UK – HSBC’s actuarial consultancy arm has launched a service to advise pension fund trustees in the wake of the Myners report.

HSBC are the second company in the space of a week to launch services aimed at UK trustees, following the launch of Epic Investment Consulting on February 5.

HSBC Actuaries and Consultants said in a statement that it is launching a new service called Profile Plus. The new service aims to “manage the day-to-day pension scheme investment strategy on behalf of trustees”.

HSBC cited the “higher standards of care, attention and expertise demanded by the ‘Myners Principles’” that are making trustees’ lives harder and their decisions open to criticism.

David Clare, head of HSBC’s investment consultancy team said: “The level of responsibility placed on trustees is immense and they are hard pushed to find the seven to 10 days a year necessary to meet, review, discuss and monitor investment strategy.”

The new survey aims to ensure trustees act to the highest standards of care on investment issues and make sure schemes have “appropriate” investment structures.

A survey by the Financial Times last month found that more than half of UK pension schemes do not pay their trustees. Former Gartmore chairman Paul Myners’ report on UK pensions called for trustees to be paid as part of a package of “best practice” proposals.

The 400-strong HSBC Actuaries and Consultants already runs training course for trustees.





Topics