Pension plans have to put fiduciary management services out to tender

Pension plan trustees appointing a fiduciary manager for at least 20% of their plan assets will now need to run a competitive tender process. For our more in-depth article, click here.

The Investment Consultancy and Fiduciary Management Market Investigation Order 2019 requires that:

  • trustees wishing to delegate investment decisions for 20% or more of their plan assets must run a competitive tender process when first purchasing fiduciary management services,
  • trustees who have already appointed one or more fiduciary managers for at least 20% of their plan assets without undertaking a tender process must put the service out to tender within 5 years, and
  • fiduciary management firms have to provide potential new customers with more information on their fees and performance to allow them to compare service providers, as well as providing more information on their fees to existing clients.



Gavin Ellison