What does good pension scheme performance look like?

When assessing pension scheme performance, the familiar question ‘what does good look like?’ is particularly apt. Having spent many years evaluating investment performance in asset management, I am clear on one principle: performance must be judged against objectives. For an investment manager running a mandate or fund, the objective may be relatively simple: outperform a specified benchmark. That makes assessment, if not achievement, straightforward. Even then, implicit objectives may matter, such as performance relative to peers. Pension trustees face a more complex...