AMNT Members Survey 2017 Current Overview No. of Members = 715 ( 10% increase since Aug.16 ) Pension Schemes represented = 516 Pension schemes in value = £682bn Respondents to Survey = 185 (prev. = 119) RepresenKng £1.26b (prev. = £113.5bn)
A Typical AMNT Member • Male (80%) , 55+ (80%) • Full-Kme working (38%), ReKred (41%) • Elected MNT in a contest (54%) • av. 9.5 years (range 1 – 29years) • Not paid (60%) (prev. 68%) Paid up to £5k (45%) 69% believe MNTs should not be paid • Training priority = holding advisors to account (23%) and investments (24%) Similar to last year, but 32% and 32% respecKvely • 1 of 3 MNT’s, 7 Trustee Board, I Chair (51% Employer Nominated) • In regards to social media – AMNT (35%); PLSA (13%); LinkedIn (11%); • However, the social media considered most beneficial = AMNT (34%), PLSA (14%) • Prefers to read Professional Pensions (Hardcopy = 32%) 21% last year
Job Role: Manager/Director/Senior Official 1% 0% 0% Professional 2% 3% 6% Technical 7% AdministraKve/Secretarial Skilled Trades Person 54% Caring/Leisure/Other Service Provider 27% Sales/Customer Service Process/Plant/Machine OperaKve Other
Job Func4on Technical Project Manager 1% 2% 2% Finance 3% 3% Pensions 23% 3% General Management & Admin 4% Human Resources 5% Sales 5% CommunicaKons Consultant 7% MarkeKng 18% Senior Management 8% Unions Academic 16% Legal
What do we read - hardcopy Professional Pensions Pensions Age Engaged Investor Financial Times Pensions Expert Financial News PMI News Journal Pensions Insight Pensions World IPE (Investment Pensions Europe) Responsible Investor Porfolio InsKtuKonal Other - General Press 0% 5% 10% 15% 20% 25%
A Typical AMNT Pension Scheme Trust Based – 81% prev. = 88% • 71% are DB schemes; 13% are DC schemes • 63% are either closed or closed to new members prev. = 63% • Av. scheme size in members = 42,000 (excl. LGPS) • Av. scheme size in AUM = £1.2b prev. = £1.0b • Av. no. of Trustees per scheme = 7 (range 3 – 25) • Av. No. of MNT’s per scheme = 3 • Typical Scheme Chair = EMT (50%) NB. MNT = 8% • Typical Funding = 90% or above (Tech.Provs) = 46% • Typical Sponsor Covenant is Strong (47%) •
Biggest risks facing schemes VolaKlity/under performance in the investment world (prev. = 33%) Employer Covenant (prev. = 19%) Regulatory changes (e.g. TPR/government/accounKng changes) (prev. = 0%) Inappropriate Funding Strategy (prev. = 13%) ImplicaKons of Brexit (prev. = 0%) Tax Changes (e.g. relief, tax treatment of funds) (prev. = 0%) Poor AdministraKon pracKces (prev. = 6%) Giving members ‘value for money’ (prev. = 10%) Environmental, Social and Governance implicaKons (prev. = 10%) Other: Overseas Parent/Sale of Sponsor by Parent InflaKon Longevity Guaranteed Minimum Pension (GMP) implicaKons (prev. = 5%) Other - Government; M & A; Brexit; QE (prev. = 3%) Climate Change (prev. = 1%) 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Responsible Investments • Scheme Boards having had discussions on ESG issues = 67% • Scheme Boards having no explicit policies on ESG issues = 31% • Schemes leaving share-hold voKng to asset managers = 50% • Schemes not knowing how asset managers voted = 54% • Schemes with pooled funds = 50% 39% are in global pooled funds • Schemes who have not yet discussed Red Line VoKng = 92% 83% of Members know what Red Line VoKng is about • Schemes not having adopted any stock selecKon policies on the basis of ethical consideraKons = 81% Same • Investment Consultants who have raised ‘responsible investment’ with Trustee Board = 67% (prev. = 45%)
AMNT & General Issues What would apract new MNTs – Payment (28%), Training (17%) • and key benefit communicaKons on the importance of pensions (21%) Days per year spent on MNT acKviKes = more than 10 (55%) • AcKvity where MNTs can be most effecKve – Challenging • everything (18%); AcKve parKcipaKon (12%); Members viewpoint (12%) Key developments being considered – Addressing Funding (36%) • Should Trustee Boards should reflect the diversity of their • members? (84% said yes) Should there be a compulsory Trustee QualificaKon? (54% said • yes)
Do you think that the (AMNT) should be offering different services? 2016 Greater focus on DC • Helpline • Guidance on Investment Manager fees and charges • Campaign against mark-to-market valuaKon methods, • which are destroying pensions. Offering regular Google Hangout/webex type events (to • allow members to speak directly to it). Offer formal training QualificaKon, e.g. PMI CerKficate • Idiots guides and benchmarking, e.g. when appoinKng • advisors; what quesKons to ask and fees
Do you think that the (AMNT) should be offering different services? 2017 • Best pracKce guidelines for investment charges • Best pracKce guidelines for Triennial ValuaKons • Best pracKce guidelines for what make a good MNT. • Assistance network for trustee queries. • Discussion Forum • More Training Events • Parliamentary Group • More Regional Events • ResoluKon service for Trustee Board disputes
AcKons to take Review diversity issues – more women; more under 40’s • Look to increase number of Members, including LGPS • Take acKon to get Trustee Boards to use Red Line VoKng • Understand beper what apracts and makes a good MNT • Consider if pay for MNTs is something to promote? • Work closely with tPR to develop effecKve trustee training • Encourage membership to take a more acKve role in AMNT • Develop and conKnually improve AMNT Website • Aim to make AMNT Website the key online support tool • Greater focus on DC issues • Work closely with other pension bodies and sponsors • Campaign key pension issues to raise awareness and • understanding
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