JP Morgan Asset Management has responded to the rising importance of defined contribution (DC) pensions in the UK by creating a new role to oversee the company's activities in this area. The company will promote Simon Chinnery from senior client adviser in the UK institutional team to the position of head of UK defined contribution.
“Defined contribution is no longer the elephant in the room but there is still a lot of work that needs to be done to develop the right propositions in this fast-growing and critically strategic market,” said Mike O’Brien, global head of institutional business.
Chinnery was interviewed by Funds Europe early this year about the challenges of providing investment services to members of DC pensions. “Most people would put their hands up to say they don't want to, or don't know enough to make their own asset allocation decisions,” he said.
“The key is how we translate [product innovation] into a language that is acceptable and motivational, from the employee's point of view.”
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