Sharing responsibility forpension fundperformance

The defined contribution scheme provider's role as hirer and firer of the asset managers is changing as DC schemes become the norm rather than the exception. The role will clearly vary according to the trustees' requirements, which, in turn, will dictate how the responsibility for performance is shared between the provider, trustees and scheme members. At its most basic, a DC scheme with external managers can leave the entire choice to the scheme members. All the provider does is to offer a link and, although it is in everyone's interests that these managers remain competitive, the provid...