The vast majority of pension fund trustees remain committed to their responsibilities despite the pressures of the credit crunch, says Aon Consulting.

86 per cent of the 117 trustees of defined benefit (DB) pension schemes of various sizes polled by the consultancy giant said they were determined to remain in their role. The firm also found that only three per cent of trustees had reconsidered their positions due to the financial crisis.

Ninety-one per cent were concerned by the impact the turmoil had had on their scheme, with 52 per cent saying they were 'very concerned'. However, those who were newer to their role as trustee expressed greater fears about the impact of the economy than those with a decade's worth of experience.

Of those with under two years' experience in the role, 58 per cent were 'very concerned', compared to 23 per cent of those with over ten years' experience saying they remained 'neutral' on the economy's impact.

Milan Makhecha, consultant and actuary at Aon Consulting, commented: "The current crop of lay trustees are a hardy bunch who will not allow mounting challenges to obstruct their duty to do what's best for both current and future pensioners.

"Recent events have added to the complexities of their role, including the need to monitor employer covenants and funding levels and deciding whether to ask for more cash from struggling sponsors. Our survey shows that, despite these challenges, lay trustees remain calm and focused on steering their schemes through volatile times."

- Pensions Age March 2009

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