Editorial: Building understanding

Such events are, above all, an opportunity for people from all sides of the industry to get together.

I had the honour of moderating a panel on how schemes can get value for money from their consultants.

Two consultants-turned-scheme-managers from Barclays and BP gave their view on how schemes can get the best relationship with their adviser, and vice versa.

Consultants were called upon to learn the culture at pension schemes, “do their homework” in boning up on all the publicly available information on the schemes and, most importantly, listen to their clients.

Schemes were encouraged in turn to share that culture with their advisers, avoid being a “cheapskate” on project costs, and question whether there were any jobs they could take on themselves.

BP’s Sally Bridgeland talked about how the scheme and employer, together with their respective advisers, worked to collaborate, rather than negotiate, on tricky issues.

And Barclays’ Simon Banks discussed the success of getting adviser personnel seconded into some of its in-house teams in order to further build that understanding.

It is notable that the scheme decision-makers at these two household-name organisations valued above all an open, understanding relationship.

After a session later in the day, The Pensions Trust’s David Adkins – who had just discussed the scheme’s investment strategy – remarked to me that it was good to give a real scheme example.

Based on all the questions directed at David (including mine),the delegates agreed. Learning through example, building understanding. Sounds good to me.

Ian Smith is editor of Pensions Week. You can follow him on Twitter @iankmsmith and the team @pensionsweek.