United Kingdom

Mapping the Trustee Landscape

Aon Hewitt has partnered with Leeds University Business School (LUBS) to research decision-making by pension scheme trustees.

'Mapping the Trustee Landscape’ is the first of three reports based on the research findings. It sheds light on aspects of trustee governance including financial literacy, attitudes to risk and social-demographics - all of which can influence investment decision-making.

  • A total of 197 mainly defined benefit (DB) trustees and scheme managers in the UK took part in the research.
  • We found that this group is highly educated and financially literate. 93% of the respondents correctly answered at least four out of five questions about key financial concepts.
  • We also asked respondents about their perceptions and understanding of costs and value, investment risk and return, manager selection and the role of bias.

The project is the first piece of major research to fully explore trustee decision-making. It builds on work Aon Hewitt completed in 2016 with Behave London, which led to The Aon Trustee Checklist, a practical tool designed to reduce decision-making bias in trustee meetings.

Download the report or learn more at our upcoming events.

Click here to download the report.

Aon Hewitt is committed to helping trustees improve their investment governance. Our research and tools in this field include:

Equity portfolios – follow your beliefs - different pension schemes require different approaches. This short paper shows that the key is to make your strategy accurately reflect your own beliefs - and your scheme well governed.
Mapping the trustee landscape – our research into how trustees make investment decisions, in conjunction with Leeds University Business School. .


Aon Hewitt Limited is authorised and regulated by the Financial Conduct Authority.

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