One-third (36%) of delegates at the Employee Benefits Pensions and Workplace Savings Summit 2012 have an active duty of care over the investment funds/strategy in the default fund(s) offered to staff.
A similar number leave this to their adviser or provider, while 15% said a member/staff committee is responsible.
In a panel discussion, Tim Middleton, technical consultant at the Pensions Management Institute, said employers should ensure funds align with staff demographics. “We need to get away from the tradition of people picking a default fund and never looking at it again,” he added.
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