Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Retirement Income Conference
    • 2022 Managing Pension Risk & Liabilities
    • 2022 WorldPensionSummit
Breadcrumb
  1. Home
  2. PENSION FUNDS
May 04, 2020 12:00 AM

Execs address practical challenges of working remotely

Videoconferences are the rule of the day as meetings go virtual

Sophie Baker
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    David Rae
    David Rae said a small child or family pet sometimes would pop up during a meeting.

    Pension fund trustees are not just being tested by investment challenges amid the coronavirus pandemic, but also by practical challenges due to lockdowns.

    Despite the majority of U.K. and U.S. employees working from home where feasible, pension fund meetings have gone on — albeit in a virtual manner.

    Investment consultants said they have found the majority of trustees able to adapt to this virtual world, meeting over the internet and videoconferences instead of around a boardroom table.

    "We're still having meetings virtually. Many different videoconferencing tools are being used" such as Zoom Video Communications and Microsoft Teams, said James A. Callahan, San Francisco-based president of Callan LLC.

    David Rae, head of strategic client solutions at Russell Investment in London, agreed. "Investment and trustee meetings have transitioned almost seamlessly to the current remote way of working. Meetings have worked very well with videoconferencing technology. The occasional appearance of a family pet or small child has been an addition to many trustee meetings!"

    In recent weeks, many U.K. and U.S. funds had planned trustee board meetings. One by one, those meetings were either canceled or replaced with virtual conferences.

    The $11.1 billion Public School Teachers' Pension & Retirement Fund of Chicago acted fast to prepare for the challenges presented by the changing COVID-19 scenario.

    "The new normal presents a set of difficult issues and serious health and financial risks that are unique," said Charles A. Burbridge, executive director. "We immediately prioritized the health and well-being of our members and staff, the continuation of business operations, and protecting the economic well-being of members, pensioners and beneficiaries."

    Next up was to communicate, setting up a coronavirus-related update page on the website. And then the fund's in-person trustee board meetings for March and April were canceled.

    "A historic special meeting" was held March 31, via audio and videoconference, Mr. Burbridge said. "State law would not have permitted such a meeting absent the executive order in response to the pandemic," he said. The meeting was a success, with "action (taken) on several investment items. It was important to move ahead with this meeting to demonstrate that the business of the fund could be conducted in an open and transparent manner, without interruption during these adverse times," he said.

    U.K. local government pension scheme funds received guidance from the government to help them to continue to work. The Ministry of Housing, Communities and Local Government published on April 6 new virtual meeting regulations.

    "The regulations on meetings will enable essential decision-making to continue whilst upholding democratic principles and enabling all to comply with the public health guidance," an accompanying letter to administrating councils said.

    Executives at the £23.8 billion ($29.7 billion) Greater Manchester Pension Fund, Manchester, deferred its March 26 meeting while waiting for the regulations to be published, said a statement provided by a spokesperson for Tameside Metropolitan Borough Council, the administering authority.

    The pension fund panel held an April 17 meeting via webcase.

    ‘Being vigilant'

    As well as paying benefits, providing bereavement services and administrative functions, executives are "being vigilant and making sure members are not rushed into any financial decisions as during these uncertain times they could be targeted by scammers advising them to transfer their pension," the statement said.

    To ensure any liquidity needs for paying benefits can be met, the pension fund retains around £200 million of "working capital," meaning executives do not need to boost cash through asset sales.

    More than 95% of fund employees have transitioned to working from home, and the senior management team meets by conference call daily, the statement added.

    Executives at the £30 billion Brunel Pension Partnership, Bristol — an LGPS pool — are meeting via videoconference. "Being a relatively new company, Brunel has flexible IT structure, which allows us to be agile and protect our team as well as continue operations in a business-as-usual capacity," said a statement provided by a spokesman.

    No investment decisions based on the impact of the coronavirus have yet been made, but executives "are continually assessing the impact of the crisis on our investment decisions."

    Despite the challenges of remote working, executives are also "satisfied that our governance structures are functioning effectively," the statement said.

    And for the £2.9 billion Suffolk Pension Fund, Ipswich, England, "the governance structure is being maintained remotely with access to materials from home," a spokesman said.

    A March 31 meeting was canceled, and executives "are looking at the best way to host virtual meetings at present and will begin to do so from start of May. The next scheduled date is June 1 so we may look to arrange a virtual meeting date in May or hold over discussions until the June meeting."

    No investment decisions have yet been made as a result of COVID-19, the spokesman added.

    Related Articles
    More U.K. funds likely to steer toward OCIOs
    No easy answer to question of who is ‘essential’ staff
    Empower affirms no layoffs amid coronavirus pandemic
    Recommended for You
    PRINT_180419916_AR_0_XLJYAJRGZSKN.jpg
    MassPRIM chief strategy officer departs
    close-up of japanese currency
    Japan's GPIF records 5.4% gain for fiscal year amid tumultuous markets
    Murphy_Phil_i.jpg
    New Jersey budget includes $6.8 billion pension contribution
    ESG: Sustainability - Gaining Momentum
    Sponsored Content: ESG: Sustainability - Gaining Momentum

    Reader Poll

    June 6, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Nearing the finish line: Ideas on end-state investing for corporate DB plans
    The Meaning of "Portfolio Intelligence"
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Crossroads: Politics, Inflation, & Bonds
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    June 20, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Retirement Income Conference
      • 2022 Managing Pension Risk & Liabilities
      • 2022 WorldPensionSummit