LawDeb Pension Trustees client Royal Mail DC Plan wins at the P&I World Pension Summit Innovation Awards

09 November 2018

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The P&I WorldPensionSummit Innovation Awards recognise best practice among pension plans and funds worldwide. This year saw Ben Piggott, Secretary to Trustees pick up the Investments award for The Royal Mail DC Plan.

Royal Mail DC Plan has been a LawDeb pensions client for over 5 years  with Michael Chatterton, LawDeb Pension Trustees’ Managing Director representing LawDeb as Chair of the trustee board.

The background to this win was detailed by the awards committee: To help members get the best of pension freedoms and better appreciate their pensions, the Trustees of the Royal Mail DC Plan re-examined their strategy across investment, communication, administration and governance. They redesigned benefit statements, so members could make better choices and understand the value of their contributions. They were changed to reflect what members would need to save for a comfortable retirement, and were guided towards saving 15%, including employer contributions and tax relief, by making the highest contribution tier the default.

The investment strategy was tailored to suit manual workers unlikely to work beyond state pension age, and therefore included absolute return bonds in the default strategy. They gave guidance as close to advice as regulation allows, so members felt supported and well-informed. Entrenched in the industry is a risk-averse approach to guiding members. Royal Mail DC Plan sets a benchmark for the levels of communication and insight into members’ needs with regard to investment strategies that other plans can follow.

Michael Chatterton commented on the win

“It is very gratifying that the innovative work of the Trustee board and a supportive Sponsor for the benefit of the members is recognised in this way.”

 

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