Retirement workflows
A trustee board is not buying a fund. It is approving a decision it will have to defend in five years.
Which is why retirement distribution is slow: every scheme asks the same 140 questions in its own format, and each answer has to be true on the day it is read. The co-workers answer from the fund record rather than from the last deck, mark what only a person can answer, and leave behind an evidence file the trustees can rely on later.
Schemes in diligence
17
11 UK LTAF · 6 US DC CIT
Members represented
1.94m
across those 17 schemes
DDQ answers from record
94%
6% need a named person
Packs due this week
3
two drafted, one waiting on data
Diligence cycle
9 days
was 6 weeks
A.Schemes in diligence — where each one actually is, not where the pipeline says it is
Stage is derived from the evidence that exists, so a scheme cannot be marked ready while an answer is still open.
| Scheme | Members | Vehicle | Stage | What it is waiting on | Next date | Progress |
|---|---|---|---|---|---|---|
| Northern Counties Pension Scheme | 41,200 | UK LTAF | DDQ | two answers only the CIO can give | 19 Sep | 96% |
| Meridian Group Retirement Plan | 128,000 | US DC CIT | IC review | recordkeeper unit-value file spec | 2 Oct | 61% |
| Calder Universities Superannuation | 86,400 | UK LTAF | Approved | nothing — allocation confirmed at 6% | 2 Nov | 100% |
| Harbour Local Government Pool | 312,000 | UK LTAF | Trustee pack | stress illustration, cleared version | 26 Sep | 78% |
| Ardent Manufacturing 401(k) | 19,700 | US DC CIT | Scoping | consultant introduction scheduled | 14 Oct | 22% |
| Pennine Retail Master Trust | 204,000 | UK LTAF | IC review | independent adviser questions, 4 open | 30 Sep | 54% |
Due diligence questionnaire
140 questions, in the scheme's own template. Drafted in 40 minutes.
answered from the prospectus and terms register
includes gate mechanics and the daily estimate basis
operating controls mapped to the FCA commitments
two require a judgement, not a record
The two only a person can answer
How would the manager expect the portfolio to behave in a repeat of the 2022 gilt episode, given this scheme's cashflow profile?
assigned to D. Kaur, CIO private credit — draft prepared from the 2022 stress file
Will Apollo commit to the current fee basis for the full five-year initial term?
assigned to commercial — outside the co-worker's authority to answer
Portfolio fit against what they hold today
Built from the scheme's own default-fund holdings, not a generic comparison.
| Measure | Today | + 8% LTAF |
|---|---|---|
| Running income | 4.10% | 4.48% |
| Duration | 6.2 yrs | 5.1 yrs |
| Correlation to gilts | 0.86 | 0.71 |
| Dealing on the sleeve | Daily | Monthly |
| Valuation cadence | Daily | Daily est. |
| Total cost | 0.14% | 0.31% |
The honest trade is stated first: 38 basis points of income and lower correlation, in exchange for monthly rather than daily dealing on that sleeve. The stress illustration behind this figure assumes a redemption gate in the second quarter.
Escalations
Harbour trustees asked for a stress illustration. No cleared version exists for trustee use.
Compliance — L. Okafor · due 26 Sep
Meridian's recordkeeper cannot accept a daily unit value in its current file format.
Operations — J. Whitfield · due 2 Oct
Pennine's independent adviser has four questions on secondary liquidity provision.
Product — A. Reyes · due 30 Sep
Member and adviser education
Drafted from the same record as the diligence answers, so the two can never disagree.
- What semi-liquid actually means, for memberscleared
- Trustee briefing — valuation and daily estimatescleared
- Adviser guide — private credit in a default fundin review
- Stress illustration for trustee usedrafting
Nothing here reaches a member until compliance clears it. The co-worker writes the draft and the queue; it never presses send.