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A good DC fiduciary is no coward

The defined-contribution system needs to switch its focus from accumulation to income. This means breaking away from traditional approaches – something most fiduciaries lack the courage to do.

How the UK’s MNOPF got on course

Rory Murphy, chair of the Merchant Navy Officers Pension Fund, recounts the scheme's journey to delegating investment decisions and says being a good trustee is all about steering the ship.