More can be done to ensure
that defined contribution (DC) pension fund members in the UK
receive the best services, believe a coalition of six leading
investment companies.
Backing their view, the
companies announced the formation of the Defined Contribution
Investment Forum (DCIF) at the National Association of Pension
Funds annual conference held in October.
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“The members of DCIF are
particularly concerned that the widest variety of investment
techniques and approaches for DC schemes are not being considered,”
commented Stephen Bowles, the DCIF’s chairman and head of DC
pensions at asset management company Schroder Investment
Management.
Bowles continued: “We believe
that at present there are many DC schemes which do not give this
variety to their members and that, unless DC schemes are encouraged
to change the way they invest, many scheme members may fail to
achieve their retirement goals.
“The DCIF believes DC schemes
should take action now, to reduce this likelihood.”
In its first initiative, the
DCIF is to produce a white paper that will focus on the lessons the
UK can learn from the more developed DC market in the
US.
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By GlobalDataIn addition to Schroder Investment, the founding members
of the DCIF are Baring Asset Management, Henderson Global
Investors, JP Morgan Asset Management, Standard Life Investments
and Threadneedle Investments.
