Who? The most important decision of all

The decision to change a pension scheme's operating model is a significant one, and therefore requires a substantial upfront investment of time and resource to do the decision justice. However, as a fiduciary management appointment progresses, the reduced governance burden on the trustees acts to offset this initial time investment.

As well as being time-intensive, choosing which fiduciary manager to select can be difficult. There are many fiduciary management styles, and trustees need to decide which decisions to delegate.

Given these issues, there are a number of questions trustees should consider before deciding whether fiduciary management is right for their scheme and embarking on a selection process.

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