The Bank of New York Pension Plan appoints Hymans Robertson for DC investment consulting
14 Sep 2018
Following a competitive tender, Hymans Robertson, the independent pensions and risk consultancy, has been appointed by the Trustees of The Bank of New York Pension Plan to provide Defined Contribution (DC) investment advice to its £450 million Plan.
The Trustees of the Plan were keen to appoint a consultant that could bring innovation to their approach and recognised the new thinking that Hymans Robertson offered. The Trustees will have access to Hymans Robertson’s award winning Guided Outcomes (GOTM) analytics technology. This will help them to develop a deeper understanding of membership dynamics within the plan and what they can do in practical terms to improve member outcomes and engagement.
Using this understanding of the Plan’s membership dynamics Hymans Robertson will undertake a comprehensive investment strategy review to ensure this meets the changing needs of the Plan membership.
Commenting on the appointment, John Johnston, Chair of the Trustees, The Bank of New York Pension Plan, says:
“When we undertook this review we were looking for a consultant to provide fresh ideas and a healthy challenge to the way in which we were working to evolve our investment strategy. The team at Hymans Robertson demonstrated that they can provide this to help us deliver the best possible outcomes for our members. We felt they would complement our Board’s expertise, particularly in their understanding of the need for changes to the strategic approach in the lead up to decumulation given the evolving pension landscape.”
Adding to this, Raj Shah, Head of DC Investment, Hymans Robertson, says:
“We are thrilled to be working with a Trustee Board that has a real appetite for innovation and a willingness to discuss and consider new ideas. We will be creatively developing new strategies that will improve members’ retirement incomes. By choosing to work with us, the Trustees will be working with a team that thrives on constantly reshaping their views and insights based on the latest pension developments to ensure that its thinking is at the forefront of the industry.”