Trustees could "benefit" from working with a third-party evaluator who understands fiduciary management (FM) models, Capital Cranfield professional trustee and UK Power Networks head of pensions, Michele Hirons-Wood, has said.

Speaking at a session at the Pensions Age Autumn Conference, Hirons-Wood pointed out that trustees tend to go through the same thought process, regardless of whether they are instructing endgame or not.

She highlighted the diversity within the FM landscape: “The FM universe are all quite different, so I think it is really important to understand that the models with fiduciary managers are quite different.

“I think the most important at any stage of instructing an FM is being very clear about what you’re looking to achieve and what your objective is.

She said that clarity is needed when instructing a fiduciary manager, to “be very clear about what you want and what you’re looking for so when you go through the process.”

Hirons-Wood added that trustees must ensure their chosen fiduciary managers are aligned with the scheme’s goals and values, as this alignment would be “important” for long-term success.

“It is a partnership, a really trusted partnership, that is going to work with you for ideally quite a long time,” she concluded.

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