Despite a large increase in workload, the overwhelming majority of pension scheme trustees would recommend the role, according to new research released today by Aon Consulting, a leading pension, benefits and HR consulting firm.
Aon Consulting surveyed 250 trustees of Defined Benefit (DB) schemes, asking them a variety of questions about their workload and responsibilities. The vast majority (80 per cent) said that they would recommend the position to others, despite the fact that almost all (98 per cent) said their workload had increased in the past five years.
A significant proportion report that their duties are now much more onerous: a third said their workload had at least doubled, while 60 percent reported that their workload had increased by between 50 per cent and 100 per cent. These workload changes were broadly similar regardless of scheme size.
Aonís research also finds that a significant proportion expressed concern about the growing demands of the role, with around half (46 per cent) saying they found it difficult or very difficult to find time for it.
The results show that the larger the scheme, the harder it is to make time for the duties, as over two thirds (71 per cent) of trustees managing schemes of over 500 million said it was very or fairly difficult to make time.
Trusteesí duties are, however, made somewhat easier by the fact that over two thirds (68 per cent) said that they do not feel under pressure from the schemeís employer. Only a third (31 per cent) said they sometimes feel under pressure from the employer.
Commenting on the survey results, Milan Makhecha, Consultant and Actuary at Aon Consulting, said: ìThe fact that the vast majority of pension fund trustees are sufficiently satisfied with their role to recommend it is cheering. This suggests that the satisfaction of overseeing a pension fund outweighs the considerable demands the role places on a trusteeís personal resources.
ìThe majority of trustees note that the role is getting bigger, and a significant minority thinks that it is getting too big. This needs to be borne in mind by scheme sponsors, Government and regulators. We need to be mindful that the UK model for trusteeship depends heavily on participation by lay members whose capacity to absorb new rules and requirements has a limit.î
Pension trustees recommend the job
Trustees report a large increase in the work burden over the previous 5 years but still endorse the role
