More than half of corporate pension trustees are men aged over 50, according to a survey by Hymans Robertson.
The consultancy found 82% of pension trustees in the UK are men and 54% are men aged over 50. A total of 42% are men aged between 51 and 60.
Overall the over 50s make up 60% of trustees while 12%, or one in ten, are under 40. Just 10% of trustees are women over 50.
Gail Paterson, partner at Hymans Robertson, says: “Pension trustees are influential figures who direct the investment of pension funds and aim to ensure that all scheme members are aware of the likely level of their retirement benefits throughout their working life.
“A proportion of the trustees are nominated by members themselves, so it is all the more striking that so few trustees represent the current make-up of the British workforce.
“The lack of young people currently occupying the role of pension trustee is particularly concerning, as they are particularly vulnerable to the effects of poor pension planning.”
The study also shows trustees regard decision-making, communicating and organising skills as essential to the role.
Paterson says: “Whilst older, more experienced people may be considered to have the edge in these areas, less experienced and younger workers should certainly see themselves as capable of taking on the role of trustee.”
To comment on this story contact:
Tel: 020 7034 2679
E-mail: [email protected]
Three years at Wells Fargo
Effective from 9 December 2019
One firm with permission suspensions left
Continuing the Architas education series for clients.
Needs to apply for authorisation