • disclosure represents the output of the processes they have put in place and actions they have taken to understand and address the risks and opportunities that climate change poses to their scheme • the disclosure should enhance transparency towards members, TPR and the pensions sector generally resulting in an improvement in accountability and the development of future regulation and best practice We appreciate there may be some current practical challenges in drafting the disclosures, however, trustees should seek to demonstrate that they have acted to fully understand the range of climate-related risks and opportunities their scheme is exposed to and have taken action to address those – where proportionate to their scheme’s arrangements and other risk exposures – explaining the outputs of their analysis and the outcomes of their actions. ISSUE 44

Climate and sustainability Climate change is one of the deﬁning issues of our generation. As industry knowledge, data and analysis techniques develop and global policy responses evolve, best practices will emerge, and regulations will evolve. However, climate and sustainability are intricately interlinked. Long-term success in climate adaption and in building climate resilience requires sustainability to be accounted for. In the Greening Finance Roadmap [PDF], published last October, the government set out plans for Sustainability Disclosure Requirements (SDR) to be imposed on certain occupational pension schemes and asset managers. Details of the proposals have yet to emerge, but industry expectations are they will: • set similar expectation on schemes as TCFD reporting in relation to governance, strategy, risk management and the use of metrics and targets • integrate SDR requirements with existing TCFD requirements While this has the potential to add further requirements on schemes in the short term, the data challenges should be reduced by the UK’s adoption of International Sustainability Standards Board standards. These standards will form a core component of the SDR reporting framework and will improve data coverage and help schemes obtain high quality, transparent, reliable and comparable reporting by companies and asset managers on climate and other sustainability matters. Ultimately the intention of all these requirements is to ensure risks and opportunities are better managed and improve member outcomes. TPR Column xxxxISSUE 44Costs should be considered in context We appreciate the cost and resource concerns some trustees have, however these should be seen in context. While the ﬁrst-year costs may be high, these costs will reduce as data, analysis and knowledge improves and in future, resource requirements should also reduce. Signiﬁcant elements of the disclosures made around the core TCFD pillars - in particular, the governance and risk management pillars, are more likely to evolve over time rather than signiﬁcantly change from year to year – if they have been set up correctly at outset. Similarly, we expect other elements of the core TCFD disclosures to overlap to an extent from year to year. This will minimise the cost burden on schemes when measured on a rolling basis over a period of years. Historically, risks and costs associated with climate change have not been suciently recognised and accounted for by industry and by society more generally. All investors and all of society will pay catch-up costs as we now address these risks and opportunities. Also, for some schemes, where limited work on climate-related issues has been carried out previously, the work sitting behind and supporting the disclosures should also oer an opportunity for signiﬁcant value to be added by enabling trustees to make better informed decisions in relation to climate risks and opportunities. Ultimately, we believe the disclosure requirements should be seen not only as an exercise in compliance but as an exercise in risk (and opportunity) management, which should lead to improved outcomes for scheme members. We anticipate we will take a collaborative approach to the second wave of TCFD reporting, when the net relevant assets threshold for non-authorised schemes reduces to £1 billion on 1 October. We will reﬁne our approach and expectations of trustees based on our experience of our review of the ﬁrst wave of TCFD reports and in line with market and regulatory developments. 36

38Pension Conundrum CrosswordPension ConundrumISSUE 43

39Pension ConundrumCrosswordCrossword1234 56 7 89 10 1112 13 14 1516 171819 20 2122 23 24 25 2627 2829 30 31 3233 3435 3637 3839 40414243Across2. Control or maintain (8) 4. Values (9) 7. Distinct but interrelated units (7) 10. To look (6) 12. Associate (6) 13. Applied force (8) 15. Mentor (5) 16. Having the roll of directing an activity (11) 18. Make legitimate (9) 19. Ocial method of doing something (9) 20. Load, usually heavy (6) 22. Series of actions towards a desired end (7) 25. Practice of providing equal access (9) 29. Road, track or path (3) 30. Alike (10) 33. Meeting criteria (3,7) 36. Purpose (4) 37. Choice (6) 38. Device used to carry out a particular function (4) 39. Reason in support of an idea (8) 40. Set of understood principles (5) 41. Set up (9) 42. Dogmatic system (4) 43. Arrangements (4)Down1. A category of things (5) 3. Developed fully, complete (6) 5. Expected (3) 6. Extent (6) 8. The action of supplying (9) 9. Combine a number of things (11) 11. Preliminary version (5) 14. The act of carefully choosing (9) 17. Corresponding to size or scale (12) 21. Variety (5) 23. Pensions acronym, relating to governance (4) 24. Possessions collectively (8) 26. A system, isolated from others (6) 27. Of two elements (6) 28. Group of people appointed to lead a larger group (9) 31. Personal attributes which enhance communication (4,6) 32. Entire (5) 34. Conveyor of goods/services (7) 35. Narrow, intense beam (9) 42. Ability to obtain goods prior to settling (6)Answers from Issue 43Across2. Contributions 3.Diversify 9.Regulation 11.Optimise 17.Pinnacle 19.Capacity 21.Analytics 22.Inﬂation 23.Riskadjusted 26.Socioeconomic 29.Value 32.Fiduciarys 34.Statistics 36.Lowyield 37.Turbulence 39.Apprenticeship 42.Framework 43.Prosecution 44.GenzDown1. Excellence 4.Volatile 5.Pulse 6.Communication 7.Domestic 8.Key 10.Government 12.Autoenrollment 13.Transparency 14.Indicator 15.Multiasset 16.Secular 18.Macro 20.Londoner 24.Allocate 25.Technology 27.Mandate 28.Nudge 30.Employment 31.Safe 32.Fixedincome 33.Aordability 35.Interactive 38.Bonds 40.Raft 41.PolicyISSUE 44

Service Providers Pensions Aspects August 20224041Service ProvidersService ProvidersPensions Aspects August 2022To advertise your services with the Pensions Aspects directory of Service Providers, please contact:adam@insidecareers.co.uk or call 020 8405 6412Copy deadline: Monday 19th SEPTEMBER 2022 FOR OCTOBER 2022 ISSUEActuarial & Pensions ConsultantsAsset Management FREE THINKINGSTRIKES GOLDOur independence doesn’t just mean we’re free to go the extra mile for our trustee clients. It has also helped us earn an Investor in Customers goldaccreditation.barnett-waddingham.co.uk/goldawardChristina BowyerHead of Pinsent Masons Pension Services +44 20 7054 2620 christina.bowyer@pinsentmasons.com Crisis and risk managementspecialistsPinsent Masons Pension ServicesA history of forward-thinking.Together, building better futures since 1921.Find out more at: hymans.co.ukFind out moreAdvisory | Investment | DCThe future of covenant:Challenge your thinkingInvesco has been helping UK pension schemes navigate markets and meet their objectives for over 30 years, through a diversiﬁed range of strategies spanning equities, ﬁxed income, multi-asset, alternatives and outcome-orientated solutions. To find out more, contact: Mary Cahani, Director on +44 (0)207 543 3595 / institutional@invesco.cominvesco.com/ukCapital at risk. Invesco Asset Management Limited Issued by Insight Investment Management (Global) Limited. Registered in England and Wales.Registered ofﬁce 160 Queen Victoria Street, London EC4V 4LA; registered number 00827982. Authorised and regulated by the Financial Conduct Authority. Training to help achieve your goalsLive events throughout the year and over 1,000 CPD minutes online.www.insightinvestment.com/online-training-hub-uk +44 20 7321 1023FOR PROFESSIONAL CLIENTS ONLY.Responsible investingFor more information visit russellinvestments.com/ukCAPITAL AT RISKActively designing solutionsfor the future.Financial Education & Regulated Advicehelping those in the workplace to improve their nancial future.Retirement specialists0800 234 6880info@wealthatwork.co.ukwww.wealthatwork.co.ukFinancial EducationFinancial GuidanceRegulated Financial AdviceRetirement Income Options

Service Providers Pensions Aspects August 202242Service ProvidersIndependent TrusteesPensions LawyersPension SystemsTrustees Liability Protection InsuranceGeorgina Stewart, Director of Business DevelopmentSacker & Partners LLP 20 Gresham Street London EC2V 7JE T +44 20 7329 6699 E bd@sackers.comWe are the UK’s leading specialist law rm for pensions and retirement savings.Find out more about how we can help you at www.sackers.comDrive visionary leadership with eleganttechnology that helps you make beeerdecisions and pursue bold accon.Seeng the Standard for Board ManagementOPDU is a specialist provider of insurance for trustees, sponsors and pensions employees. Our policy covers risks including GDPR, Defence Costs and Regulator Investigations. We can also provide cover for: pursuing third party providers, theft, retired trustees and court application costs. Benets include our own claims service and free helpline. We also provide run off cover and missing beneciaries cover and cover for independent professional trustees. OPDU offers free CPD training covering trustees protections and how insurance works for groups of 6+ which qualies for CPD points. Contact: Martin KellawayExecutive DirectorAddress: OPDU Ltd, 90 Fenchurch Street, London, EC3M 4STE: enquiries@opdu.comW: www.opdu.comRecruiting? Choose the UK’s leading pensions job board.www.pensioncareers.co.ukMore pensions jobs than anywhere else CareersUK’s leading pensions job boardPENSIONIn partnership with

45AppointmentsPensions Aspects August 2022Pension Engagement Specialist HB18187 London/ Hybrid £Highly competitive paThis is your chance to be key in implementing agreed pensions engagement strategies to all members of this company’s in house UK pension arrangements. This opportunity will work on a hybrid working model with 4 days at home and 1 in the ofce.Pensions Administration Team Leader CB18163 Bucks / Berks Up to £42,000 paWould you like to work for an award winning company whose accolades include being voted outstanding in terms of personal development and balancing work/life by their own staff? If so, the team are looking to take on a Team Leader to meet client needs following an exciting period of growth. Senior Pensions Technical AnalystCB18177 B’Ham/Surrey/Bristol To £40,000 pa An opportunity to work for an award winning and leading independent UK professional services company. As Senior Technical Pensions Analyst you will be prevalent in keeping the pensions admin team up to speed with any changes within the pensions eld that will impact scheme administration. Hybrid working to include 2 days in the ofce.Pensions Consultant HB18188 Yorkshire £Highly competitive paSuperb opportunity for a Pensions Consultant looking to utilise both their Client Relationship Management and Business Development experience. You will lead and inspire clients across a broad portfolio, have full oversight of projects, manage risk and develop proposition. Pension AdministratorHB18190 London/Hybrid £Highly competitive pa Rare chance to join this large in house pensions team to administer the DB and DC schemes providing a full cradle to grave service. This role is working on a Hybrid basis of 3:2.Senior Pensions AdministratorCB17919 W. Yorks / Hants To £34,000 pa This rm’s client and staff retention rate is exceptionally high and they continue to win new business which has created a new role. This is your opportunity to be an integral member of this very successful team and make a real difference. Previous DB experience is essential as you will be working with the Team Leader in supporting and developing your colleagues.Scheme SecretaryHB18121 Remote/ South East To £65,000 pa We are seeking a Senior Manager to lead a portfolio of UK DB & DC Pension clients on their secretariat and governance service. Responsibilities will include all aspects of service delivery and commercial considerations. Within a highly supportive working culture.Pensions Team LeaderHB18095 Bedfordshire £Highly competitive paAn in-house pensions role, managing a small team delivering a cradle to grave pensions administration service. You will shape and develop the team, and be responsible for all aspects of the day to day management and administration of the DB/DC pension schemes. Senior Pension Administration CB17711 London £30,000 - £39,000 paHome to talented, well-recognised industry experts, this company is now looking for pensions administrators (all levels). Working with you to develop your personal and professional skills to help you build a successful career, you will also be exposed to a programme designed around business and personal goals.Christine Brannigan: christine@branwellford.co.uk Hayley Brockwell: hayley@branwellford.co.ukwww.pensioncareers.co.ukSign up to jobs by email for the latest opportunities.Recruiting? Choose the UK’s leading pensions job board.In partnership with:44AppointmentsTo advertise your jobs within Pensions Aspects or on pensioncareers.co.uk, please contact:adam@insidecareers.co.uk or call 020 8405 6412Copy deadline: Monday 19th SEPTEMBER 2022 FOR OCTOBER 2022 ISSUEService ProvidersPensions Aspects August 2022www.ipsgroup.co.uk/pensionsLeading financial institution, DB and DC plans360 degree scheme management roleConsulting or in house backgroundBanking/Financial services exposure requiredPensions Manager - International BankTo £100,000 + Good Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG148508Premier League DC and Master Trust providerLarge, complex, trust based client baseEBC/Master trust background needed, large scheme exposureAPMI, polished presentation skills, technical acumen Senior Client Manager - DCCirca £85,000 + Excellent Bonus / Benefits – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG148021Pensions & Reinsurance roles availableMajor player in the buy-out marketAnalytical skillset from de-risking/TPA market Commercial, technical and problem solving mindsetPensions Operations AnalystsTo £50,000 + Excellent Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG142373Flagship workplace pension specialist DC Ops management experience essential DC Mastertrust experience advantageousStakeholder management skills desirable DC Operations Manager £Strong Package – LeedsContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH147470Multi-employer workplace pension Investment strategy knowledge essential Strong relationship & communications skills Investment qualification desirable but not essential Senior Investment Relationship Manager£Excellent – LeedsContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148432In House and Third Party roles Permanent and Day Rate PAYE contracts Home based & hybrid options Email/call for specific information Pension Admin all levels perm/contact £Excellent – Nationwide/Home BasedContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148427We also have a large selection of interim and contract vacancies available. Please contact Dan Haynes - Manchester Office dan.haynes@ipsgroup.co.ukLondon Tel: 020 7481 8686LeedsTel: 0113 202 1577BirminghamTel: 0121 616 6096ManchesterTel: 0161 233 8222www.ipsgroup.co.uk/pensionsLeading financial institution, DB and DC plans360 degree scheme management roleConsulting or in house backgroundBanking/Financial services exposure requiredPensions Manager - International BankTo £100,000 + Good Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG148508Premier League DC and Master Trust providerLarge, complex, trust based client baseEBC/Master trust background needed, large scheme exposureAPMI, polished presentation skills, technical acumen Senior Client Manager - DCCirca £85,000 + Excellent Bonus / Benefits – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG148021Pensions & Reinsurance roles availableMajor player in the buy-out marketAnalytical skillset from de-risking/TPA market Commercial, technical and problem solving mindsetPensions Operations AnalystsTo £50,000 + Excellent Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG142373Flagship workplace pension specialist DC Ops management experience essential DC Mastertrust experience advantageousStakeholder management skills desirable DC Operations Manager £Strong Package – LeedsContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH147470Multi-employer workplace pension Investment strategy knowledge essential Strong relationship & communications skills Investment qualification desirable but not essential Senior Investment Relationship Manager£Excellent – LeedsContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148432In House and Third Party roles Permanent and Day Rate PAYE contracts Home based & hybrid options Email/call for specific information Pension Admin all levels perm/contact £Excellent – Nationwide/Home BasedContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148427We also have a large selection of interim and contract vacancies available. Please contact Dan Haynes - Manchester Office dan.haynes@ipsgroup.co.ukLondon Tel: 020 7481 8686LeedsTel: 0113 202 1577BirminghamTel: 0121 616 6096ManchesterTel: 0161 233 8222www.ipsgroup.co.uk/pensionsLeading financial institution, DB and DC plans360 degree scheme management roleConsulting or in house backgroundBanking/Financial services exposure requiredPensions Manager - International BankTo £100,000 + Good Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG148508Premier League DC and Master Trust providerLarge, complex, trust based client baseEBC/Master trust background needed, large scheme exposureAPMI, polished presentation skills, technical acumen Senior Client Manager - DCCirca £85,000 + Excellent Bonus / Benefits – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG148021Pensions & Reinsurance roles availableMajor player in the buy-out marketAnalytical skillset from de-risking/TPA market Commercial, technical and problem solving mindsetPensions Operations AnalystsTo £50,000 + Excellent Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG142373Flagship workplace pension specialist DC Ops management experience essential DC Mastertrust experience advantageousStakeholder management skills desirable DC Operations Manager £Strong Package – LeedsContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH147470Multi-employer workplace pension Investment strategy knowledge essential Strong relationship & communications skills Investment qualification desirable but not essential Senior Investment Relationship Manager£Excellent – LeedsContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148432In House and Third Party roles Permanent and Day Rate PAYE contracts Home based & hybrid options Email/call for specific information Pension Admin all levels perm/contact £Excellent – Nationwide/Home BasedContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148427We also have a large selection of interim and contract vacancies available. Please contact Dan Haynes - Manchester Office dan.haynes@ipsgroup.co.ukLondon Tel: 020 7481 8686LeedsTel: 0113 202 1577BirminghamTel: 0121 616 6096ManchesterTel: 0161 233 8222

Working in partnership with employer and employee contactus@abenefit2u.com www.abenefit2u.com ““FFaannttaassttiicc,, hhoonneesstt,, ffrriieennddllyy sseerrvviiccee aanndd ccoommmmuunniiccaattiioonn aatt aallll ttiimmeess.. AA pplleeaassuurree ttoo ddeeaall wwiitthh!!”” Scheme Administration Specialist Client Director UK-Wide £DOE Trustee Governance Consultant London/NWest/Flexible £DOE Pensions Business Analyst Remote Working to £45k pa Senior Pensions Administrator Remote Working to £40k pa Project Manager Remote Working to £55k pa Trustee Services Administrator Nottinghamshire/Home to £30k pa Pensions Calculations Analyst UK-Wide to £45k pa Call Craig on 07884 493 361 Pensions Operations Manager Office (2 days)/Remote Circa £55k pa Pensions Admin. Mgr. (Temp) Homeworking £50k pa Pensions Administrator Office (1 day)/Remote £35k pa Pensions Governance Admin. Office (2 days)/Remote £35k pa Pensions Specialist Homeworking* to £30k pa Pensions Payroll Specialist Homeworking* Circa £40k pa *Homeworking with proviso of 1 to 3 days in office every 4 weeks. Call Dianne on 07747 800 740 Senior Investment Analyst Surrey/Hybrid £DOE Team Leader — DC Mastertrust Surrey/Homeworking £DOE DC Pensions Consultant Surrey/Homeworking £DOE Pensions Administrator Leeds /3 days home £DOE Administration Project Specialist Essex/Surrey to £45k pa Scheme Manager Berks/Remote £DOE Client Manager UK-wide with travel to £65k pa Call Tasha on 07958 958 626 Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Senior Project Manager Locations Countrywide £in line with experience Exciting opportunity to join a growing team and deliver Pensions Projects. Ref: 1376542 BC Pensions Administration Manager Birmingham/very flex working £excellent Looking for a strong technical Pensions Admin Manager for an award-winning Pensions consultancy. Ref: 1377686 BC Pensions Team Manager Surrey/hybrid £excellent Proactively manage a team engaged in a variety of tasks related to the administration of Final Salary and Defined Contribution Schemes Ref: 1377749 BC Business Analyst Hampshire/hybrid £in line with experience Join a fast-paced agile delivery team, responsible for building highly configurable and automated solutions for some of the UKs largest Financial Services companies. Ref: 1377560 NMJ Pensions Technical Analyst Middlesex/hybrid c.£45000 per annum Large in-house team are seeking an individual to join the systems and projects team. Ref: 1377700 JW Pensions Systems Analyst Herts/hybrid c.£45000 per annum Take your extensive Pension systems experience forward with this in-house pension team. Ref: 1377730 JW EMEA Pensions Analyst London/Birmingham £in line with experience This long-established consultancy is seeking an Analyst who will be seconded to one of their clients. Ref: 1377238 NMJ Pensions Scheme Events Analyst Remote to £35000 per annum Excellent opportunity to join a leading consultancy in a home-based role offering good scope for progression as part of a team providing quality service and high standards. Ref: 1377741 NMJ Senior GMP Pensions Administrator Bristol/South Yorkshire to c.£35000 per annum Superb opportunity to take your GMP experience forward with a specialist team within a friendly, successful consultancy. Ref: 1376998 NMJ Pensions Administrator Work from home up to £30000 per annum Large in-house Pensions team is seeking to expand and recruit 5 Pensions Administrators to join their busy team. The roles can be worked from home and offer a flexible working pattern. Ref: 1377010 JW Pension Administrator Essex £in line with experience Exciting opportunity to join this family-feel consultancy, where your input would be heard and implemented. Ref: 1376581 NMJ ESG Responsible Investment Manager, in-house London/hybrid £attractive Newly created role with this £bn+ pension fund to ensure delivery and communication of the Responsible Investment strategy. Ref: 1377720 SB Senior Trustee Executive Remote/South East £competitive Join a collaborative and skilled team of pensions professionals, supportive culture offers flexible home working. Ref: 1008600 SB Professional Trustee &/or Trustee Gov Exec UK/various/hybrid £competitive Progressive career move within the professional pension trustee sector as you support growth of the business across London and the South West. Ref: 1376102 SB Compliance Manager, Pensions Administration Herts/hybrid £competitive Varied, rewarding newly created in-house role where you’ll drive forward a robust regulatory and legislative compliant framework for pensions administration, systems and scheme finance. Ref: 1377729 SB Senior Transition Manager, DB Pension Scheme London/hybrid/remote £superb Exceptional opportunity with this industry leader as you manage the transition of Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377691 SB Operations Manager Sussex £excellent Unique opportunity to help shape service delivery across Bulk Purchase Annuity (BPA) & De-risking Operations. Ref:1377731 BC DC Consultants all levels Countrywide £in line with experience Leading DC specialist requires an enthusiastic and effective team player to join its growing consultancy to provide superb client liaison working on complex DC schemes. Ref: 1372606 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB DB Trustee Governance Manager, in-house Hybrid/South East £excellent package Wide-ranging role with this large in-house pension team utilising your pension scheme secretarial and governance skills. Ref:1377633 SB Pensions Manager, in-house Herts/hybrid £attractive package Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Senior Project Manager Locations Countrywide £in line with experience Exciting opportunity to join a growing team and deliver Pensions Projects. Ref: 1376542 BC Pensions Administration Manager Birmingham/very flex working £excellent Looking for a strong technical Pensions Admin Manager for an award-winning Pensions consultancy. Ref: 1377686 BC Pensions Team Manager Surrey/hybrid £excellent Proactively manage a team engaged in a variety of tasks related to the administration of Final Salary and Defined Contribution Schemes Ref: 1377749 BC Business Analyst Hampshire/hybrid £in line with experience Join a fast-paced agile delivery team, responsible for building highly configurable and automated solutions for some of the UKs largest Financial Services companies. Ref: 1377560 NMJ Pensions Technical Analyst Middlesex/hybrid c.£45000 per annum Large in-house team are seeking an individual to join the systems and projects team. Ref: 1377700 JW Pensions Systems Analyst Herts/hybrid c.£45000 per annum Take your extensive Pension systems experience forward with this in-house pension team. Ref: 1377730 JW EMEA Pensions Analyst London/Birmingham £in line with experience This long-established consultancy is seeking an Analyst who will be seconded to one of their clients. Ref: 1377238 NMJ Pensions Scheme Events Analyst Remote to £35000 per annum Excellent opportunity to join a leading consultancy in a home-based role offering good scope for progression as part of a team providing quality service and high standards. Ref: 1377741 NMJ Senior GMP Pensions Administrator Bristol/South Yorkshire to c.£35000 per annum Superb opportunity to take your GMP experience forward with a specialist team within a friendly, successful consultancy. Ref: 1376998 NMJ Pensions Administrator Work from home up to £30000 per annum Large in-house Pensions team is seeking to expand and recruit 5 Pensions Administrators to join their busy team. The roles can be worked from home and offer a flexible working pattern. Ref: 1377010 JW Pension Administrator Essex £in line with experience Exciting opportunity to join this family-feel consultancy, where your input would be heard and implemented. Ref: 1376581 NMJ ESG Responsible Investment Manager, in-house London/hybrid £attractive Newly created role with this £bn+ pension fund to ensure delivery and communication of the Responsible Investment strategy. Ref: 1377720 SB Senior Trustee Executive Remote/South East £competitive Join a collaborative and skilled team of pensions professionals, supportive culture offers flexible home working. Ref: 1008600 SB Professional Trustee &/or Trustee Gov Exec UK/various/hybrid £competitive Progressive career move within the professional pension trustee sector as you support growth of the business across London and the South West. Ref: 1376102 SB Compliance Manager, Pensions Administration Herts/hybrid £competitive Varied, rewarding newly created in-house role where you’ll drive forward a robust regulatory and legislative compliant framework for pensions administration, systems and scheme finance. Ref: 1377729 SB Senior Transition Manager, DB Pension Scheme London/hybrid/remote £superb Exceptional opportunity with this industry leader as you manage the transition of Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377691 SB Operations Manager Sussex £excellent Unique opportunity to help shape service delivery across Bulk Purchase Annuity (BPA) & De-risking Operations. Ref:1377731 BC DC Consultants all levels Countrywide £in line with experience Leading DC specialist requires an enthusiastic and effective team player to join its growing consultancy to provide superb client liaison working on complex DC schemes. Ref: 1372606 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB DB Trustee Governance Manager, in-house Hybrid/South East £excellent package Wide-ranging role with this large in-house pension team utilising your pension scheme secretarial and governance skills. Ref:1377633 SB Pensions Manager, in-house Herts/hybrid £attractive package Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Team Lead, Pensions Accounts Remote working £competitive Varied opportunity for a skilled Pension Scheme Accountant, take on your own portfolio of clients whilst developing and mentoring a small team. Ref: 1377304 SB DB Pensions Consultant Bucks/Midlands/hybrid £doe Rare new opportunity has arisen within a niche DB pensions consultancy team, work at the forefront of the team to deliver strategic consulting services. Ref: 1377827 BC DC Consultant/Senior Surrey/flexible working £variable DOE Join a growing DC division specialising in DC Contract based schemes, wide ranging portfolio with excellent development potential. Ref:1377944 BC Senior DB Pensions Administrator Remote working £competitive Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Senior PPF Administrator Worcestershire/hybrid to £45000 per annum Superb opportunity to join a growing, specialist PPF team and take your pensions experience in an exciting direction. Ref: 1375211 NMJ Senior GMP Rectification Analyst West Yorkshire to £45000 per annum Join a great multi-disciplinary team supporting client teams in the delivery of projects to rectify and implement GMP changes. Ref: 1377951 NMJ In-house Pensions Specialist Work from home £in line with experience Can you apply your strong pension knowledge to a varied and fast paced in-house pension role, managing multiple stakeholders across several different pension schemes? Ref: 1377937 JW Pensions Systems Analyst Herts/hybrid to £40000 per annum New and exciting opportunity to join this in-house pension team to develop and maintain the Pension Administration system. Ref: 1377730 JW Senior Pensions Administrator – 15 mth FTC Bucks/home-based £in line with experience Provide senior support to the Pensions Officers in relation to the administrative and operational matters of the Pension Schemes. Ref: 1377727 JW Pensions Administrator Kent/hybrid £competitive Immediate start to utilise your DC pensions administration experience with an innovative, award-winning pensions specialist. Ref: 1367120 NMJ Director Trustee Executive &/or Prof Trustee UK/London/South Midlands/North/remote £six figure package Exceptional senior appointment with an award-winning independent Pensions specialist, support ongoing business growth whilst taking on a highly-varied client portfolio. Ref: 1376117 SB Professional Trustee Director UK/London/South Midlands/North/remote £six figure package Progressive career-move into the professional trustee sector with this leading industry specialist. Ref: 1364522 SB Operations Manager, Reinsurer London/hybrid £superb I'm keen to speak with skilled Third-Party Administration Managers seeking a new area to develop their career long-term. Ref: 1371814 SB Outsourced Administration Manager London/hybrid £competitive Fantastic career move with this hugely successful derisking specialist for a skilled Pensions Operations specialist. Ref: 1370723 JW Senior Client Relationship Manager Herts/hybrid £competitive Look after an impressive portfolio of clients, be responsible for managing strategic relationships. Remote working based in Southern England Ref: 1377934 BC Senior Project Manager Remote working £outstanding Excellent opportunity to join the Senior team of this independent Pensions Specialist with an enviable client base. Ref: 1377941 BC Senior Communications Consultant Surrey/flexible working £excellent Outstanding opportunity to join a prominent market-leader for a Pensions Communications expert to create strategy in order to engage. Ref:1377420 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB Head of Employer Mgmt. (Covenant/Funding) London/hybrid £in line with experience Employer-facing opportunity as you negotiate with participating employers on covenant, contributions and other risk aspects. Suit ACA qualified individual with funding/covenant exposure or consultant. Ref: 1377599 SB Pensions Manager Various office locations/hybrid £DOE Join this award-winning, leading Pensions specialist, hiring due to continuing business growth. Ref:1375068 BC Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Senior Project Manager Locations Countrywide £in line with experience Exciting opportunity to join a growing team and deliver Pensions Projects. Ref: 1376542 BC Pensions Administration Manager Birmingham/very flex working £excellent Looking for a strong technical Pensions Admin Manager for an award-winning Pensions consultancy. Ref: 1377686 BC Pensions Team Manager Surrey/hybrid £excellent Proactively manage a team engaged in a variety of tasks related to the administration of Final Salary and Defined Contribution Schemes Ref: 1377749 BC Business Analyst Hampshire/hybrid £in line with experience Join a fast-paced agile delivery team, responsible for building highly configurable and automated solutions for some of the UKs largest Financial Services companies. Ref: 1377560 NMJ Pensions Technical Analyst Middlesex/hybrid c.£45000 per annum Large in-house team are seeking an individual to join the systems and projects team. Ref: 1377700 JW Pensions Systems Analyst Herts/hybrid c.£45000 per annum Take your extensive Pension systems experience forward with this in-house pension team. Ref: 1377730 JW EMEA Pensions Analyst London/Birmingham £in line with experience This long-established consultancy is seeking an Analyst who will be seconded to one of their clients. Ref: 1377238 NMJ Pensions Scheme Events Analyst Remote to £35000 per annum Excellent opportunity to join a leading consultancy in a home-based role offering good scope for progression as part of a team providing quality service and high standards. Ref: 1377741 NMJ Senior GMP Pensions Administrator Bristol/South Yorkshire to c.£35000 per annum Superb opportunity to take your GMP experience forward with a specialist team within a friendly, successful consultancy. Ref: 1376998 NMJ Pensions Administrator Work from home up to £30000 per annum Large in-house Pensions team is seeking to expand and recruit 5 Pensions Administrators to join their busy team. The roles can be worked from home and offer a flexible working pattern. Ref: 1377010 JW Pension Administrator Essex £in line with experience Exciting opportunity to join this family-feel consultancy, where your input would be heard and implemented. Ref: 1376581 NMJ ESG Responsible Investment Manager, in-house London/hybrid £attractive Newly created role with this £bn+ pension fund to ensure delivery and communication of the Responsible Investment strategy. Ref: 1377720 SB Senior Trustee Executive Remote/South East £competitive Join a collaborative and skilled team of pensions professionals, supportive culture offers flexible home working. Ref: 1008600 SB Professional Trustee &/or Trustee Gov Exec UK/various/hybrid £competitive Progressive career move within the professional pension trustee sector as you support growth of the business across London and the South West. Ref: 1376102 SB Compliance Manager, Pensions Administration Herts/hybrid £competitive Varied, rewarding newly created in-house role where you’ll drive forward a robust regulatory and legislative compliant framework for pensions administration, systems and scheme finance. Ref: 1377729 SB Senior Transition Manager, DB Pension Scheme London/hybrid/remote £superb Exceptional opportunity with this industry leader as you manage the transition of Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377691 SB Operations Manager Sussex £excellent Unique opportunity to help shape service delivery across Bulk Purchase Annuity (BPA) & De-risking Operations. Ref:1377731 BC DC Consultants all levels Countrywide £in line with experience Leading DC specialist requires an enthusiastic and effective team player to join its growing consultancy to provide superb client liaison working on complex DC schemes. Ref: 1372606 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB DB Trustee Governance Manager, in-house Hybrid/South East £excellent package Wide-ranging role with this large in-house pension team utilising your pension scheme secretarial and governance skills. Ref:1377633 SB Pensions Manager, in-house Herts/hybrid £attractive package Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Senior Project Manager Locations Countrywide £in line with experience Exciting opportunity to join a growing team and deliver Pensions Projects. Ref: 1376542 BC Pensions Administration Manager Birmingham/very flex working £excellent Looking for a strong technical Pensions Admin Manager for an award-winning Pensions consultancy. Ref: 1377686 BC Pensions Team Manager Surrey/hybrid £excellent Proactively manage a team engaged in a variety of tasks related to the administration of Final Salary and Defined Contribution Schemes Ref: 1377749 BC Business Analyst Hampshire/hybrid £in line with experience Join a fast-paced agile delivery team, responsible for building highly configurable and automated solutions for some of the UKs largest Financial Services companies. Ref: 1377560 NMJ Pensions Technical Analyst Middlesex/hybrid c.£45000 per annum Large in-house team are seeking an individual to join the systems and projects team. Ref: 1377700 JW Pensions Systems Analyst Herts/hybrid c.£45000 per annum Take your extensive Pension systems experience forward with this in-house pension team. Ref: 1377730 JW EMEA Pensions Analyst London/Birmingham £in line with experience This long-established consultancy is seeking an Analyst who will be seconded to one of their clients. Ref: 1377238 NMJ Pensions Scheme Events Analyst Remote to £35000 per annum Excellent opportunity to join a leading consultancy in a home-based role offering good scope for progression as part of a team providing quality service and high standards. Ref: 1377741 NMJ Senior GMP Pensions Administrator Bristol/South Yorkshire to c.£35000 per annum Superb opportunity to take your GMP experience forward with a specialist team within a friendly, successful consultancy. Ref: 1376998 NMJ Pensions Administrator Work from home up to £30000 per annum Large in-house Pensions team is seeking to expand and recruit 5 Pensions Administrators to join their busy team. The roles can be worked from home and offer a flexible working pattern. Ref: 1377010 JW Pension Administrator Essex £in line with experience Exciting opportunity to join this family-feel consultancy, where your input would be heard and implemented. Ref: 1376581 NMJ ESG Responsible Investment Manager, in-house London/hybrid £attractive Newly created role with this £bn+ pension fund to ensure delivery and communication of the Responsible Investment strategy. Ref: 1377720 SB Senior Trustee Executive Remote/South East £competitive Join a collaborative and skilled team of pensions professionals, supportive culture offers flexible home working. Ref: 1008600 SB Professional Trustee &/or Trustee Gov Exec UK/various/hybrid £competitive Progressive career move within the professional pension trustee sector as you support growth of the business across London and the South West. Ref: 1376102 SB Compliance Manager, Pensions Administration Herts/hybrid £competitive Varied, rewarding newly created in-house role where you’ll drive forward a robust regulatory and legislative compliant framework for pensions administration, systems and scheme finance. Ref: 1377729 SB Senior Transition Manager, DB Pension Scheme London/hybrid/remote £superb Exceptional opportunity with this industry leader as you manage the transition of Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377691 SB Operations Manager Sussex £excellent Unique opportunity to help shape service delivery across Bulk Purchase Annuity (BPA) & De-risking Operations. Ref:1377731 BC DC Consultants all levels Countrywide £in line with experience Leading DC specialist requires an enthusiastic and effective team player to join its growing consultancy to provide superb client liaison working on complex DC schemes. Ref: 1372606 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB DB Trustee Governance Manager, in-house Hybrid/South East £excellent package Wide-ranging role with this large in-house pension team utilising your pension scheme secretarial and governance skills. Ref:1377633 SB Pensions Manager, in-house Herts/hybrid £attractive package Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Team Lead, Pensions Accounts Remote working £competitive Varied opportunity for a skilled Pension Scheme Accountant, take on your own portfolio of clients whilst developing and mentoring a small team. Ref: 1377304 SB DB Pensions Consultant Bucks/Midlands/hybrid £doe Rare new opportunity has arisen within a niche DB pensions consultancy team, work at the forefront of the team to deliver strategic consulting services. Ref: 1377827 BC DC Consultant/Senior Surrey/flexible working £variable DOE Join a growing DC division specialising in DC Contract based schemes, wide ranging portfolio with excellent development potential. Ref:1377944 BC Senior DB Pensions Administrator Remote working £competitive Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Senior PPF Administrator Worcestershire/hybrid to £45000 per annum Superb opportunity to join a growing, specialist PPF team and take your pensions experience in an exciting direction. Ref: 1375211 NMJ Senior GMP Rectification Analyst West Yorkshire to £45000 per annum Join a great multi-disciplinary team supporting client teams in the delivery of projects to rectify and implement GMP changes. Ref: 1377951 NMJ In-house Pensions Specialist Work from home £in line with experience Can you apply your strong pension knowledge to a varied and fast paced in-house pension role, managing multiple stakeholders across several different pension schemes? Ref: 1377937 JW Pensions Systems Analyst Herts/hybrid to £40000 per annum New and exciting opportunity to join this in-house pension team to develop and maintain the Pension Administration system. Ref: 1377730 JW Senior Pensions Administrator – 15 mth FTC Bucks/home-based £in line with experience Provide senior support to the Pensions Officers in relation to the administrative and operational matters of the Pension Schemes. Ref: 1377727 JW Pensions Administrator Kent/hybrid £competitive Immediate start to utilise your DC pensions administration experience with an innovative, award-winning pensions specialist. Ref: 1367120 NMJ Director Trustee Executive &/or Prof Trustee UK/London/South Midlands/North/remote £six figure package Exceptional senior appointment with an award-winning independent Pensions specialist, support ongoing business growth whilst taking on a highly-varied client portfolio. Ref: 1376117 SB Professional Trustee Director UK/London/South Midlands/North/remote £six figure package Progressive career-move into the professional trustee sector with this leading industry specialist. Ref: 1364522 SB Operations Manager, Reinsurer London/hybrid £superb I'm keen to speak with skilled Third-Party Administration Managers seeking a new area to develop their career long-term. Ref: 1371814 SB Outsourced Administration Manager London/hybrid £competitive Fantastic career move with this hugely successful derisking specialist for a skilled Pensions Operations specialist. Ref: 1370723 JW Senior Client Relationship Manager Herts/hybrid £competitive Look after an impressive portfolio of clients, be responsible for managing strategic relationships. Remote working based in Southern England Ref: 1377934 BC Senior Project Manager Remote working £outstanding Excellent opportunity to join the Senior team of this independent Pensions Specialist with an enviable client base. Ref: 1377941 BC Senior Communications Consultant Surrey/flexible working £excellent Outstanding opportunity to join a prominent market-leader for a Pensions Communications expert to create strategy in order to engage. Ref:1377420 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB Head of Employer Mgmt. (Covenant/Funding) London/hybrid £in line with experience Employer-facing opportunity as you negotiate with participating employers on covenant, contributions and other risk aspects. Suit ACA qualified individual with funding/covenant exposure or consultant. Ref: 1377599 SB Pensions Manager Various office locations/hybrid £DOE Join this award-winning, leading Pensions specialist, hiring due to continuing business growth. Ref:1375068 BC Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Senior Project Manager Locations Countrywide £in line with experience Exciting opportunity to join a growing team and deliver Pensions Projects. Ref: 1376542 BC Pensions Administration Manager Birmingham/very flex working £excellent Looking for a strong technical Pensions Admin Manager for an award-winning Pensions consultancy. Ref: 1377686 BC Pensions Team Manager Surrey/hybrid £excellent Proactively manage a team engaged in a variety of tasks related to the administration of Final Salary and Defined Contribution Schemes Ref: 1377749 BC Business Analyst Hampshire/hybrid £in line with experience Join a fast-paced agile delivery team, responsible for building highly configurable and automated solutions for some of the UKs largest Financial Services companies. Ref: 1377560 NMJ Pensions Technical Analyst Middlesex/hybrid c.£45000 per annum Large in-house team are seeking an individual to join the systems and projects team. Ref: 1377700 JW Pensions Systems Analyst Herts/hybrid c.£45000 per annum Take your extensive Pension systems experience forward with this in-house pension team. Ref: 1377730 JW EMEA Pensions Analyst London/Birmingham £in line with experience This long-established consultancy is seeking an Analyst who will be seconded to one of their clients. Ref: 1377238 NMJ Pensions Scheme Events Analyst Remote to £35000 per annum Excellent opportunity to join a leading consultancy in a home-based role offering good scope for progression as part of a team providing quality service and high standards. Ref: 1377741 NMJ Senior GMP Pensions Administrator Bristol/South Yorkshire to c.£35000 per annum Superb opportunity to take your GMP experience forward with a specialist team within a friendly, successful consultancy. Ref: 1376998 NMJ Pensions Administrator Work from home up to £30000 per annum Large in-house Pensions team is seeking to expand and recruit 5 Pensions Administrators to join their busy team. The roles can be worked from home and offer a flexible working pattern. Ref: 1377010 JW Pension Administrator Essex £in line with experience Exciting opportunity to join this family-feel consultancy, where your input would be heard and implemented. Ref: 1376581 NMJ ESG Responsible Investment Manager, in-house London/hybrid £attractive Newly created role with this £bn+ pension fund to ensure delivery and communication of the Responsible Investment strategy. Ref: 1377720 SB Senior Trustee Executive Remote/South East £competitive Join a collaborative and skilled team of pensions professionals, supportive culture offers flexible home working. Ref: 1008600 SB Professional Trustee &/or Trustee Gov Exec UK/various/hybrid £competitive Progressive career move within the professional pension trustee sector as you support growth of the business across London and the South West. Ref: 1376102 SB Compliance Manager, Pensions Administration Herts/hybrid £competitive Varied, rewarding newly created in-house role where you’ll drive forward a robust regulatory and legislative compliant framework for pensions administration, systems and scheme finance. Ref: 1377729 SB Senior Transition Manager, DB Pension Scheme London/hybrid/remote £superb Exceptional opportunity with this industry leader as you manage the transition of Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377691 SB Operations Manager Sussex £excellent Unique opportunity to help shape service delivery across Bulk Purchase Annuity (BPA) & De-risking Operations. Ref:1377731 BC DC Consultants all levels Countrywide £in line with experience Leading DC specialist requires an enthusiastic and effective team player to join its growing consultancy to provide superb client liaison working on complex DC schemes. Ref: 1372606 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB DB Trustee Governance Manager, in-house Hybrid/South East £excellent package Wide-ranging role with this large in-house pension team utilising your pension scheme secretarial and governance skills. Ref:1377633 SB Pensions Manager, in-house Herts/hybrid £attractive package Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Senior Project Manager Locations Countrywide £in line with experience Exciting opportunity to join a growing team and deliver Pensions Projects. Ref: 1376542 BC Pensions Administration Manager Birmingham/very flex working £excellent Looking for a strong technical Pensions Admin Manager for an award-winning Pensions consultancy. Ref: 1377686 BC Pensions Team Manager Surrey/hybrid £excellent Proactively manage a team engaged in a variety of tasks related to the administration of Final Salary and Defined Contribution Schemes Ref: 1377749 BC Business Analyst Hampshire/hybrid £in line with experience Join a fast-paced agile delivery team, responsible for building highly configurable and automated solutions for some of the UKs largest Financial Services companies. Ref: 1377560 NMJ Pensions Technical Analyst Middlesex/hybrid c.£45000 per annum Large in-house team are seeking an individual to join the systems and projects team. Ref: 1377700 JW Pensions Systems Analyst Herts/hybrid c.£45000 per annum Take your extensive Pension systems experience forward with this in-house pension team. Ref: 1377730 JW EMEA Pensions Analyst London/Birmingham £in line with experience This long-established consultancy is seeking an Analyst who will be seconded to one of their clients. Ref: 1377238 NMJ Pensions Scheme Events Analyst Remote to £35000 per annum Excellent opportunity to join a leading consultancy in a home-based role offering good scope for progression as part of a team providing quality service and high standards. Ref: 1377741 NMJ Senior GMP Pensions Administrator Bristol/South Yorkshire to c.£35000 per annum Superb opportunity to take your GMP experience forward with a specialist team within a friendly, successful consultancy. Ref: 1376998 NMJ Pensions Administrator Work from home up to £30000 per annum Large in-house Pensions team is seeking to expand and recruit 5 Pensions Administrators to join their busy team. The roles can be worked from home and offer a flexible working pattern. Ref: 1377010 JW Pension Administrator Essex £in line with experience Exciting opportunity to join this family-feel consultancy, where your input would be heard and implemented. Ref: 1376581 NMJ ESG Responsible Investment Manager, in-house London/hybrid £attractive Newly created role with this £bn+ pension fund to ensure delivery and communication of the Responsible Investment strategy. Ref: 1377720 SB Senior Trustee Executive Remote/South East £competitive Join a collaborative and skilled team of pensions professionals, supportive culture offers flexible home working. Ref: 1008600 SB Professional Trustee &/or Trustee Gov Exec UK/various/hybrid £competitive Progressive career move within the professional pension trustee sector as you support growth of the business across London and the South West. Ref: 1376102 SB Compliance Manager, Pensions Administration Herts/hybrid £competitive Varied, rewarding newly created in-house role where you’ll drive forward a robust regulatory and legislative compliant framework for pensions administration, systems and scheme finance. Ref: 1377729 SB Senior Transition Manager, DB Pension Scheme London/hybrid/remote £superb Exceptional opportunity with this industry leader as you manage the transition of Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377691 SB Operations Manager Sussex £excellent Unique opportunity to help shape service delivery across Bulk Purchase Annuity (BPA) & De-risking Operations. Ref:1377731 BC DC Consultants all levels Countrywide £in line with experience Leading DC specialist requires an enthusiastic and effective team player to join its growing consultancy to provide superb client liaison working on complex DC schemes. Ref: 1372606 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB DB Trustee Governance Manager, in-house Hybrid/South East £excellent package Wide-ranging role with this large in-house pension team utilising your pension scheme secretarial and governance skills. Ref:1377633 SB Pensions Manager, in-house Herts/hybrid £attractive package Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Team Lead, Pensions Accounts Remote working £competitive Varied opportunity for a skilled Pension Scheme Accountant, take on your own portfolio of clients whilst developing and mentoring a small team. Ref: 1377304 SB DB Pensions Consultant Bucks/Midlands/hybrid £doe Rare new opportunity has arisen within a niche DB pensions consultancy team, work at the forefront of the team to deliver strategic consulting services. Ref: 1377827 BC DC Consultant/Senior Surrey/flexible working £variable DOE Join a growing DC division specialising in DC Contract based schemes, wide ranging portfolio with excellent development potential. Ref:1377944 BC Senior DB Pensions Administrator Remote working £competitive Superb in-house career-move as part of a collaborative team supporting delivery of the company’s various complex DB and DC pension plans. Ref: 1377682 SB Senior PPF Administrator Worcestershire/hybrid to £45000 per annum Superb opportunity to join a growing, specialist PPF team and take your pensions experience in an exciting direction. Ref: 1375211 NMJ Senior GMP Rectification Analyst West Yorkshire to £45000 per annum Join a great multi-disciplinary team supporting client teams in the delivery of projects to rectify and implement GMP changes. Ref: 1377951 NMJ In-house Pensions Specialist Work from home £in line with experience Can you apply your strong pension knowledge to a varied and fast paced in-house pension role, managing multiple stakeholders across several different pension schemes? Ref: 1377937 JW Pensions Systems Analyst Herts/hybrid to £40000 per annum New and exciting opportunity to join this in-house pension team to develop and maintain the Pension Administration system. Ref: 1377730 JW Senior Pensions Administrator – 15 mth FTC Bucks/home-based £in line with experience Provide senior support to the Pensions Officers in relation to the administrative and operational matters of the Pension Schemes. Ref: 1377727 JW Pensions Administrator Kent/hybrid £competitive Immediate start to utilise your DC pensions administration experience with an innovative, award-winning pensions specialist. Ref: 1367120 NMJ Director Trustee Executive &/or Prof Trustee UK/London/South Midlands/North/remote £six figure package Exceptional senior appointment with an award-winning independent Pensions specialist, support ongoing business growth whilst taking on a highly-varied client portfolio. Ref: 1376117 SB Professional Trustee Director UK/London/South Midlands/North/remote £six figure package Progressive career-move into the professional trustee sector with this leading industry specialist. Ref: 1364522 SB Operations Manager, Reinsurer London/hybrid £superb I'm keen to speak with skilled Third-Party Administration Managers seeking a new area to develop their career long-term. Ref: 1371814 SB Outsourced Administration Manager London/hybrid £competitive Fantastic career move with this hugely successful derisking specialist for a skilled Pensions Operations specialist. Ref: 1370723 JW Senior Client Relationship Manager Herts/hybrid £competitive Look after an impressive portfolio of clients, be responsible for managing strategic relationships. Remote working based in Southern England Ref: 1377934 BC Senior Project Manager Remote working £outstanding Excellent opportunity to join the Senior team of this independent Pensions Specialist with an enviable client base. Ref: 1377941 BC Senior Communications Consultant Surrey/flexible working £excellent Outstanding opportunity to join a prominent market-leader for a Pensions Communications expert to create strategy in order to engage. Ref:1377420 BC In-house Technical Specialist Hybrid/South East £excellent package Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team. Ref:1377598 SB Head of Employer Mgmt. (Covenant/Funding) London/hybrid £in line with experience Employer-facing opportunity as you negotiate with participating employers on covenant, contributions and other risk aspects. Suit ACA qualified individual with funding/covenant exposure or consultant. Ref: 1377599 SB Pensions Manager Various office locations/hybrid £DOE Join this award-winning, leading Pensions specialist, hiring due to continuing business growth. Ref:1375068 BC

Have you made signiﬁcant contributions within the pensions industry – without having the usual PMI qualiﬁcations? If so, you could be beneﬁtting from EPMI membership of the PMI.As such, you will gain access to a wide variety of beneﬁts, including the use of the post nominals EPMI, eligibility to be co-opted onto our governing structures, member rates at PMI events and initiatives.Find out more at www.pensions-pmi.org.uk/epmiNow there’s another way

Pensions Aspects Magazine Edition 44

Page 1

Page 2

Page 3

Page 4

Page 5

Page 6

Page 7

Page 8

Page 9

Page 10

Page 11

Page 12

Page 13

Page 14

Page 15

Page 16

Page 17

Page 18

Page 19

Page 20

Page 21

Page 22

Page 23

Page 24

Page 25

Page 26

Page 27

Page 28

Page 29

Page 30

Page 31

Page 32

Page 33

Page 34

Page 35

Page 36

Page 37

Page 38

Page 39

Page 40

Page 41

Page 42

Page 43

Page 44

Page 45

Page 46

Page 47

Page 48