Any Other Business: The pensions industry is very well served by the trade press and even national papers. But for schemes, talking to the press can be a daunting prospect, so when is best to do it and how can mistakes be avoided in the process?
Some schemes actively engage with the press as a way of promoting their initiatives to other schemes or sharing their philosophies on investment, while others remain cautious around if, when and how they should reach out.
Schemes, like anyone else, should remember not to say anything they wouldn’t mind seeing in print
Kate Boyle, KBPR
One of the most important things for pension managers and trustees to consider when speaking to the press is the confidentiality requirements of their scheme.
Richard Butcher, managing director at independent trustee company PTL, said: “One of the things to be aware of is data protection and duty of confidentiality… for a lay trustee talking to the press, just be certain that the other parties you’re disclosing are happy to be disclosed.”
He gave the example of not revealing the terms of a buyout deal without the permission of the insurer.
Butcher added that while it could be difficult for schemes to see a direct benefit in talking to the press, by sharing processes and ideas they could positively impact the wider industry.
“What you’re doing is sharing knowledge and experience so it can be, if not duplicated [then] inspiring to others. It’s got the wider social benefit.”
This only works, however, if the story you are telling is noteworthy, Butcher said.
“If what you’re trying to do is tell a story, make sure it’s something interesting,” he said. “What may be a fascinating deal for you might be quite mundane for the rest of the pensions world.”
Sharing experiences
Kate Boyle, owner and director of pension and investment PR company KBPR, said: “Schemes should remember that, as a general rule, the press want to help and educate their readers, not tarnish organisations or individuals.
"Anything they have been working on within their scheme – bearing in mind any sensitivities or confidentialities that should not be ignored – [that] could help a fellow scheme in a similar situation can only be a positive thing. Sharing experiences could ultimately help the member.”
If what you’re trying to do is tell a story, make sure it’s something interesting. What may be a fascinating deal for you might be quite mundane for the rest of the pensions world
Richard Butcher, PTL
Boyle added: “Schemes, like anyone else, should remember not to say anything they wouldn’t mind seeing in print, so they should know what they are and are not allowed to comment on from a scheme perspective.”
She also warned against engaging only when a scheme is looking to promote itself.
"Building a relationship with the press is a positive thing and it is something that should be done on a consistent basis."
However Jonathan Reynolds, client director at professional trustee company Capital Cranfield, advocated a more cautious approach, saying if schemes speak to the press at all, they should only comment on topics that fit with their overall aims.
“You have to be fairly hard-nosed on things and think ‘What’s in it for me?’” he said. “Absolute care is needed when you comment on something that doesn’t fit in your scheme agenda.”
