Separate surveys from Mercer Human Resources Consulting and JPMorgan Fleming indicate that pension s...
Separate surveys from Mercer Human Resources Consulting and JPMorgan Fleming indicate that pension schemes are definitely moving towards adopting the Myners principles ahead of the Government's review of the issue due to start this month.
Mercer says its survey of 500 pension schemes representing assets of £78bn has found that most are well on their way to implementing the Myners Code of Best Practice.
The consultant says its figures support the findings of another survey published by the NAPF recently, which covered 100 of the association's members.
Mercer says 92% of funds with more than £25m in assets have held discussions about the implementation of the principles.
About 35% of all funds in the survey have already acted to strengthen their "statement of investment principles".
More than half of trustee boards surveyed already have had or are committed to training that will help them formulate a plan for incorporating the Myners principles, Mercer adds.
JPMF's survey looked at 350 pension funds, representing £364bn worth of assets.
It says the proportion of pension schemes reviewing the way they invest in light of Myner's report reached 30% in 2002, up from 21% in 2001.
However, it adds that although there is movement on the principles advocated, it does not necessarily follow that investment in equities funds will increase.
The number of schemes saying that they expect Myners to result in an increase in equity investments actually fell last year, along with the stockmarket.
And only 15% of schemes believe Myners will lead to an increase in hedge fund investments, JPMF says.
Paul Myners' review, published in 2001, looked at institutional investment in the UK, and called for the implementation of better principles of investing on the part of occupational pension schemes.
He also recommended a review of retail savings, which later led to the Sandler Review.
The government is committed to a review, starting this month, which will determine whether institutions are adopting the Myners principles fast enough, or whether more legislation is needed to force the pace of change.
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