Data remains a key issue for pension funds, according to the Local Pensions Partnership’s Joanne Darbyshire.
The new director of pension administration at LPP, a service provider for the Local Government Pension Scheme and other public sector plans, says that with more than half a million members in schemes under administration, “keeping that data up to date and accurate is always challenging”.
The threat of cyber attacks is also a concern for schemes, as is the uncertainty of Brexit, Ms Darbyshire notes.
Ms Darbyshire says that guaranteed minimum pension equalisation is also high on the agenda for defined benefit pension funds. Last year, as part of the Lloyds Bank case, the High Court ruled that GMPs should be equal for women and men.
People on the move
Andrew Cole has joined Bestrustees’ team of trustee executives. Mr Cole joined in April from Credit Agricole Corporate & Investment Bank, and is an experienced scheme trustee and investment sub-committee chairman.
Independent trustee provider PTL has announced that Dawn Harris will be its first chief operating officer. Ms Harris has worked in finance for more than 20 years’, most recently as director of finance at Oury Clark, a chartered accountants and solicitors.
Law firm Pinsent Masons has added two partners to its pensions risk transfer practice. Rob Tellwright has been promoted to partner in the pensions and long-term savings department, and Madhu Jain has been hired as a partner in the corporate insurance team.
Susan Martin has resigned as chief executive of Local Pensions Partnership after three years at the service provider. Ms Martin was one of the architects of LPP and a strong supporter of asset and liability management. Chris Rule has been appointed interim CEO.
Roger Mattingly and Pavan Bhardwaj have joined Ross Trustees as London-based directors. Mr Mattingly was previously managing director of Pan Trustees, while Mr Bhardwaj joined from ING, where he was an investment specialist.
Johanna Clarke has been promoted to partner in law firm CMS’s UK pensions team. This brings the firm’s total number of UK partners to 15. Women made up 76 per cent of all CMS partner promotions in the UK in 2019.
The Department for Work and Pensions has recently released guidance on equalisation to guide trustees through this difficult process.
Another important consideration for trustees is the “ever-changing regulatory environment, with increased scrutiny from the Pensions Regulator”, according to Ms Darbyshire.
“It’s an exciting and challenging time to be working in pension fund administration, but LPP’s in-house expertise means we are well-placed to support clients and members,” she adds.
The industry has undergone significant change in recent years. Marsh & McLennan – the consultancy and insurance broker that owns Mercer – has recently acquired Jardine Lloyd Thompson, bringing two of the largest pensions advisory businesses together, with JLT one of the biggest providers of private sector pensions administration.
Ms Darbyshire predicts we are likely to see further consolidation of pensions administrators. “Providers will look to deliver quality, value for money services underpinned by increased automation, efficiency and member self-service,” she says.
The new LPP recruit started her career as an actuarial student.
She then moved into a broader actuarial position in life and pensions at Countrywide Assured, and in 2003 she joined the Co-operative Group, where she held several strategic and commercial roles. Ms Darbyshire was also an employer-nominated trustee and investment committee member of the group’s United Norwest pension fund.
In her last role as commercial director at Avalon, she was accountable for delivery of auto-enrolment. “Auto-enrolment has been a much-needed development, but it does also firmly put the spotlight on how we are communicating with these record numbers of members to ensure they are fully informed as to their retirement prospects,” she says.
