In December, it will be three years since the Investment Consultancy and Fiduciary Management Market Investigation Order 2019 (the CMA Order) came into force for strategic investment objectives.

This order requires the trustees of defined-benefit (DB) pension schemes to do three things.

• Set strategic investment objectives for their investment advisers (IAs). This category includes both investment consultants and fiduciary managers;
• Review their IAs’ performance every 12 months; and
• Review the strategic investment objectives at least every three years.

Furthermore, recent guidance from the Pensions Regulator suggests that all Trustees who set objectives in December 2019 must have formally reviewed them at least once by 10 December 2022.

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