Public recognition for 'massive contribution' to funding
The strategy of the fund, clearly impressed the judges. The process of review is well defined and seems to be performing, says one. “Very clear logical processes,” says another.
At the fund, the news of the award was warmly welcomed by group chief pensions manager Frank Flynn: “The trustees and the investment committee of the Bank of Ireland Staff Pensions Fund (BSPF) invest a great deal of their time in the interests of the fund. They do not seek publicity for their massive contribution and are satisfied in the knowledge that their work benefits the BSPF and its members.
“I am very pleased that through the IPE Award the work of the trustees and the investment committee is publicly recognised. I am also delighted that the work which led to the award was the culmination of a happy coalition of internal research and development by group pensions department, external investment consultancy from Watson Wyatt, and the diverse skills and experience of the investment committee and trustees. We are very proud that BSPF has been acknowledged with this ‘best in class’ award and know that the members of the BSPF and management of the bank share that pride.”
Malachy Murphy, chairman of the BSPF investment committee, says: “It is a great honour for the BSPF to receive this award. It is a reinforcement for the investment committee and trustees that the very onerous responsibilities which they have accepted are being discharged to the standard to which the trustees and the members aspire. I am grateful to Frank Flynn and his team in group pensions dept, Bank of Ireland, for the very professional advice and support which the committee receives at all times. It is also a tribute to the Watson Wyatt team that their guidance has contributed substantially to this achievement.”