Formulating a journey plan for meeting funding goals and exploring different approaches to pension scheme management are the top priorities for UK pension scheme sponsors in 2011, a poll by SEI has discovered.

The survey questioned 40 executives overseeing pensions ranging from £15 million to more than £1 billion in assets. Three-quarters (75%) of all participants said creating a journey plan was a priority this year, with 56% of all responses stating this as a high or extremely high priority.

A journey plan was described as helping the organisation and the pension trustees manage risk while focusing on the necessary return targets to help the pension’s funded status.

The poll results also showed that 70% of participants will be examining their current approach to pension fund management and determining if changes or other options would be more suitable.

One major area of concern revealed by the survey was advisory costs. When looking to cut costs, more companies are looking at the fees being paid for strategic advice and whether or not that advice addresses the overall needs of the scheme.

It also found that 44% of all poll respondents consider the organisation open to including a fiduciary manager in the next selection process.

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