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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Debbie Lovewell-Tuck is a business journalist with 20 years’ experience specialising in pay, reward and HR. She joined Employee Benefits as a reporter in 2003, before becoming editor in 2015. Debbie is also responsible for editorial content across Employee’ Benefits events, including Employee Benefits Live and the Employee Benefits Awards, as well as hosting Employee Benefits’ webinars.View full profile
