Macmillan Pension Scheme and Pitmans Trustees appoints Ernst & Young Pensions as investment ‘gatekeeper’

The Trustees of the £29 million DB Macmillan Cancer Support Pension Scheme, chaired by Pitmans Trustees Limited (PTL), a leading independent trustee and governance services provider, have appointed Ernst & Young Pensions as investment ‘gatekeeper’. Ernst & Young will be responsible for monitoring and challenging the decisions and actions taken by the Scheme’s fiduciary manager, Mn Services. This appointment, which followed a thorough selection process, will help provide independent scrutiny and oversight in an area where levels of delegated decision-making can be high.

Melanie Cusack, Chair of the Trustees, 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. 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 & Young, said: "We are really pleased to have this opportunity of working with both Macmillan and PTL. Fiduciary management is still deemed fairly new to the UK and independent selection and monitoring is crucial when you consider that some of the major investment strategy decisions are being delegated. Although new, fiduciary management is a rapidly growing area and Ernst & Young aims to be the leader in providing selection and monitoring services."

Contacts:

Melanie Cusack, Pitman Trustees Limited, 0118 957 0246

Iain Brown, Ernst & Young, 0207 951 7546

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