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Napf members remain satisfied with investment consultants

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The majority of pension schemes would recommend their investment consultancy to another scheme with similar needs, according to a survey from the UK’s National Association of Pension Fu

The majority of pension schemes would recommend their investment consultancy to another scheme with similar needs, according to a survey from the UK’s National Association of Pension Funds.

The survey, launched at the Napf Investment Conference, forms part of the Napf Assessing Investment Consultants Performance toolkit launched last year, and is designed to measure how satisfied pension funds are with the service they receive from their investment consultants.

It found that 83 per cent of defined benefit schemes and 80 per cent of defined contribution schemes would recommend their investment consultancy to another scheme with similar needs.

Nigel Peaple, Napf director of policy, says: "Despite the worsening economic conditions, our survey finds that schemes remain very satisfied with their investment consultants. Overall it is a very positive picture but there are some areas where improvement could be made – such as value for money, pro-activity, training and member communications."

The survey also found that pension funds rated their consultancies very positively. Depending on the type of service, between 44 per cent and 89 per cent said the service received was good or very good. No area of service was rated as poor or very poor by more than 14 per cent of respondents.

Over 70 per cent of DB schemes rated consultants as good or very good in terms of their understanding of the scheme, the performance of individual consultants, explanations to trustees, and written communications.

Similarly, over 70 per cent of DC schemes considered their consultants as good or very good with regard to scheme understanding, individual consultants, explanations to trustees, a suitable range of investment options, and manager appointments.

In a small number of areas, around ten per cent or more respondents gave poor or very poor ratings and less than half considered the service good or very good. For DB schemes these were value for money, pro-active advice, training, supporting dialogue with the sponsor, and value for money. For DC schemes these were value for money, communication materials with members and value for money.

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