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Edition 45 | October 2022www.pensions-pmi.org.uk

Events PMI EventsYour Majesty, The Pensions Management Institute has been deeply saddened to learn of the death of Her Majesty Queen Elizabeth II. On behalf of all our staff and members, we would like to offer our sincere condolences and deepest sympathies to you and all the Royal Family for your loss. We also want to give thanks for Her Majesty's service and dedication to the nation throughout her 70-year reign.The Pensions Management Institute's thoughts are with you and the Royal Family at this time of great sorrow. 2

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ISSUE 45Contents October 20224Contents Issue 45 | October 2022 Features18Strategic Investment Objectives: High Time to ActPeter Dorward asks what action trustees have taken since the CMA Consultancy and Fiduciary Management Market Investigation Order.12Fiduciary Management Democratises Private Credit Schroders Solutions’ Ajeet Manjrekar outlines how private credit can improve certainty of outcome for UK DB schemes approaching their endgame.20A Wolf in Sheep’s Clothing – the Draft Funding Regulations Aon’s Head of UK Retirement Policy Matthew Arends looks at potential threats hiding within the DWP’s draft funding regulations.22Survey Results Reveal the Major Concerns Trustees have for Retiring MembersJohnathan Watts-Lay and Tim Middleton discuss key findings and concerns from WEALTH at work and the PMI’s recent joint survey.14The New Code of Practice – Keeping Up Momentum Barbara-Ann Thompson FIA Assesses the potential impact caused by the delay in publishing the new (combined) Code of Practice.16Collective Defined Contributions (CDC) the Day Lifelong Learning Director Dr Keith Hoodless highlights the strengths of the emerging Collective Defined Contributions pension market.

ContentsOctober 2022ISSUE 455PMI Update10PMI EventsListing the latest upcoming PMI Events.08PMI Academy updateCongratulations!09Regional newsA breakdown of the latest news and notifications from across the PMI’s regional groups.06Membership updateA comprehensive breakdown detailing PMI Membership grades and programmes.34Pension ConundrumOur regular pensions puzzle.36Service ProvidersA comprehensive directory of PMI services.39AppointmentsAn 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 Pensions26Proactively Managing Your AdvisersBarnett Waddingham LLP’s Joanna McCulloch explores why trustees should have an Adviser Management policy and what it should include.28Increase in Normal Minimum Pension Age – How Can Trustees Prepare? Sackers Associate Sarah Clay breaks down how trustees can prepare for the upcoming increase in Normal Minimum Pension Age. PMI Academy Partner Feature3032Re-Thinking The Management of Committed CapitalT.Rowe Price’s Michael Walsh sets out to define the issues surrounding the management of committed capital that require attention.Positioning Pension Schemes for the Net Zero Transition BlackRock deliver their verdict on the most likely path to pensions net zero, and how schemes can manage the transition.

Membership Your membership, what's happening?Your membership, what's happening?6Membership UpdateISSUE 45Affiliate Membership Subscription for 2022/23 is £100Aliate memberships became due for renewal on 1 November 2022, subscription renewal notices have been sent out to all Aliate members by email. If you have not received your renewal notice, a copy of this can be located in the My Transaction area of your My PMI membership portal. Alternatively, please contact the Membership team at membership@pensions-pmi.org.uk(This does not include those aliated to a Corporate Membership)PMI Trustee Group Membership Renewals - Individual Trustee subscription for 2023 is £165Your membership is due for renewal on 1 January 2023 and subscription renewal notices will be sent by email to members in November 2022.If you are a Trustee Group Board Scheme member, please contact the Secretary to the Trustees or the Responsible Person to ensure that your subscription is paid to renew your membership.To ensure you are receiving the latest membership information and invitations to free PMI Events*please update your email preferences via your My PMI member portal. (*Excludes Aliate and Corporate).Membership RecordPlease ensure that your personal details are correctly up to date on your My PMI member portal to ensure that there is no interruption to your membership service, and you are receiving the latest membership information and invitations to free PMI Events* (*Excludes Aliate and Corporate).If you require a reminder of your username to log in and check your details, please contact the Membership team at membership@pensions-pmi.org.ukMembership 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 have been elected for an upgrade.CertPMI: David McPherson Robert Kerr Kelly Ann O'DonnellJames Barbour Kelly WhitworthAPMI: Evan Ainsworth

MembershipYour membership, what's happening?7Fellow membership If you have been an Associate Member for 5 years or more, you may be eligible to apply for Fellow Membership; please contact the Membership team at membership@pensions-pmi.org.uk to find out if you are eligible.Continuing Professional Development (CPD)Congratulations to all Associates and Fellows who have started to complete their 2022 CPD. Fellows and Associates are reminded that their CPD becomes due on 1 January 2023; 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 hours during the year. Please log on to your MY PMI member portal and update your Membership CPD record.ISSUE 45

Qualifications PMI Academy Update8PMI Academy UpdateCongratulations PMI spring exam learners!ISSUE 45

9London Regional UpdatePMI Regional Group NewsRegional NewsLondon Regional UpdateThe PMI London Group Committee would like to thank everyone who attended our online AGM on Wednesday 13 July. We were pleased to welcome Louise Grindley, Natalie Mee and Lisa Riordan to the Committee. Niamh Hamlyn, Mark Jenkins, Sarah Miller and Emma Watkins stood down from the Committee at the AGM, and we’d like to thank them for all their work and support. The London Group Committee members for the upcoming year are:• Chair – Amanda Burden• Secretary – Giles Bywater• Business Secretary – Nathan Jones • Treasurer/Business support – Jonathan Gilmour• Business support – Natalie Mee• Membership Secretary – Lisa Riordan• Social Secretary – Andrew Riley• Education Secretary/Social support – Mike Kelly• Education support – Louise Grindley• Communications – Martin Lacey Please also hold Wednesday 16 November in your diary for our ever popular annual pub quiz. Remember to keep an eye out for details of our upcoming social events and business meetings via the PMI London Group LinkedIn Group.ISSUE 45Martin Lacey Communications, PMI London Regional GroupISSUE 45

Events PMI Events10EventsDates Event(s)10 October 2022Secretary to the Trustee (Basic) Online13 October 2022Secretary to the Trustee (Advanced) Online18 October 2022Net zero in practice Online19 October 2022Market update on sterling interest rates and inflation Online19 October 2022Annual Lecture 2022 Online25 October 2022The Pinnacle Awards The Londoner Hotel, 38 Leicester Square, London WC2H 7DXDates Event(s)3 November 2022ESoGraphy 101: building your eective investment governance framework in the context of the new Code of Practice Online8 November 2022Monitoring of External Funds and Managers Online9 November 2022PensTech and Admin Summit Online16 November 2022Setting Strategic Investment Objectives: tick box or driving continuous improvement Online7 December 2022ESG and Investment Seminar 1 Wood Street, London EC2V 7WSAll events are subject to change; please visit pensions-pmi.org.uk/events for the latest updates.PMI EventsISSUE 45

FIND OUT WHO STOOD OUT IN THE UK PENSIONS INDUSTRY THIS YEAR.PEOPLE. INNOVATION. IMPACT.25 October, The Londoner Hotel, 38 Leicester Squarepmipinnacleawards.co.ukKAT_PMI_PinnacleAwards_PressAd.indd 4KAT_PMI_PinnacleAwards_PressAd.indd 4 24/08/2022 14:3524/08/2022 14:35

12Private credit is no longer just for large investorsPrivate assets have been popular with endowment funds and large institutions - including sovereign wealth funds and government pension plans - for some time. However, more recently, private credit has been attracting increasing interest from other institutional investors, such as DB pension schemes. In 2013, only 2% of European DB pension schemes had an allocation in this area, compared to 21%1 in 2021. Allocations are still low overall, but growing, as investors have sought the potential to earn a return pickup over traditional public credit. Importantly, private credit is no longer just for large institutions. Fiduciary management can provide schemes with access to a transparent, cost eective and easy to govern solution. Through fiduciary management, schemes of all sizes can improve their certainty of outcome through a diversified portfolio aligned to their return objective, cashflow needs, and endgame strategy.But what is private credit? How do you access it? And what are the benefits?What is private credit?Private credit refers to any credit (non-sovereign) instrument which is not issued or traded in an open market. Although simple in definition, the private credit universe comprises a diverse array of strategies which can perform a range of roles within a scheme’s portfolio. The most common and largest private credit asset classes include infrastructure debt, direct lending and real estate debt. These asset classes are typically illiquid. Therefore, schemes need to go into this asset class with the mindset of holding the asset to maturity rather than potentially disinvesting in a year or two.• Direct lending = lending to a small or medium-sized company. • Real estate debt = lending to a company for the purchase of real estate. • Infrastructure debt = financing infrastructure projects such as a toll road, or a wind farm. For the UK Defined Benefit (DB) pension schemes moving towards their end game, private credit can improve certainty of outcome whilst helping meet cash flow needs. Accessing a diversified private credit strategy, delivered through a Fiduciary Management solution, is now a reality that schemes of all sizes can take advantage of to meet their long-term objectives.Ajeet Manjrekar Head of UK Client Solutions, Schroders SolutionsFeatureISSUE 45Feature Fiduciary Management Democratises Private Credit Fiduciary Management Democratises Private Credit

FeatureImportant noticeThe material is not intended to provide, and should not be relied on for accounting, legal or tax advice, or investment recommendations. Any reference to sectors/ countries/ stocks/ securities are for illustrative purposes only and not a recommendation to buy or sell any financial instrument/ securities or adopt any investment strategy. The views and opinions contained herein are those of the individual to whom it is attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. Insofar as liability under relevant laws cannot be excluded, no Schroders entity accepts any liability for any error or omission in this material or for any resulting loss or damage (whether direct, indirect, consequential or otherwise). ISSUE 45How does private credit benefit DB schemes?As DB pension schemes mature, their focus typically moves from generating returns to reducing risk and meeting cashflow requirements. Private credit can help achieve these goals in several ways: 1. Improve certainty of outcome Credit assets, by nature, have a narrower range of outcomes than traditional growth assets, such as equities. We know the yield at the point of purchase, which delivers a greater certainty of outcome that's favourable for maturing schemes. Providing you have a sensible assumption for defaults, you have greater clarity of the return you're likely to get.2. Attractive risk/return properties Relative to public credit markets, private credit can oer diversification, higher returns, lower volatility, and greater security. Note this comes at the cost of liquidity. Schemes should invest in private assets with the expectation of holding to maturity. Therefore, any investment should be of an appropriate size, given a scheme’s liquidity budget. Developing an exit strategy is also key to ensure the investment doesn’t derail a scheme’s journey plan. 3. Utilise cashflow to meet benefit payments A key benefit of investing in credit is the ability to use principal and coupon payments to help meet benefit payments and expenses. Together with any company contributions and other sources of income, such as public credit, private credit is a helpful tool in managing cash flow requirements. As we can build a portfolio of private credit assets with returns akin to growth assets ( c. cash + 3%-4% p.a.), schemes can increase the amount of cashflows explicitly matched without compromising on their overall return target. How do schemes access private credit? Accessing private credit can be quite challenging. It can be very hard for smaller investors to access many of the best managers. They often prefer to work with larger investors who can commit larger amounts of capital. But making sure you have access to managers with the right expertise is important. Take direct lending and infrastructure debt, for example - those two skill sets dier completely from one another. You need access to specialists.Fiduciary Management makes it possible for schemes of all sizes to gain access to a diversified private credit portfolio. By pooling investments, the Fiduciary Manager can access the best opportunities that might otherwise be out of reach. Pooling investments can also result in a lower cost than would be available to individual schemes. The only governance burden for the trustee board is in selecting and monitoring a single manager, the Fiduciary Manager, rather than several underlying investments. Private credit can offer a win-win of maintaining returns and increasing the certainty of outcome. Whilst interest has grown, many investors have yet to allocate to this area. However, many of the reasons behind this reticence are practical rather than investment related. This does not have to be the case. Fiduciary management opens a door for pension schemes of all sizes to gain access to this exciting area.13FeatureFiduciary Management Democratises Private Credit 1 Source: Mercer, European Asset Allocation Insights 2021, DB Asset Allocation Trends across the UK and Europe

14With everything else going on at the moment, the delay in publishing the new (combined) Code of Practice should at least allow trustees to take the focus off scheme governance for a little while. Right?Actually, no! Whilst it is understandable that current levels of inflation, rising gilt yields and other matters such as pension dashboards might distract trustees, our experience shows that the best run schemes are those embracing the new Code. Better governance leads to better outcomes for members.Trustees and sponsors should keep focussed on ensuring their Eective System of Governance (ESOG) is fit for purpose, using this “down time” before the new code is published wisely. Doing this work now, while there is a bit of breathing space, will improve engagement in this important issue, and avoid a mad rush later down the line. There is also the added bonus that if you sort out your governance now, your journey towards the end game will be so much smoother.For most schemes, compliance with the new requirements should not be overly onerous – with appropriate documentation and a bit of gap filling being the main work to be done. The challenge is to engage those schemes where governance is lacking (or in some cases non-existent), or schemes with low governance budgets, meaning policies and procedures have not been reviewed recently and are probably well out of date and not adding any value (and increasing operational risk).Barbara-Ann Thompson FIA Partner, Barnett Waddingham LLPFeatureThe New Code of Practice – Keeping Up MomentumFeature The New Code of Practice – Keeping Up MomentumISSUE 45

15Our message to clients is one of evolution, not revolution – we are looking to make the job of assessing compliance with the new Code ecient and flexible, as well as interesting and engaging! Prepare well now, and you will make life much easier when the new Code is finally published and the new requirements, such as preparing an Own Risk Assessment (ORA), kick in.So what can you be doing now?Under the new Code trustees will need to establish an ESOG, which includes documenting internal controls that are already required by the 2018 Governance Regulations. Most schemes will need to step up their governance to comply, although the ESOG should be proportionate to the size and complexity of the scheme and the nature and scale of the risks to which it is exposed (hopefully giving some comfort to smaller schemes). This is a chance to really understand and improve the processes that make the scheme tick.Good governance is the key to a well-run pension scheme but it does not have to be complicated. Importantly, this is not an opportunity for advisers to dream up large, expensive projects. Yes, there will be work to do – but the value will come from exploring whether what you have works or needs improvement, rather than reinventing the wheel. As a first step, trustees should think about just how eective they and their policies/processes are. To ensure this is as comprehensive as possible, advisers and sponsors should be included in these discussions. Investing an appropriate amount of time now will enable trustees to spend more time later on strategic thinking and achieving the best possible outcomes for their scheme and its members.Just how good is your trustee board?It is hard to see how trustees can be confident they have an eective system of governance without first checking they themselves are eective as a board - but pension issues are complex and most trustees juggle their scheme responsibilities with competing demands on their time. This often means that agenda time is at a premium, so having an eective board is essential to ensure that the trustees focus their time and budgetary resources on key strategic priorities. A periodic review of how trustees are operating collectively is time well-invested and is an essential requirement for a well-run scheme. It is also important to remember that this is about how the group operates optimally as a whole, not individually. It will also allow trustees to review how they get the best support from their advisers. A significant part of the exercise should involve identifying how to make (sometimes small) improvements that enhance the quality and speed of decision-making, and ensure actions are implemented. Trustees should also review their governance in the light of changing circumstances, bearing in mind that what has perhaps worked well in the past may not necessarily be appropriate now and in the future. Swarm AIThe latest addition to our technology oering is BW Swarm AI. This is an Artificial Intelligence platform which empowers teams such as trustee boards to amplify the wisdom, knowledge and intuition of the combined group to help make better decisions, facilitate discussion and remove bias. The technology is based on the biological principal of Swarm Intelligence identified in nature, and we have exclusive use of the platform in the UK. We have developed BW Swarm AI packages available for a range of topics including scheme governance, investment, and actuarial funding. This technology can be used to help complete the ESOG framework, risk register and prioritise scheme governance. An example of how a trustee board can review their eectiveness collectively as a board without any bias is demonstrated below. It is a tool that provides for a more focussed and engaged session on governance than a typical questionnaire, and focusses attention on the key issues for clients.Don’t let governance be forgotten – now is the time to keep up momentum and make a difference!FeatureThe New Code of Practice – Keeping Up MomentumDoes the Trustee board represent a mix of skills and pension experience?ISSUE 45

16ISSUE 45FeatureCollective Defined Contributions (CDC) the DayWhen asked “what would be the best framework for a private pension system in the UK?” most of those interested or who understood said they wanted a pension system into which they could save their money, which they could trust would provide them with a retirement income. Some wanted greater involvement and choice. But for most, the desire was to “give their money to someone they could trust” which would then provide an income from retirement until death. In other words, a trustworthy default pension system which would maximise income in retirement. Until this year the choice of a low-cost pension designed to provide an income for life was denied to most people in this country, despite the success of similar arrangements elsewhere in the world. For those working in the private sector, Defined Benefit (DB) pensions, which paid a guaranteed income, are generally no longer available. Employers argued that the cost of the guarantee was too high or too risky for them to support. They have been replaced by Defined Contribution (DC) savings plans, which give the saver a capital balance on retirement that can be drawn down during retirement or used to purchase an (expensive) insured annuity which will provide a guaranteed lifetime income. Collective defined contribution (CDC) pensions oer a middle way, designed to provide a lifetime income but without the costly guarantees of DB or annuities. In the past CDC was not permitted in the UK. However, with the introduction of the Royal Mail Collective Pension Plan and the accompanying legislation in the Pensions Schemes Act 2021, the UK could build a pension architecture that should be able to deliver better pensions for current and future generations. The key advantage of CDC pensions is that they are designed to give “an income for life in retirement” while remaining within the DC framework. In the UK where many DB Schemes are closed or closing, with many DC schemes not delivering the income needed in retirement, CDC provides fresh hope for the future of British Pensions. Currently only one employer, the Royal Mail (supported by its union, the CWU), has publicly announced their intention to implement CDC. However, with secondary legislation still to be written, and as we move from Master Trusts to Super Trusts, it is important that there is a consensus on the next steps in the development of CDC. The Pensions Management Institute (PMI), as you would expect, is developing its product base to align with CDC Pensions and has developed an outline framework for Pensions Practitioners of CDC Pension Schemes. The outline approach so far is of:1. The role of Collective Pensions Schemes2. The predictability of retirement income from CDC in comparison to standard DC schemes3. Fitting CDCs into the UK Pensions landscapeThere is still a way to go before we get this to market, and we are still discussing content, but I would be glad to discuss this with anyone who wished to contact me, and you can do so through the normal channels.Dr Keith Hoodless Director of Lifelong Learning, Pensions Management Institute (PMI)Feature Collective Defined Contributions (CDC) the DayDelve into a world of pensionscontentPensions insights at your ngertips including white papers, articles, webinars and podcasts. Access the best content from across the industry – in one place, completely free. Sign up nowsavvyinvestor.net/pmiJoin over 60,000 institutional investors today to become a part of the world’s leading knowledge network for the pensions and investment industry.@savvyinvSavvy Investor

17Delve into a world of pensionscontentPensions insights at your ngertips including white papers, articles, webinars and podcasts. Access the best content from across the industry – in one place, completely free. Sign up nowsavvyinvestor.net/pmiJoin over 60,000 institutional investors today to become a part of the world’s leading knowledge network for the pensions and investment industry.@savvyinvSavvy Investor

18FeaturePeter Dorward Managing Director, IC Select It’s now almost three years since the Competition and Markets Authority (CMA) issued the Investment Consultancy and Fiduciary Management Market Investigation Order. The order requires the trustees of defined benefit (DB) pension schemes to do three things: set strategic investment objectives for their investment advisers (IAs – including both investment consultants and fiduciary managers); review IAs’ performance every 12 months; and review the objectives at least every three years. So – three years on – what have pension trustees done? Strategic Investment Objectives: High Time to ActISSUE 45Feature Strategic Investment Objectives: High Time to Act

19Market feedback suggests many have done the bare minimum. They will have agreed some objectives with their IA. And they may have made a few tweaks since.But that’s not good enough – especially if those objectives were suggested by the IA. And if IAs are leading the reviews, they’re being allowed to mark their own homework.An end to asymmetryFor decades, pension trustees and their IAs have been locked in an asymmetrical relationship – one in which the IAs hold all the cards. Pension schemes have not always profited from this; despite the strong performance of equity markets for decades and the sharp rise in bond yields this year, 28% of UK DB schemes are still underfunded.1 The whole point of the CMA order was that trustees should challenge their IAs rather than meekly accept the advice provided and the resulting performance. So, if trustees haven’t challenged their IAs, they risk letting their members down.Putting the trust back in trustee The clue’s in the name. Being a trustee is all about the trust that scheme members place in you. Remember, trustees are legally obliged to treat the scheme’s assets as they would their own, whether they are a sole trustee or part of a trustee board – with all the scrutiny and eort that implies. Not only are trustees already required to meet the CMA regulations, but from this October, DB schemes’ investment objectives will be under the scrutiny of the Pension Regulator. As this year’s steep falls in bond and equity markets show, it’s no time to be asleep at the wheel. Good IAs earn their keep in down markets. So it’s high time to get real value out of the process.RAM it home!What does best practice look like here? Well, it’s crucial that objectives are realisable, actionable, and measurable (RAM), so trustees should ensure that their framework for assessing the objectives meets this standard. As we at IC Select never tire of repeating, you can’t value what you don’t measure.That’s where a ‘balanced scorecard’ comes in. This is a framework that allows the various aspects of an IA’s performance to be assessed in aggregate, with each outcome given an appropriate weighting. This allows both a qualitative and quantitative assessment of an IA’s performance – which in turn allows a comparison with other IAs. And not just the financial performance but quality of advice, communications, ESG and reporting. That equips trustees with the information they need to get the best for their members. All of this takes eort. But that eort can pay o. Research suggests that good investment governance adds value (up to 2% a year)2, and performance-related assessments of IAs oer trustees the chance to renegotiate fees. When you’re entrusted with the future of a pension scheme’s members, proper oversight is not an obligation you can afford to shirk.ISSUE 451 DB schemes’ surplus increases £55bn in May - DB & Derisking - Pensions Expert (pensions-expert.com)2 Clark, G.L. and Urwin, R. (2008) Best-Practice Pension Fund Governance. Journal of Asset Management, 9, 2-21. http://dx.doi.org/10.1057/jam.2008.1FeatureStrategic Investment Objectives: High Time to Act

20A Wolf in Sheep’s Clothing – the Draft Funding RegulationsMatthew Arends Head of UK Retirement Policy, AonFeatureFeature A Wolf in Sheep’s Clothing – the Draft Funding RegulationsISSUE 45

Feature21At the heart of the new funding regime sits the requirement for trustees and employers to agree a “Statement of Strategy”. This details the plans to ensure that scheme benefits can be provided over the long term. Here, the “long term” is defined as the time the scheme reaches “significant maturity” (it is heavily implied that the Pensions Regulator (TPR) will equate this with a liability duration of 12 years). The Statement of Strategy will define what it means to be fully funded by that time and the investments to be held then. It will also include the journey plan to get there and monitoring of progress along the way.The immediate issue with this is that the requirement to ensure full funding on a low dependency basis by the time of “significant maturity” means that, in broad terms, every closed DB scheme will have a diary date by when they must reach full funding with low-risk assets. It also means that if investment returns do not bridge the funding gap over the intervening period, contributions will be required. The consequence is extra contributions on employers.Deficits will in future - by law - have to be restored as quickly as is aordable. In other words, will some employers have to restore deficits immediately – no spreading? That is a very significant change from the current system where aordability is one of several factors trustees and employers take into account in reaching a valuation outcome. One also assumes that recovery plans can continue to be calculated taking into account expected returns, rather than those implied by the prudent discount rate, although the regulations are silent on this point. If not, that will be another blow to employers.As mentioned, the Statement of Strategy must be agreed with the employer, which means the employer has input into the long-term investment strategy. This is new – currently, trustees have unilateral powers over investment decisions – and it is unclear how these competing powers reconcile.The draft regulations are silent on many significant matters – presumably the gaps will be filled in by TPR’s Code. This means that it is dicult to interpret exactly what is intended, but there are hints of other material changes, no more so than when it comes to assessing employer covenant. Among other things, the regulations define covenant strength in terms of cashflow generation. This means that employers with strong balance sheets but low profitability, whether permanent or temporary (for example, during a repeat of COVID), will be defined as having weak covenants, whereas typically that has not been the case to date.Contingent assets and the material support they provide to the security of many members’ benefits are incompletely recognised.Schemes that are already “significantly mature” are not mentioned. What if they have deficits on the low dependency basis? Must those be made good immediately by contributions?Open schemes present another diculty. However ‘young’ they are, they must comply with the requirement to have a Statement of Strategy and assess their duration based on accrued liabilities. Will this lead to them being obliged to reduce growth asset allocations? It is unclear.Why are these wholesale changes to the funding regime warranted? TPR’s original objective was to be able to regulate the outliers under the current regime more eectively. The diculty is that the regulations as drafted will have implications – potentially very serious ones – for all DB schemes. And the most concerning thing is that there is no proper impact analysis provided along with these draft regulations.Industry comment to date has been increasingly negative. While the regulations were no doubt well-intentioned, the unintended consequences of them are emerging – potential additional costs on employers, potential sales of equity and growth asset investments and worsening of covenant ratings.Against this backdrop, schemes and their advisers should react now by responding to the consultation with their concerns over the direction of travel and not wait until we have TPR’s second funding code consultation. Scheme-specific funding should mean what it says. There is a real risk we are on a path to losing that.It is difficult to argue with the principle that the more mature a defined benefit (DB) pension scheme is, the better funded it ought to be and the lower risk its investment strategy should be relative to the liabilities. That is exactly what the draft funding regulations from the Department for Work and Pensions (DWP) aim for, supported by the relevant parts of the Pension Schemes Act 2021. That’s the metaphorical sheep that is open for consultation until 17 October 2022. But look closer and there are some very much more threatening lupine features underneath the ovine exterior.FeatureA Wolf in Sheep’s Clothing – the Draft Funding RegulationsISSUE 45

22WEALTH at work has conducted a survey with the Pensions Management Institute to investigate the concerns Trustees have for their members in the run up to their retirement and what support provisions they have in place. ISSUE 45Feature Survey Results Reveal the Major Concerns Trustees have for Retiring MembersFeatureSurvey Results Reveal the Major Concerns Trustees have for Retiring MembersJonathan Watts-Lay Director, WEALTH at workTim Middleton Policy and Affairs Director, Pensions Management Institute (PMI)

23Jonathan Watts-Lay, Director, WEALTH at work, comments:“As the findings show, nearly all Trustees fear their members nearing retirement will face predatory attention from scammers. The strain on household finances caused by the cost of living crisis could mean that some members are more vulnerable than ever this year.”He adds: “Trustees also have fears around taxation for their members at retirement. They are right to be concerned, as individuals can easily incur huge tax bills unknowingly when accessing their pensions, all of which can have a material impact on income levels in retirement. There are various strategies which can be taken to create tax savings opportunities, but members may not be aware of them.”Watts-Lay comments: “These risks also equally aect defined benefit members who are considering transferring their pension. Indeed, the majority of Trustees in our survey have concerns over this. It’s unclear yet if the measures put in place to enable Trustees and scheme managers to block or pause suspicious transfers have helped the situation. However, whilst this might be an eective measure to help prevent pension transfer scams, there is still the issue of people needing a clear understanding of whether the pension transfer they are planning to make is suitable and how to manage the money once transferred.”Watts-Lay states: “When we consider all these risks, it’s unsurprising that so many Trustees are concerned that their members’ money will not last the duration of retirement. This may be due to not saving enough throughout their life. The Pensions Policy Institute published a report warning that most of those currently over 50 do not have adequate funds to achieve a ‘comfortable’ retirement as defined by the Pensions and Lifetime Savings Association. Additionally, the pension freedoms and the shift from defined benefit to defined contribution pensions has very much put longevity and investment risk in the hands of individual members, and poor decision-making at retirement can be far too easy.”FeatureSurvey Results Reveal the Major Concerns Trustees have for Retiring MembersISSUE 45of Trustees fear their members approaching retirement will be targeted by scammers.92%of Trustees are apprehensive that their members’ money will run out too soon in retirement.73%of Trustees worry about a lack of engagement with their members at retirement.70%of Trustees are concerned that their members may not understand the tax implications of accessing their pension.88%of Trustees have concerns about their members’ lack of understanding of the risks they face if they transfer out of their DB scheme. 86%Some of the key findings include:

24About the survey. The survey conducted by WEALTH at work and Pensions Management Institute received 64 responses from a range of Trustees. It was completed online from January to April 2022. Figures have been rounded to the nearest whole number or to 1 decimal place where necessary. Click here to see the full results report.Support levels are encouraging – but more can be doneThe survey found that half of Trustees provide financial education (50%) for their members at retirement, and almost half (48.5%) of Trustees provide or facilitate financial guidance for members at retirement. Nearly two out of five (39%) Trustees are facilitating regulated financial advice for their members. Encouragingly, this has seen a 9 percentage point increase from 30% since the survey was last carried out in 2021.Watts-Lay comments: “The financial decisions that members need to take are increasingly complex. Pension Freedoms which came into force in 2015 have firmly put the control in the hands of individuals, but with this comes increased risk. It is likely that those who do well are those who are the most informed. Unfortunately, many find this whole area very confusing and are fated to make mistakes. As more and more people retire on defined contribution savings alone, this situation will only worsen unless these challenges are overcome.”He adds:“This against the backdrop of a global pandemic, and more recently the cost of living crisis, will only add to the already significant challenges that members and schemes face. In the current climate, it is not surprising to see that Trustees have so many concerns for their pension scheme members as they approach retirement.”Watts-Lay explains: “It’s encouraging to see that a significant proportion of Trustees are providing support in terms of financial education, guidance and regulated financial advice to alleviate some of the risks at retirement. Many of the Trustees surveyed are concerned over a lack of engagement with their members, but financial education and guidance can overcome this. Whilst information may be provided via a website or leaflet, if’s far more engaging for individuals to have someone to actually speak to about their pension savings. This could include face-to-face seminars or digital solutions such as interactive online seminars, or even financial coaching over the telephone.”He adds: “The earlier that support is provided in an individual’s life, the more likely they are to make better decisions. Also, income needs are likely to vary throughout what may be 25 years or more in retirement, and cognitive decline may hinder decision-making, meaning that ongoing support is likely to be required. "Carrying out due diligence on providers can make the process far more robust. This should include checking that any financial education and guidance providers are workplace specialists with experience in providing support to members. Due diligence on regulated advice firms should cover areas such as the qualifications of advisers, the regulatory record of the firm, compliance processes (e.g. compliance checks of 100% of cases), pricing structure and experience of working with employers and Trustees.”Watts-Lay concludes: “Ultimately, empowering members by providing them with access to appropriate support at the right time can improve financial capability and resilience, which should result in better retirement outcomes for all.”Tim Middleton, Policy and Affairs Director, Pensions Management Institute (PMI), comments:“The range of choices available – and the increasing scope for mistakes and exposure to fraud – has made Trustees aware of the duty of care that they have to members approaching retirement age. The minefield of choice has given members the opportunity to use their retirement benefits in ways that closely match their specific requirements. However, with this choice comes a range of risks. Members are commonly unaware of the tax implications of their choices, and many fail to understand the nature of longevity risk.”ISSUE 45Feature Survey Results Reveal The Major Concerns Trustees have for Retiring Members

Your capital is at risk when investing. Past Performance is not a guide to future performance and may not be repeated. 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.Solving your biggest challengesWorking in partnership with you, our highly experienced Fiduciary Management team can solve some of your most acute challenges. Whether you need to develop a long-term strategy, improve returns, or manage cashflow requirements – we can help you achieve your investment outcomes. Speak to Schroders Solutions to find out more.www.schroders.com/fiduciarymanagement Please remember that the value of investments and the income from them may go down as well as up and you may not get back the amount originally invested.Schroders Solutions_Fiduciary_Management_Solving your biggest challenges.indd 3Schroders Solutions_Fiduciary_Management_Solving your biggest challenges.indd 3 11/03/2022 09:55:2511/03/2022 09:55:25

MIP Admin Proactively Managing your AdvisersAre your advisers giving you practical, proactive and timely advice, performing as expected and providing value for members? Are your systems and member services high quality and comparable to others in the market? Undertaking periodic adviser reviews is a good way to check. This article explores why trustees should have an Adviser Management policy and what it should include.ISSUE 45Proactively Managing your AdvisersJoanna McCulloch Associate and Senior Pension Management Consultant, Barnett Waddingham LLPTrustees appoint a variety of advisers and service providers to help them fulfil their duties and responsibilities. Importantly, the trustees retain ultimate accountability, so they need to be confident that they are receiving a high-quality service and good value for their members.Undertaking adviser reviews is clearly good governance, and most schemes will carry out some form of review of key advisers on a regular basis. The Pensions Regulator’s (TPR’s) draft new single Code of Practice (new Code) has several expectations around adviser management and assessment, as part of the requirements for trustees to maintain an Eective System of Governance (ESoG). If they don’t already do so, trustees should now document their process for the ongoing management and periodic review of advisers. Such a policy will form part of the scheme’s ESoG and help ensure:• transparency – a record of who? how? when? • consistency – agreed principles applied across dierent advisers• adequate time and resources are being devoted to managing relationships • quality issues or dissatisfaction are avoided or resolved promptly 26Month in Pensions: Administration

Proactively Managing your AdvisersSo what should an Adviser Management policy cover?The policy should cover the trustees’ overarching approach to the selection, appointment, management and replacement of advisers and service providers and should be proportionate in relation to the size, nature, scale and complexity of the scheme. For some schemes this may just be checklists of things to consider, but others may want a more detailed policy.The new Code of Practice sets out TPR’s expectations in each of these areas. • SELECTION: the trustees’ approach to choosing a new adviser. This includes the scope of the adviser’s role and responsibilities; delegation; experience and skill set required; and due diligence.• APPOINTMENT: the things to have in place following a new appointment. This includes Letter of Engagement; Terms of Business; AML; service level agreements/key performance indicators; fee structures; delegation, procedures for referral; data sharing/GDPR.• MANAGEMENT: the process for ongoing review and management. This includes regular assessment against key performance indicators and service level agreements; processes for ensuring improvements are made if service is poor; and continuity plans for changing providers/provider failure.• REPLACEMENT: the key considerations when changing advisers. This includes scheme members’ interests; the impact of contract Ts&Cs; and risks of transitioning.MIP Admin27Selection Appointment Management ReplacementISSUE 45

28MIP Legal Increase in Normal Minimum Pension Age – How Can Trustees Prepare? ISSUE 45Increase in Normal Minimum Pension Age – How Can Trustees Prepare? What is NMPA?Some individuals may already benefit from a PPA of between 50 and 55, stemming from when NMPA increased from 50 to 55 in 2010. The new PPA regime will give certain individuals a PPA of between 55 and 57. Protected Pension Age Individuals will still be able to take benefits before NMPA if they have a “protected pension age” or “PPA”. Some individuals may already benefit from a PPA, stemming from when NMPA increased from 50 to 55 in 2010. A new PPA regime will give certain individuals a PPA of between 55 and 57. The conditions for qualifying for a PPA of between 55 and 57 are set out in legislation. Broadly, an individual will have a PPA if:• they were a member of the scheme before 4 November 2021 • they had an “actual or prospective right” to take benefits before age 57, and• that right was set out under scheme rules in force on 11 February 2021. Sarah Clay Associate, Sackers Month in Pensions: LegalFirst announced in 2014, legislation has now been passed to implement the increase in Normal Minimum Pension Age or “NMPA” from 55 to 57 with effect from 6 April 2028. So how can trustees prepare for the increase?

29Whether a member has such a right can be complex, and scheme rules will need to be checked carefully. But, essentially, a PPA can apply when a member has a right to take benefits from a specific age without needing another party to agree. As with the existing PPA regime, a member’s PPA will be preserved on a “block transfer”, subject to certain conditions. In such cases, a member’s PPA will apply to all benefits. In contrast to the existing regime, a PPA of between 55 and 57 may also be preserved on an individual transfer, in light of the retirement flexibilities available since 2015. But the protection will only apply to benefits built up before the transfer. However, the legislation is complex and some details of how it will work in practice remain unclear. What should trustees be doing now? Although the increase will not take eect until 2028, there are steps trustees can take to prepare. Trustees should:1. review their rules to assess what the NMPA increase could mean for their members2. consider how and when to tell members. Whilst the legislation could be clearer, schemes should inform members of the increase at a convenient point in the near future, for example in the next member newsletter, and3. consider what updates may be required to scheme communications, including transfer packs, particularly where members might benefit from a PPA of between 55 and 57.In due course, trustees should also consider whether to amend their scheme rules to bring them into line with the new NMPA. However, there is no rush to make any rule changes, as we are awaiting HMRC guidance and it is possible that statutory transitional provisions could be made before 2028.MIP LegalIncrease in Normal Minimum Pension Age – How Can Trustees Prepare? ISSUE 45

30UK pension funds have made much progress over the last couple of decades on the governance of all aspects of managing their asset pool; does anyone remember the Myners Principles set out back in 2001? This includes steps taken to ensure the sound management of portfolio switches within or between listed asset classes – for example equities to equities or equities to fixed income. The increased scrutiny in this area has resulted in more ecient management of asset and manager transitions to ensure that transaction and market impact costs are minimised and risks, particularly out of market risk, are properly managed.This paper asks if the allocations to private assets are enjoying the same level of sound governance, and whether there is adequate attention being paid to the many frictional costs and risks of switching from generally listed legacy assets to the ultimate destination in private markets. Given that the capital commitments to private assets are contractual but are likely to be drawn down and invested over a period of years, we posit that this issue is of increasing relevance. Further we understand that the increased demand for private market assets is resulting in delays to the expected commitment timetables; this amplifies the challenge of the management of the ‘dry powder’ of committed but yet to be deployed capital.PMI Academy Partner Feature Re-thinking the Management of Committed CapitalPMI Academy Partner FeatureRe-thinking the Management of Committed CapitalMichael Walsh Solutions Strategist, T. Rowe PricePrivate assets investing is an increasing feature of institutional investor portfolios. It is no longer the preserve of ‘multi-generational’ investors such as endowments, foundations and sovereign wealth funds. The reasons for the increased allocation are varied, but the primary motivation is the prospect of enhanced total return. More democratic access as smaller investors began to gain access via multi-fund providers has resulted in wider investor interest and an increase in demand. Defined benefit pension schemes are participating in this trend with vigour.ISSUE 45Important InformationPast performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.Issued and approved by T. Rowe Price International Ltd, 60 Queen Victoria Street, London, EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. © 2022 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectivelyand/ or apart, trademarks of T. Rowe Price Group, Inc.202202-2054302

So, what are the issues that require attention?In our view, the governance and operating challenges are:• In liquid markets a manager switch or asset class change by a pension fund takes place at the eective date decided by the Trustee/Board, with the performance measurement clock starting from the eective date. This approach is not possible in private markets as it takes a number of years to fully deploy the committed capital. So where should the ‘money waiting’ be invested whilst awaiting deployment? Should it remain invested in the legacy asset, be invested in cash or something else, such as a viable proxy for the destination asset?• What are appropriate expectations for the return and the tolerance to risk of the ‘money waiting’? The modelling that will have resulted in the increased allocation to private markets will have assumed an ‘immediate’ switch from the legacy to the destination private markets asset. The longer it takes to deploy the capital the further away the outcomes will be from the modelling results that drove the allocation decision. Ideally the money waiting should be generating a good return. But the commitment is an absolute amount and the notice period can be a matter of a week, so what are appropriate volatility and liquidity budgets?• The success of a private markets programme is currently judged largely on the money-weighted returns delivered by private assets managers in the form of Internal Rate of Return or ‘IRR’. However, this calculation focuses only on the returns generated on capital once it has been deployed - it does not take into account the return on the capital whilst waiting to be invested. This leaves the return generated and risks incurred by this ‘money waiting’ to be accounted for elsewhere within the investor’s portfolio as an unintended consequence. “This raises a fundamental governance question – should the returns, risks and real opportunity costs of the ‘money waiting’ be included in measuring the success of the fund, or indeed the overall programme?” The key governance question is ‘what is the correct measure of success for the private assets programme?’ We believe that the outcomes of the complete investment journey across both money waiting and money invested should be considered alongside those of money actually invested in private assets.• Once the programme is mature, distributions from the programme are likely to occur at the same time as commitments to new programmes take place. Are cash flow management processes adequate to capture the additional complexity of managing this process? Should the cash flow process include cash flow across the entirety of a fund such as net contributions, dividends and coupons? These challenges are not new. A number of dierent approaches are adopted. Some are ad hoc and pragmatic, some more structured. These include remaining invested in the legacy asset whilst waiting for the capital calls, while for those with liability or solvency considerations ‘over-hedging’ may appeal as the capital is thus providing some portfolio utility in that it reduces overall risk relative to liabilities. Still others will invest in some ‘mid-risk’ asset such as a multi-asset portfolio.What is becoming obvious is that there is no ‘best practice’; research has indicated that this is especially true of defined benefit pension funds. This is not surprising nor a criticism; some are just starting their journey and are focused on the ‘front oce’ issues such as identifying and allocating to private assets funds.We believe that this issue is ripe for discussion and that a clearly set out and pre-planned approach to managing committed capital is appropriate. This is of increasing relevance as private assets now play a greater part in portfolios and the resulting cash flows become more complex as a result. Such an approach will strengthen the governance, reduce operational risks and costs and optimise cash flow management.PMI Academy Partner FeatureRe-thinking the Management of Committed Capital31ISSUE 45

32Positioning Pension Schemes for the Net Zero Transition Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. What is the likely path to net zero?Pension schemes are used to their investment managers constantly updating their views – be it on the likely path of interest rates, company earnings or stock valuations. That list now needs to include the transition towards a decarbonised economy. We believe the transition has begun but, as with the future path of policy rates, the transition’s path from here is uncertain and evolving. We think that the faster and more comprehensive it is, the bigger the opportunities could be for companies that are prepared for it, and the bigger the risks for others.The transition path will likely be determined by an intricate interplay of three key drivers: • Technology • Societal preferences • Climate policy These three drivers are constantly in motion. Right now, enacted policies and available technology aren’t sucient1 to achieve the goals of the Paris Agreement, namely “to limit global warming to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels”. See the chart below. Consensus estimates2 see current policy likely to only limit global warming to 2.5-3°C. Yet we believe there is a real possibility that these three drivers will ultimately combine to accelerate the transition from the path implied by current policy.PMI Academy Partner FeatureISSUE 45PMI Academy Partner Feature Positioning Pension Schemes for the Net Zero Transition

Possible acceleration ahead, Illustrative net-zero transition scenarios, 2022 Forward-looking estimates may not come to pass. Source: BlackRock Investment Institute, June 2022. Notes: The diagram above serves as a general summary and should not be considered exhaustive nor construed as investment advice. The chart describes how quickly the economy could reach net zero. For illustrative purposes only.How can we price company cashflows during the transition? As the economy rewires, both the expected value of, and uncertainty around, future company cashflows will change. Ahead of those changes, markets are repricing risks. As with other views on economic and company fundamentals, investors should consider the extent to which their view of the transition path is currently priced by markets. We don’t think the likely transition is fully priced yet – company valuations still need to adjust further to reflect how exposed companies are to, and how prepared they are for opportunities in, the transition. We posited in 20203 that this repricing would happen over time, based on the evidence that financial markets haven’t tended to immediately price in slow-moving trends. They have taken decades to fully reflect previous slow-moving structural shifts, even when that shift is well understood, like the post-war baby boom. The net-zero transition is a similarly large but slow-moving structural economic shift. How can schemes get the right exposure to the transition?Investors can gain exposure to the transition not only through “already-green” assets, but also through assets of carbon-intensive companies with a credible transition plan or that act as enablers of the transition by supplying needed materials, equipment and services for capital investments. Commodities are a prime example: demand for some critical minerals is expected to grow quickly4 as the transition progresses. How can an investor judge if a carbon-intensive company is prepared for the transition? Currently, that’s still fairly dicult. Investors need forward-looking indicators like robust emissions targets and capex plans, as well as qualitative information on corporate strategy and governance5. But a lack of disclosure and standardised reporting methods means investors do not have the data needed. Investors and lenders are increasingly seeking this information to inform their decision-making6. The growth of voluntary and mandatory reporting regimes around the world will provide more forward-looking data and metrics in coming years7, and BlackRock has consistently advocated for providing investors with high-quality, globally comparable, climate-related disclosures8. We’re also investing in data and analytics to support client demand for transition insights. To conclude, our conviction is that portfolios will need to change more quickly in a regime of higher volatility. Pension schemes need their managers to be flexible and nimble to manage the bumps in the road and make the most of opportunities as they arise.1. For a livable climate: Net-zero commitments must be backed by credible action, United Nations, https://www.un.org/en/climatechange/net-zero-coalition 2. Net-zero commitments could limit warming to below 2 °C, Nature, April 2022, https://www.nature.com/articles/d41586-022-00874-1 3. Sustainability: The tectonic shift transforming investing, BlackRock, https://www.blackrock.com/institutions/en-zz/insights/blackrock-investment-institute/sustainability-in-portfolio-construction 4. The Role of Critical Minerals in Clean Energy Transitions, iea, May 2021, https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions 5. Guidance on Metrics, Targets, and Transition Plans, Task Force on Climate-related Financial Disclosures 2021, https://assets.bbhub.io/company/sites/60/2021/07/2021-Metrics_Targets_Guidance-1.pdf 6/ 7. Positioning for the net-zero transition, BlackRock Investment Institute, BlackRock, June 2022, https://www.blackrock.com/us/individual/literature/whitepaper/bii-positioning-for-the-net-zero-transition-june-2022.pdf 8. BlackRock supports consistent climate-related disclosures; urges global coordination, BlackRock, June 2022 https://www.blackrock.com/corporate/literature/whitepaper/spotlight-blk-supports-consistent-climate-related-disclosures-urges-global-coordination-june-2022.pdf SpeedNo policyEnacted policiesPledgesNet-zero 20502005 2020 2035YearCO2 Emissions2050Risk Warnings Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered oce: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.© 2022 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. MKTGH0822E/S-233032133ISSUE 45PMI Academy Partner FeaturePositioning Pension Schemes for the Net Zero Transition

34Pension Conundrum CrosswordPension ConundrumISSUE 45

35Pension ConundrumCrosswordCrossword12 34 56 789 1011 12 13 141516 1718 19 2021 222324 25 26 2728 29 30 313233 343536 37383940 41 424344454647Across6. Consisting of connected parts (7) 7. Lessen (6) 9. Pledge (6) 11. Of a higher value (7) 12. Easily apprehended (11) 15. Tool (10) 21. Statistical record to measure progress (9) 22. Perpetrator of fraud (7) 24. Belief (10) 26. Provide something (5) 28. Latency (5) 29. The inheritance of a quality (9) 31. Contribution to state revenue (3) 33. An abundance of possessions (6) 34. Become subject to (5) 38. Formed by combining several elements (9) 40. Collecting together (7) 41. Organised approach (6) 44. Physical stress (6) 46. Result (7) 47. Depend upon (4)Down1. Supply with necessary tools (5) 2. The undertaking of tasks (4) 3. The duration of an existence (4,4) 4. Reprogram (6) 5. A core (6) 8. Trust structure where members are also trustees (5,5) 10. Precise (5) 11. Encompassing the whole of something (6) 13. Acronym, trust that can be accumulated and decumulated simultaneously (3) 14. Aordable (3,4) 16. Exceptional (5,3) 17. Expected (3) 18. Direct someone's attention (5) 19. Relating to a particular geographical zone (8) 20. Exclusive (7) 23. Impetus (8) 25. Increase, intensify (4,2) 27. Test (4) 30. Quick and light (6) 32. Creating (10) 35. To move somewhere in large numbers (4) 36. Period of twenty-four hours (3) 37. Eciently managed (4,3) 39. A statement of owing (4) 42. Final act (3,4) 43. Time of intense diculty (6) 45. Middle (4)Answers from Issue 44Across2. Regulate 4.Standards 7.Modules 10.Search 12.Fellow 13.Pressure 15.Tutor 16.Supervisory 18.Formulise 19.Procedure 20.Burden 22.Process 25.Inculsion 29.Way 30.Homogenous 33.Box ticking 36.Role 37.Option 38.Tool 39.Argument 40.Rules 41.Establish 42.Code 43.Plan Down1. Class 3.Mature 5.Due 6.Degree 8.Provision 9.Consolidate 11.Draft 14.Selection 17.Proportional 21.Range 23.Esog 24.Property 26.Siloed 27.Hybrid 28.Committee 31.Soft skills ISSUE 45

Service Providers Pensions Aspects October 202236Service ProvidersTo advertise your services with the Pensions Aspects directory of Service Providers, please contact:adam@insidecareers.co.uk or call 020 8405 6412Copy deadline: 14th NOVEMBER 2022 FOR DECEMBER 2022 ISSUEActuarial & Pensions ConsultantsFREE 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/goldawardA 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 thinkingChristina BowyerHead of Pinsent Masons Pension Services +44 20 7054 2620 christina.bowyer@pinsentmasons.com Crisis and risk managementspecialistsPinsent Masons Pension Services

37Service ProvidersPensions Aspects October 2022Issued 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.Responsible investingFor more information visit russellinvestments.com/ukCAPITAL AT RISKActively designing solutionsfor the future.Invesco 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 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 OptionsAsset Management

Service Providers Pensions Aspects October 202238Service ProvidersPensions LawyersGeorgina 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.comPension Systems Independent Trustees Independent Trustees Trustees Liability Protection InsuranceOPDU 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.comDrive visionary leadership with eleganttechnology that helps you make beeerdecisions and pursue bold accon.Seeng the Standard for Board Management

39Service ProvidersPensions Aspects June 2022AppointmentsTo advertise your jobs within Pensions Aspects or on pensioncareers.co.uk, please contact:adam@insidecareers.co.uk or call 020 8405 6412Copy deadline: 14th NOVEMBER 2022 FOR DECEMBER 2022 ISSUEAppointmentsPensions Aspects August 2022www.ipsgroup.co.uk/pensionsBoth DC consulting and Master Trust optionsHigh level sales and client management opportunitiesExceptional packages available Must have client facing, trust based DC experienceSenior DC Roles - BD and CRM£60,000 - £90,000 + Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG148021Pensions and Reinsurance focused roles availableMajor player in the buy-out marketAnalytical skillset and Excel strength from de-risking/TPACommercial, technical and problem solving mindset Senior Pensions Operations AnalystsTo £60,000 + Good Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG142373Scheme Secretary experience preferred with APMIGovernance and secretariat roles across trustees & EBCsBroad based client projects and appointments In house and client experience welcomeTrustee Secretary and Governance RolesC£55,000 - £70,000 + Bonus & Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG135157Multiple data project manager/support rolesRange of GMP/De-risking/Member & Plan change projectsClient consulting experience advantageous Prince 2/equivalent ideal Pension Project Manager (Data) To £65,000 + Bonus & Benefits – UK wide/Hybrid WFH Contact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148953Strong DB funding/investment/technical skills requiredOpportunity to join a quality trustee services focussed team Award winning workplace pensions specialist DB Consulting or actuarial background preferred Governance & Funding Consultant £Excellent Package – Leeds/Hybrid WFHContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH146726Delivery of 3 key regulatory projects Strong DB technical knowledge essential Solid project and stakeholder management skills requiredHousehold name flagship scheme In House Project Delivery Manager 2Yr FTC To £65,000 + Benefits – Home basedContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH148705We 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

UNISON is seeking to recruit a National Pension Ocer for our Pensions Unit within the Business, Community and Environment Section, which supports our 1.3 million members who work delivering public services.Location: UNISON Centre, London NW1Starting salary: £48,757 per annum incl. London Weighting AllowanceClosing date: 28 October 2022Hours: 35Contract type: Full time, permanentReference: BNE/72About this jobThe National Pensions Ocer’s role is to: provide policy advice and guidance to the union; provide leadership, support and guidance to national committees, regions and branches; research and write policy papers, undertake negotiations with employers and represent the union with outside organisations, including the media. The postholder will provide written and verbal pension advice and negotiating support to all levels of the union, initiating projects and identifying and processing strategic pensions cases on discrimination and members’ pension rights.Your work will help shape our organisation at many levels, including leadership support across our regions and branches.You will have knowledge of UK pensions including Dened Contribution and Dened Benet schemes. You will need to demonstrate the ability to organise work eectively, write well, prioritise proposals and activities and assess their nancial implications. You will have excellent communication skills; a sound understanding of research and demonstrate statistical and analytical skills, and case management skills. These skills will give you the credibility to deliver tangible improvements to members throughout the UK.Travel across the UK with occasional overnight stays will be required.How to applyTo apply for this opportunity please visit www.unison.org.uk/about/jobs to download and complete the General application form (under “Documents”). See job description and person specication (under “Documents”).Please note that only the General application form will be accepted.Please send a copy of the completed application form along with a copy of the recruitment and disability form to Jemma Moss on j.moss@unison.co.uk quoting the ref: BNE/72 The closing date for completed application forms is 12 noon Wednesday 28 October 2022 Interviews and selection test will be held around 17/18 November 2022National Pension Ocer

41AppointmentsAppointmentsPensions Aspects October 2022Trustee Consultants HB18189 London £38,000 - £45,000 paRare chance to join this award-winning Independent Trustee rm. We are seeking individuals who have a passion for their pensions career, experience of working with Trustees and attending meetings and are looking for the next step in their career. Trustee Services ConsultantHB18083 London/Bristol £50,000 - £70,000 paJoin an award-winning consultancy where you will be responsible for helping the Trustee Services Team delivering outstanding effective trusteeship and consulting services to all its clients, deliver sound advice and present solutions, as well as provide the full remit of secretariat services. Calculation Technician CB18215 Surrey/West Yorks./Remote Up to £55,000 pa Your clients will be household names and will have an impressive portfolio of DB occupational pension schemes and your background will include a wealth of calculation expertise within pension scheme administration. You will be ready to move away from the hands-on calculation work and want to provide vital support to the more junior members of the team.Senior Project Administrator CB18170 Surrey/Hybrid Up to £40,000 paThis role arrives in anticipation of a number of large Pensions GMP projects where the work will be varied. You will support the pension scheme administration service and deliver scheme projects and deal with new scheme implementations and scheme events. Senior Pensions Administrator CB17870 Remote Up to £38,000 paA leading company in their eld is looking for a Senior Pensions Administrator to join their talent. You will be provided with accelerated pension career development and be part of a close-knit team. You’ll be given accountability from day one and exposure to both clients and Trustees. DB experience is essential.Pensions Manager (18 month FTC)HB18185 West Midlands/Hybrid £42,000 - £56,000 pa This is a chance to put your extensive pensions knowledge into play. Managing the outsourced administrators, you will act as an integral part of the team, leading, guiding and assisting a team of ve and supporting the Head of Pensions on strategic pensions and benet projects. This role can also be worked fully remote or ofce based.Pensions Trustee ExecutiveHB17796 Herts £Highly Competitive A niche player in the pensions industry for providing bespoke services to pensions’ trustee boards is looking for a motivated self-starter to join their growing team. The successful candidate will demonstrate a wealth of trustee services and scheme governance experience.Senior Pensions Technical AnalystCB18177 B‘Ham/Surrey/Bristol £35,000 - £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 Implementation Manager CB18220 West Yorks./North West £45,000 - £55,000 paDue to the on-going success of this independent pensions business, a new opening has been created. Personable with the ability to build relationships easily, you will be included in new business presentations to discuss scheme implementation with potential new clients and be happy to demonstrate your strengths and passion for this subject matter. Christine Brannigan: christine@branwellford.co.uk Hayley Brockwell: hayley@branwellford.co.ukUNISON is seeking to recruit a National Pension Ocer for our Pensions Unit within the Business, Community and Environment Section, which supports our 1.3 million members who work delivering public services.Location: UNISON Centre, London NW1Starting salary: £48,757 per annum incl. London Weighting AllowanceClosing date: 28 October 2022Hours: 35Contract type: Full time, permanentReference: BNE/72About this jobThe National Pensions Ocer’s role is to: provide policy advice and guidance to the union; provide leadership, support and guidance to national committees, regions and branches; research and write policy papers, undertake negotiations with employers and represent the union with outside organisations, including the media. The postholder will provide written and verbal pension advice and negotiating support to all levels of the union, initiating projects and identifying and processing strategic pensions cases on discrimination and members’ pension rights.Your work will help shape our organisation at many levels, including leadership support across our regions and branches.You will have knowledge of UK pensions including Dened Contribution and Dened Benet schemes. You will need to demonstrate the ability to organise work eectively, write well, prioritise proposals and activities and assess their nancial implications. You will have excellent communication skills; a sound understanding of research and demonstrate statistical and analytical skills, and case management skills. These skills will give you the credibility to deliver tangible improvements to members throughout the UK.Travel across the UK with occasional overnight stays will be required.How to applyTo apply for this opportunity please visit www.unison.org.uk/about/jobs to download and complete the General application form (under “Documents”). See job description and person specication (under “Documents”).Please note that only the General application form will be accepted.Please send a copy of the completed application form along with a copy of the recruitment and disability form to Jemma Moss on j.moss@unison.co.uk quoting the ref: BNE/72 The closing date for completed application forms is 12 noon Wednesday 28 October 2022 Interviews and selection test will be held around 17/18 November 2022National Pension Ocer45AppointmentsPensions 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

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 Pensions Manager, in-house 12 mth FTC London/hybrid £6 fig. package Fantastic senior 12-month contract for this industry leader to help drive and deliver Pensions strategy including new pensions initiatives and wider benefits. Ref: 1377395 SB Project Manager London/London £superb package Exceptional career opportunity with this industry leader as you develop and manage the transition process for Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377919 SB Trustee Director UK/London/South/Midlands/North/remote £6 fig. package Progressive career move into the professional trustee sector with this leading industry specialist. Ref: 1364522 SB UK Pensions and Benefits Manager London/hybrid £attractive benefits package Superb opportunity to take ownership of the development and delivery of UK pensions and benefits strategy for this well-respected industry-leader. Ref: 1378010 SB DC Consultants Home-based/Offices Countrywide £superb package Business area is growing and we’re looking for candidates from Consultant level through to Partner for this market-leading consultancy. Develop your career and work on an exceptional portfolio of clients. Ref: 1377067 BC Project Manager Home-based/Offices Countrywide £in line with experience Excellent opportunities for experienced PM’s with data led expertise, strong DB Knowledge essential, Prince2 desirable. Ref: 1375347 BC Pensions Project Manager 2 yr. FTC Remote/occasional travel to Manchester office £competitive Working in the support functions you’ll play a key part in helping customer facing colleagues deliver exceptional standards of customer service and patient care. Ref: 1377791 JW Client Manager Home-based £excellent Excellent home-based opportunity for a Pensions market leader to help continue to deliver service excellence. Ref: 1377629 BC Pensions Specialist Warwickshire/Bucks/hybrid £competitive Excellent home-based opportunity for a Pensions Market leader to help continue to deliver service excellence. Ref: 1377680 JW Communication Consultant South East/work from home £attractive benefit/bonus potential Outstanding opportunity to join a prominent market-leader for a Pensions Communications specialist. Ref: 1377998 BC Pensions Operations Analyst London/hybrid £in line with experience Excellent opportunity for an experienced pensions administration professional, looking to grow and diversity their role and make an impact in a business allowing greater scope for progression. Ref: 1377909 JW Team Leader Essex/hybrid £excellent Be a key focal point within this fast-growing pension consultancy, deliver high quality services to a varied portfolio of clients. Ref: 1377848 BC Pensions Accountant Home-based to £50,000 per annum Fantastic opportunity to join a highly successful, collaborative third-party administrator. Ref: 1377952 SB Team Leader West Yorkshire/hybrid to £40,000 per annum Join a market-leading consultancy and take the next step in your pensions administration career. Ref: 1365512 NMJ Pensions Administration Quality Analyst Hybrid/Scotland/Midlands/London £in line with experience Excellent opportunity to utilise pensions experience within this specialist role. Ref: 1378082 NMJ Pensions Administrator Hybrid/Wales/Buckinghamshire £competitive Are you looking for a role which incorporates numerical and customer service skills? Do you want to study towards professional qualifications? If so, the world of pensions could be for you. Ref: 1374087 NMJ Sammons Pensions Annual Salary Survey, your contribution is invaluable Now in its 21st edition, our survey provides a source of information for employers and employees benchmarking salaries and benefits in the UK’s pensions industry, trends and opinions across remuneration, most valued benefits and employment factors, reasons for moving employers and views on the pensions industry’s current key challenges. We need your help. All respondents receive a copy of the survey published early 2023 and entry into a prize draw. Access the survey via www.sammonspensions.co.uk Contact us for more information or to discuss 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 Pensions Manager, in-house 12 mth FTC London/hybrid £6 fig. package Fantastic senior 12-month contract for this industry leader to help drive and deliver Pensions strategy including new pensions initiatives and wider benefits. Ref: 1377395 SB Project Manager London/London £superb package Exceptional career opportunity with this industry leader as you develop and manage the transition process for Defined Benefit pension schemes administration as part of derisking projects. Ref: 1377919 SB Trustee Director UK/London/South/Midlands/North/remote £6 fig. package Progressive career move into the professional trustee sector with this leading industry specialist. Ref: 1364522 SB UK Pensions and Benefits Manager London/hybrid £attractive benefits package Superb opportunity to take ownership of the development and delivery of UK pensions and benefits strategy for this well-respected industry-leader. Ref: 1378010 SB DC Consultants Home-based/Offices Countrywide £superb package Business area is growing and we’re looking for candidates from Consultant level through to Partner for this market-leading consultancy. Develop your career and work on an exceptional portfolio of clients. Ref: 1377067 BC Project Manager Home-based/Offices Countrywide £in line with experience Excellent opportunities for experienced PM’s with data led expertise, strong DB Knowledge essential, Prince2 desirable. Ref: 1375347 BC Pensions Project Manager 2 yr. FTC Remote/occasional travel to Manchester office £competitive Working in the support functions you’ll play a key part in helping customer facing colleagues deliver exceptional standards of customer service and patient care. Ref: 1377791 JW Client Manager Home-based £excellent Excellent home-based opportunity for a Pensions market leader to help continue to deliver service excellence. Ref: 1377629 BC Pensions Specialist Warwickshire/Bucks/hybrid £competitive Newly created in-house role to assist the Reward & Pensions Manager in the day to day operations of the DB and DC pension arrangement. Ref: 1377680 JW Communication Consultant South East/work from home £attractive benefit/bonus potential Outstanding opportunity to join a prominent market-leader for a Pensions Communications specialist. Ref: 1377998 BC Pensions Operations Analyst London/hybrid £in line with experience Excellent opportunity for an experienced pensions administration professional, looking to grow and diversity their role and make an impact in a business allowing greater scope for progression. Ref: 1377909 JW Team Leader Essex/hybrid £excellent Be a key focal point within this fast-growing pension consultancy, deliver high quality services to a varied portfolio of clients. Ref: 1377848 BC Pensions Accountant Home-based to £50,000 per annum Fantastic opportunity to join a highly successful, collaborative third-party administrator. Ref: 1377952 SB Team Leader West Yorkshire/hybrid to £40,000 per annum Join a market-leading consultancy and take the next step in your pensions administration career. Ref: 1365512 NMJ Pensions Administration Quality Analyst Hybrid/Scotland/Midlands/London £in line with experience Excellent opportunity to utilise pensions experience within this specialist role. Ref: 1378082 NMJ Pensions Administrator Hybrid/Wales/Buckinghamshire £competitive Are you looking for a role which incorporates numerical and customer service skills? Do you want to study towards professional qualifications? If so, the world of pensions could be for you. Ref: 1374087 NMJ Sammons Pensions Annual Salary Survey, your contribution is invaluable Now in its 21st edition, our survey provides a source of information for employers and employees benchmarking salaries and benefits in the UK’s pensions industry, trends and opinions across remuneration, most valued benefits and employment factors, reasons for moving employers and views on the pensions industry’s current key challenges. We need your help. All respondents receive a copy of the survey published early 2023 and entry into a prize draw. Access the survey via www.sammonspensions.co.uk Contact us for more information or to discuss

Working in partnership with employer and employee For more details on all current vacancies please scan here contactus@abenefit2u.com www.abenefit2u.com ““FFaannttaassttiicc,, hhoonneesstt,, ffrriieennddllyy sseerrvviiccee aanndd ccoommmmuunniiccaattiioonn aatt aallll ttiimmeess.. AA pplleeaassuurree ttoo ddeeaall wwiitthh!!”” Scheme Administration Specialist Trustee Governance Consultant London/NWest/Flexible £DOE Pensions Data Analyst London/Home to £60k pa Pensions Buyout Administrator London/Home to £45k pa Senior Pensions Administrator Remote Working to £40k pa Project Manager Remote Working to £60k pa Pensions Calculations Analyst UK-Wide to £60k pa Pensions Admin. Manager Remote Working to £50k pa Call Craig on 07884 493 361 Quality, Risk & Compliance Hybrid/Hertfordshire £70k pa Pensions & Benefits Lead Homeworking to £68k pa Pensions Project Mgr. (2 Years) Homeworking £65k+ pa Project Manager Hybrid/Hertfordshire £65k pa System Analysts Various Clients to c.£45k pa Pensions Administrator Hybrid/London £39k pa Pensions Admin. & Jnr. Admin. Hybrid/London £30k pa Call Dianne on 07747 800 740 Day Rate Administrators Homeworking to £300pd Client Relationship Manager UK-Wide to £65k pa GMP Project Manager Various or remote to c.£50k pa Pensions Admin. Team Leader Leeds £DOE Administration Project Specialist Essex/Surrey to £45k pa Scheme Manager Berks./Remote £DOE Investment Analyst Surrey/Home to £60k pa Call Tasha on 07958 958 626

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