Statement of Investment Principals 30 September 2019 - Flipbook - Page 10
7 Review and Monitoring
Frequency of Review
The Trustee will review this Statement at least every three years or if there is a
significant change in the Scheme’s circumstances or the regulations that govern
pension scheme investment.
The Trustee employs BBS to assist it in monitoring the performance of the Scheme’s
investment strategy and Investment Managers.
The Trustee receives quarterly reports from the Investment Managers and meets with
their representatives periodically to review their investment performance and
The Trustee and BBS will monitor the Investment Managers’ performance against their
The appropriateness of the Investment Managers’ remuneration will be assessed
relative to market costs for similar strategies, the skill and resources required to
manage the strategy, and the success or otherwise a manager has had in meeting its
objectives, both financial and non-financial.
The Trustee expects the Investment Managers to change underlying holdings only to an
extent required to meet their investment objectives. The reasonableness of such
turnover will vary by fund and change according to market conditions.
The Trustee therefore does not set a specific portfolio turnover target for its strategy or
the underlying funds.
The Investment Managers provide information on portfolio turnover and associated
costs to the Trustee so that this can be monitored, as appropriate.
The Trustee will consider on a regular basis whether or not the Investment Managers
remain appropriate to continue to manage the Scheme’s investments.
The Investment Managers will supply the Trustee with sufficient information each
quarter to enable them to monitor financial and non-financial performance.
30 September 2019
On behalf of the Trustee of the Morrison CARE Pension Scheme