For Trustees of DC Schemes or DB AVCs

We would like seek your help in understanding how trustee boards are dealing with the issue of the security of members’ assets.  So the following survey is to be completed by Trustees of DC Occupational Schemes or DB Schemes with AVCs.

The Pensions Regulator states in its Code of Practice 13 for DC schemes that:

“The law requires trustees to give due consideration to asset protection and to understand what would happen in the event of a problem. Given the complexity of this area, we expect trustee boards to assess the extent to which, and in what circumstances, any loss of scheme assets might be covered by indemnity insurance or similar arrangement, or a compensation scheme such as Financial Services Compensation Scheme, and to communicate the overall conclusion about the security of assets to members and employers”

The following questions seek to explore how trustee boards are dealing with this issue and where the main challenges lie. It has been compiled to inform the cross-industry Security of Assets Working Group within which the AMNT plays an active role together with some of our sponsors.

* 1. Does your scheme include (tick as applicable)

* 2. What is the approximate value of your scheme's assets under management within the following areas (£m)?

* 3. In running your DC and/or AVC investments do you mainly

* 4.   What have you done to help you understand the issues in relation to the security of members’ assets (please tick all that apply)? 

* 5. Within the last 18 months (since the latest DC code was introduced) has your trustee board considered the specific security of your members' DC assets in the event of the failure of your fund or platform providers? (Tick one answer)

* 6. Following your investigations, do you believe you have a clear understanding of the structure of the funds you offer to members and the protections that are in place?

* 7. Does your scheme require or have in place? (Tick one or both or none)

* 8. Who has helped you with your assessment of the security of your members’ assets (please tick all that apply)?

* 9. How have you communicated to your members to date the position regarding security of their assets (please tick all that apply)?

* 10. How often do you plan to review the security of your members’ assets?

* 11. Do you believe there needs to be more clarity from the main industry bodies on the levels of protection offered to members for different types of investment funds/scheme structures?

* 12. Please make here any additional comments you consider relevant

* 13. OPTIONAL  - If you wish please leave here your name, email and scheme if you would like us to add you to a related mailing list (future briefings, seminars etc)

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