Get to know Steve Delo
01 Jul 2023
Steve is the Independent Chair of the Trustee Board. He’s Chairman of PAN Trustees, an award-winning independent trustee firm, and a former President of the Pensions Management Institute. He has twice been named ‘Independent Trustee of the Year’ by Engaged Investor and in 2023 has been shortlisted for the ‘Pensions Personality of the Year’ award. He has chaired our Scheme since 2016.
How did you get into pensions?
In the late 1980s, I attended a graduate careers fair when I was leaving university and spoke to an organisation called Noble Lowndes – they had an entry programme to train in pensions management and it all went from there! I certainly never had a grand plan to join the pensions industry!
What does being a pension scheme trustee involve?
The ultimate responsibility for decision-making on a pension scheme sits with the Trustee Board, which is normally formed of a group of individuals drawn from the membership, the management of the sponsoring employer and, in my case, independent professionals who do the job for a living. The buck stops with the Trustee Board and it is our job to take the many decisions needed to keep the Scheme safe, ensure benefits are paid on time, invest the Scheme’s assets in an effective way and comply with regulatory requirements. The responsibilities have ballooned over the last decade, so there’s a lot to do!
What do you enjoy most about your role?
Working with the many different personalities that sit on trustee boards. There is often a real sense of purpose and great team dynamic, such as we have on the AA Pension Scheme trustee board.
What developments in the pensions industry are you most excited about?
I am probably more curious than excited, but the new government “Pensions Dashboard” initiative has the potential to be game-changing IF the considerable technological challenges involved in delivering it can be navigated. It’s quite a big IF – and is set to create a busy few years for the pensions management world. But pensions have lagged behind in the technology stakes and now is the time for modernising how people engage with their retirement savings.
What are your interests outside of pensions?
There never seems to be enough time for outside interests! However, I continue to attempt to play electric guitar with a weekly lesson that I always enjoy. Also, despite years of resistance from me, we now have a dog in the family who seems to be running the show. He’s brilliant fun.