Macmillan Cancer Support has appointed Ernst and Young to oversee the investment decisions made by its defined benefit (DB) pension scheme’s fiduciary manager.
The appointment was made in conjunction with Pitmans Trustees. It will see the actions of the fiduciary manager, MN Services, monitored and challenged.
Melanie Cusack, chair of the trustees at Macmillan Cancer Support, said: “The appointment of an investment ‘gatekeeper’ aims to enhance the governance of the Macmillan Cancer Support pension scheme by bringing about more robustness and scrutiny around the decision-making.
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“We continue to see the governance benefits of fiduciary management and this is one step further in our continuing strive for good governance.”
Iain Brown, pensions partner at Ernst and Young, added: “Fiduciary management is still deemed fairly new to the UK, and independent selection and monitoring is crucial when considering that some of the major investment
strategy decisions are being delegated.”
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