Don’t miss out – Dividend Season is almost here!
By Benjie Fraser
19 January 2026
As a pension fund trustee, you juggle many responsibilities—data accuracy, compliance, cybersecurity, scheme wind-up, de-risking, personal liability, funding, and investment risk. But one priority stands above all: delivering better outcomes for your members.
Here’s the question: What if there was a simple solution that could unlock incremental gains and boost performance—without adding risk? All it takes is building a bridge to that solution.
Why does this matter? Because ignoring proven solutions already in the market isn’t just a missed opportunity—it’s a reputational risk. Trustees know that even small improvements—1% here, 1% there—compound into significant gains for your fund.
Think about this:
Extra cash at minimal risk can boost performance and help cover investment manager costs.
It can offset custody fees, reducing expenses.
It adds a new source of returns, improving efficiency—especially when traditional investments underperform.
More liquidity strengthens financial markets, benefiting everyone.
This isn’t optional—it’s an obligation for trustees and all of us in financial markets.
Better member outcomes mean actively seeking existing solutions and encouraging your partners to bridge to a better place.
The Missed Opportunity
The industry has overlooked billions in potential gains from voluntary corporate actions. With dividend season approaching, many teams default to cash dividends on scrip elections—a choice proven to be sub-optimal often over 50% of the time - thereby significantly reducing yields.
Scorpeo data confirms the missed value:
Close to $1 billion lost annually on scrip dividends
$10+ billion estimated across all voluntary corporate actions
The Bridge Is Here
Euroclear's Cash+®, launched in partnership with Scorpeo , offers a third option beyond cash or stock. Cash+ acts as a safety net, ensuring investment teams capture maximum value—even when they don’t actively elect.
Electing for Cash+ and maximising the value available couldn’t be easier. As a trustee myself, I have to ask why my custodian isn't doing this already and making Cash+ the default on optional dividend elections. This question should certainly be posed by your advisors and appear in your custodian RfPs.
Learn more: Euroclear Cash+
Let’s talk about what this means for your fund and your members—their outcomes remain your top priority. Email me at benjie.fraser@scorpeo.com.
DON’T MISS OUT—DIVIDEND SEASON IS ALMOST HERE! More insights: www.scorpeo.com
Benjie Fraser is an Advisor to Scorpeo on Asset Owners. He was previously European Head of Asset Owners at State Street and Managing Director, Pensions at both JP Morgan and Bank of New York. Benjie is an active commentator on industry issues including responsible investing, fiduciary management and public fund consolidation.