Watch Peter Clarke, Senior Pension Management Consultant, as he discusses with The Pensions Management Institute (PMI) the key findings from Barnett Waddingham’s Top Pensions Risks – 2020 Vision survey. We wanted to identify the top perceived pension risks and how they are being managed.
The Pensions Regulator asks trustees to identify the key risks that may affect their scheme and, on an ongoing basis, to consider what new risks may be relevant. Trustees are also asked to have proper internal controls in place to manage those risks. Barnett Waddingham wanted to identify the top perceived pension risks and understand what had gone wrong for schemes in the last three years.
We also wanted to know the approach taken to managing risk – for example, did schemes have a simple risk register, take deep dives into various key risks or use dedicated risk management software? What’s gone wrong for scheme recently? Has The Pensions Regulator’s 21st Century Trusteeship campaign improved matters? What was surprising about the results?
Our short video provides an overview of the 121 responses received in the survey, representing a wide range of private sector occupational schemes. Peter also explores how risks are being managed and the potential changes trustees could make to improve the position for their schemes.
Barnett Waddingham offers a full range of pension scheme governance services to both ongoing clients and those who would like assistance with a particular project. Find out more by getting in touch with either Peter or a member of the Pensions Management team.