Always a Pensions Angle

Sunny in Fife, cloudy on salary sacrifice

Mon, 06 Apr 2026 05:00:00 GMT

The LGPS pooling deadline has passed - so what happens now? Tom and Nick dig into the practical reality of asset transitions, the government's firm stance on salary sacrifice, and whether concessions on mandation might be quietly in the works. Plus, a look at what Australian superannuation can (and can't) teach the UK.

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LGPS Interviews Special: Nick Dixon

Wed, 25 Mar 2026 16:00:00 GMT

Welcome to the final episode of a special, five-part series Always a Pensions Angle is running in partnership with The Fiftyfaces Podcast. In this series, we will hear from five leading figures from across the LGPS ahead of March 31st.

In this episode, The Fiftyfaces Podcast host Aoifinn Devitt sits down with the Avon Pension Fund's Head of Pensions Nick Dixon.

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Pension Schemes Bill Special with shadow pensions minister Helen Whately MP

Fri, 20 Mar 2026 14:00:00 GMT

Yes, that's right, another special episode of the podcast - oh you lucky things. This time out you join the team as they negotiate their way around the Houses of Parliament on the day that the Lords voted to remove the mandation clause from the Pension Schemes Bill.

One of the most vocal voices against mandation in the halls of Westminster has been the shadow pensions minister Helen Whately, and she sat down with Nick and Tom ahead of the Lords vote to discuss her opposition to mandation. We also discuss government overreach and the triple lock.

Plus, Nick and Tom take you into the Strangers Gallery of the House of Lords to witness the vote unfold in real time - and find out what happens next as the bill heads back to the Commons.

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LGPS Interviews Special: Richard Tomlinson

Wed, 18 Mar 2026 16:00:00 GMT

Welcome to the fourth of a special, five-part series Always a Pensions Angle is running in partnership with The Fiftyfaces Podcast. In this series, we will hear from five leading figures from across the LGPS ahead of March 31st.

In this episode, The Fiftyfaces Podcast host Aoifinn Devitt sits down with LPPI's Chief Investment Officer Richard Tomlinson

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Always a Pensions Angle: Live from Edinburgh!

Fri, 13 Mar 2026 06:00:00 GMT

In this special edition of the Always a Pensions Angle podcast, Nick and Tom give us the lowdown on all the biggest stories to come out of the recent Pensions UK Investment Conference in Edinburgh.

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It's Still Not Your Money

Mon, 09 Mar 2026 06:00:00 GMT

Reform UK's sovereign wealth fund ambitions for the LGPS prompt a bigger question - does the outside world really understand what the scheme is and what it already does? That gets a proper airing, alongside some thorny questions about professional trustee appointments and a DWP consultation on governance. The Pension Schemes Bill is back too, naturally. Oh, and a trainee guide dog has thoughts on the mandation clause.

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LGPS Interviews Special: Clair Alcock

Wed, 04 Mar 2026 16:00:00 GMT

Welcome to the third of a special, five-part series Always a Pensions Angle is running in partnership with The Fiftyfaces Podcast. In this series, we will hear from five leading figures from across the LGPS ahead of March 31st.

In this episode, The Fiftyfaces Podcast host Aoifinn Devitt sits down with Clair Alcock, Board Secretary of the LGPS Scheme Advisory Board

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LGPS Interviews Special: Peter Wallach

Wed, 25 Feb 2026 18:00:00 GMT

Welcome to the second of a special, five-part series Always a Pensions Angle is running in partnership with The Fiftyfaces Podcast. In this series, we will hear from five leading figures from across the LGPS ahead of March 31st.

In this episode, The Fiftyfaces Podcast host Aoifinn Devitt sits down with Merseyside Pension Fund's Director of Pensions Peter Wallach

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Whose Job Is It Anyway? Pension regulation, market oversight, and the forgotten workforce

Mon, 23 Feb 2026 06:00:00 GMT

One of the pensions world's more stubborn headaches gets a proper airing - does it actually make sense to have both the FCA and TPR overseeing pensions? From there the conversation turns to a new global report and some uncomfortable questions about whether gig economy workers are being left behind on retirement saving. Oh, and two people who have clearly never considered the finer points of skeleton racing attempt to find a pensions angle from the sport. It goes about as well as you'd expect!

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LGPS Interviews Special: Trevor Castledine

Wed, 18 Feb 2026 18:00:00 GMT

Welcome to the first of a special, five-part series Always a Pensions Angle is running in partnership with The Fiftyfaces Podcast. In this series, we will hear from five leading figures from across the LGPS ahead of March 31st.

In this first episode, The Fiftyfaces Podcast host Aoifinn Devitt sits down with LGPS Central's Chief Client and Advisory Officer Trevor Castledine.

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Pool Power, Pension Gaps, and Political Promises

Mon, 09 Feb 2026 06:00:00 GMT

Fresh from the LAPF Strategic Investment Forum (and a close encounter with aggressive geese), Tom explores LGPS governance challenges and the advice accountability dilemma. Nick tackles the gender pensions gap, trustee diversity initiatives, and why politicians paying lip service to pension campaigns always comes back to bite them.

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Probing Amendments and Panglossian Optimism

Sun, 25 Jan 2026 06:00:00 GMT

Nick reports from wet and windy Scotland (with trainee guide dog Jenny) as the duo dissect the Pension Schemes Bill's journey through the House of Lords. From LGPS forced consolidation powers to DB surplus negotiations and fiduciary duty debates - will the government's reassurances be enough? Pour a coffee and find out.

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New Year, Same Bill

Mon, 12 Jan 2026 06:00:00 GMT

Nick and Tom shake off the Christmas cobwebs as the Pension Schemes Bill faces serious Lords scrutiny. Plus: The LGPS grapples with Fit for the Future timescales, and we talk bulk annuities.

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The 2025 Review: Bells, Bills and Brunel

Mon, 22 Dec 2025 06:00:00 GMT

Pour yourself some mulled wine and settle in as Nick and Tom dissect the wildest year in pensions for ages. They tackle the Pension Schemes Bill's many moving parts, explore the dramatic LGPS pooling reorganisation, and debate the merits of last-minute Christmas shopping. From mega funds to local investment mandates, value for money frameworks to defence spending controversies - it's pensions, politics, and festive cheer. What more could you want?

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Budget Leaks and Legislative Tweaks: Your Guide to a Chaotic Couple of Weeks

Mon, 08 Dec 2025 06:00:00 GMT

What a week for pensions policy! Nick and Tom are back for Episode 2, and there's a LOT to unpack.

Fresh from the Pensions Expert Annual Conference at Pennyhill Park (where everyone finally "got" pension dashboards), the team tackles two massive stories: the Pension Schemes Bill's third reading AND the Autumn Budget.

We cover plans to modernise fiduciary duty and what it means for domestic investment, the OBR leak that led to Richard Hughes' resignation, and what the budget actually delivered: salary sacrifice caps, PPF pre-1997 indexation wins, and LGPS stamp duty relief.

Plus: why your rugby club mate thinks their pension is doomed, Tom's absolute nightmare journey to Wales involving cancelled trains, a broken phone, and Bristol Parkway (which is definitely not in Newport).

Oh, and Jenny the trainee guide dog makes her podcast debut with strong opinions on anything chewable.

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Rumours, Reversals… and a Really Big Budget

Mon, 24 Nov 2025 06:00:00 GMT

Welcome to Always a Pensions Angle – the podcast where Thomas Parker and Nick Reeve break down the biggest news stories of the day and uncover what they really mean for pensions.

In this first episode, they explore why the upcoming Budget has triggered so much speculation, diving into the political pressures, the rumours around income tax and National Insurance, and the growing debate over capping salary sacrifice. With clear, candid analysis, Tom and Nick highlight the key pension implications to watch as Budget day approaches.

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Introducing: Always a Pensions Angle

Mon, 17 Nov 2025 06:00:00 GMT

Introducing Always a Pensions Angle. Join Pensions Expert's Nick Reeve and LAPF Investments' Thomas Parker as they dissect the biggest stories in the world of pensions.

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Should pension schemes invest in biodiversity?

Tue, 06 Dec 2022 10:49:27 GMT

Podcast: Biodiversity is a nascent theme for environmental, social and governance-focused investors, offering pension schemes the opportunity to invest for good and diversify their portfolios. Should pension schemes allocate capital towards this space? Newton Investment Management head of sustainable investment Therese Niklasson and NatureAlpha founder Dr Vian Sharif discuss biodiversity and pension scheme investment.

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2023 – Navigating Uncertainty

Mon, 05 Dec 2022 15:24:10 GMT

Podcast: The war in Ukraine, inflation and slowing global growth have sparked uncertainty over the global economy. More than ever, investors will need to understand the drivers that will influence markets over the coming year. Listen to this podcast to gain insight on the outlook for 2023 and how to approach specific asset classes from John Mullins, PIMCO product strategist.

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The Africa COP

Wed, 30 Nov 2022 13:15:46 GMT

Ahead of this year’s UN climate conference, discussions over the responsibility of the world’s richest countries towards developing economies have intensified. Emerging markets’ contribution to climate change is minuscule, but they are disproportionately hurt by its effects. Think of the catastrophic droughts, floods and hurricanes directly linked to man-made climate change that have crashed infrastructure and cost lives and livelihoods across developing countries.

With COP27 being hosted by Egypt, and African governments increasingly pushing back against requests to keep fossil fuels in the ground (as this would slow economic growth), will there be new solutions on the negotiation table? Will this be the Africa COP?

Silvia Pavoni chats to James King, one of our correspondents who has recently written about Africa, and to Gillian Marcelle, a development finance expert with sanguine views on the urgency of the issue - and on how to fix it.

You can read James’s deep-dive here: https://www.sustainableviews.com/african-governments-push-to-close-the-climate-funding-gap/

This is Gillian’s opinion piece on sustainable finance: https://www.sustainableviews.com/sustainable-investment-is-a-first-world-option/

Here are the views of the Net-Zero Asset Owner Alliance chair Guenther Thallinger: https://www.sustainableviews.com/blended-finance-has-its-time-come/

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Sadiq Khan on sustainable cities, finance – and COP

Tue, 29 Nov 2022 16:17:25 GMT

London mayor Sadiq Khan wants more power and financing for cities so they can deal with and find solutions to climate change. Cities, after all, are responsible for over two thirds of emissions and local administrations, says Khan, are seen as the “doers”, while national governments are the “delayers”. He thinks that mayors should be part of the UN climate conference negotiations. In fact, COP27, which is wrapping up in Sharm el-Sheikh this week, will be the last without cities at the table. Does he have a point?

Hear what Khan told Sustainable Views and what our correspondent Philippa Nuttall makes of his green leadership for London as she talks to Silvia Pavoni, your host.

Read Philippa’s article on why cities struggle to go carbon neutral: https://www.sustainableviews.com/why-cities-are-struggling-to-go-carbon-neutral/

Find out more about Sustainable Views, here: https://www.sustainableviews.com

And request a free trial to access all our content, here: https://survey.ft.com/jfe/form/SV_9RGu5ktcIREwMLA?_sp=3bd6bfcc-af1c-4833-b73e-3f4913d4dab7.1668705958866

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Was the Bank of England right to intervene during the LDI crisis?

Thu, 24 Nov 2022 15:39:57 GMT

Was the Bank of England right to intervene in gilt markets in the autumn, as hell broke loose across markets? Cartwright director of investment consulting Sam Roberts makes the case against the central bank’s bond-buying programme. The Lang Cat director of public affairs Tom McPhail, meanwhile, shares his thoughts on the Autumn Statement and the future of the triple lock.

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Sustainable Views: How to speak ‘ESG’

Tue, 15 Nov 2022 12:08:42 GMT

Silvia and Alison Taylor of NYU Stern School of Business look into the language of sustainability and find it still has a pretty loose grammar and highly convoluted syntax. Most native speakers do not even agree on a common interpretation of environmental, social and governance factors. The good news is: more of us are trying to learn this language. And Alison shares a few tips on how she teaches it too.

In the show, Alison mentions a piece she’s written for Sustainable Views. You can find it here https://www.sustainableviews.com/incentivising-esg-what-does-it-really-take/

To read more of our articles on ESG policy and regulation, you can register for a free trial here https://survey.ft.com/jfe/form/SV_9RGu5ktcIREwMLA

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What challenges do different asset classes pose for ESG investment?

Wed, 09 Nov 2022 10:28:15 GMT

Philip Shucksmith, a portfolio manager in Newton Investment Management’s real return team, and Martina Macpherson, head of ESG product management within the Financial Information Business Unit at SIX, discuss pension schemes and their path to net zero, debating how green investment in different asset classes works, along with the question of labelling so-called 'green' assets.

This podcast is sponsored by Newton Investment Management.

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Exploring Fixed Income Opportunities In Uncertain and Volatile Times

Wed, 02 Nov 2022 10:37:26 GMT

The current political and financial climate has made fixed income markets volatile and uncertain around the world. However, taking an active approach may help build resilience to potential headwinds while gaining greater exposure to the opportunities that arise.

Listen to this podcast to gain insight from Gordon Harding, PIMCO fixed-income strategist on the current climate and what to potentially expect in the coming months.

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Trailer: Sustainable Views, the podcast

Mon, 24 Oct 2022 12:02:11 GMT

Confused about sustainability? You’re not alone. Environmental, social and governance factors, or ESG, are increasingly a headache for business, finance and world leaders alike. Now even policymakers are creating rules to govern this space. It’s hard to keep up and make sense of it all. So let us help you by sharing some of the most interesting views shaping this space. Join your host, Silvia Pavoni, as she talks to the people living and breathing sustainability – and a few critics too. (We can’t promise this will be a completely jargon-free space, but we shall try!)

Want to talk to us directly? Email sustainable.views@ft.com. Want to find out more about Sustainable Views? Visit www.sustainableviews.com, and to subscribe to the podcast just search Sustainable Views in your usual podcast provider.

Sustainable Views is an intelligence service by the Financial Times Group.

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LDI, PLSA and PIPAs: looking back with Andy Cheseldine

Fri, 21 Oct 2022 11:57:24 GMT

Podcast: Andy Cheseldine, professional trustee at Capital Cranfield and chair of the Small Pots Co-ordination Group, joins Pensions Expert to look back at a heady few weeks for the pensions industry. He explains how the recent market turmoil affected his day job, what it means for schemes, and gives his thoughts on the recent Pensions and Lifetime Savings Association conference in Liverpool. Cheseldine also provides an update on small pots and has his say on being a judge for the 2022 Pension and Investment Provider Awards.

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How to transform an investment team

Wed, 12 Oct 2022 09:46:17 GMT

Podcast: Newton Investment Management head of sustainable investment Therese Niklasson and Aegon head of responsible investment Hilkka Komulainen discuss how schemes can transform investment teams to drive environmental, social and governance thinking. The pair debate how ESG fits into broader leadership, and the impact of high boardroom turnover on sustainable thinking.

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TPR should not regulate LDI despite pensions crisis

Thu, 06 Oct 2022 16:05:30 GMT

Podcast: The gilt market “doom cycle” that briefly seemed to threaten the existence of UK pensions may not have been as bad as the apocalyptic media coverage made out, and there is no need for the Pensions Regulator to take a greater role regulating liability-driven investments. Dalriada Trustees director David Fogarty is joined by Sam Roberts, director of investment consulting at Cartwright, to discuss what caused the crisis, what was done to stall it, and what the future holds.

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Webb: Opperman achieved but ‘got sidetracked easily’

Fri, 23 Sep 2022 13:07:37 GMT

Podcast: Former pensions minister Guy Opperman can boast a number of achievements from his time in office. But he was too easily sidetracked away from the bigger issues, such as under-saving in defined contribution schemes, and towards trivialities such as the statements season. LCP partner Sir Steve Webb gives his view on Opperman’s time as minister, and discusses under-saving in DC and a local council investment scandal.

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Pension tax changes needed to save NHS from ‘rock bottom’

Thu, 08 Sep 2022 14:39:10 GMT

Podcast: Staff shortages and ever-growing waiting lists have left the NHS at “rock bottom”, but the government “has its head in the sand”. Changes to the pensions taxation regime are essential to fix the problem, argues Vishal Sharma, pensions committee chair at the British Medical Association. He is joined by Mark Bondi, council member at the Society of Pension Professionals and senior technical consultant at Capita, to discuss the NHS, the High Court’s retail price index decision, and pension priorities for new prime minister Liz Truss.

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Trustees struggling to guide members on inflation benefits

Fri, 26 Aug 2022 11:58:03 GMT

Podcast: A report from XPS Pensions suggests that members could reap £10,000 additional benefits by delaying retirement because of the way increases and inflation are calculated, but trustees are struggling to help them because of the “red tape” around advice. LCP partner Laura Amin is joined by Hymans Robertson partner Patrick Bloomfield to discuss benefits’ inflation calculation and advice, concerns about defined benefit funding, and the women’s state pension age investigation.

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Schemes struggle to educate members amid cost of living crisis

Thu, 11 Aug 2022 11:00:33 GMT

Members should be able to consider dipping into their pensions early to combat the cost of living crisis, but schemes may struggle to educate them about the best means of doing so without giving them advice. Society of Pensions Professionals president Steve Hitchiner is joined by AgeWage chief executive Henry Tapper, founder of the Pension Playpen, to discuss recession fears, consumer protection for dashboards, and expanding long-term asset funds.

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Ball in TPR’s court as DB funding code consultation launches

Thu, 28 Jul 2022 16:29:12 GMT

Podcast: The consultation into the defined benefit funding code by the Department for Work and Pensions hints at a prescriptive regime to come, but the Pensions Regulator must improve on its “rubbish” code of practice draft, according to Zedra client director Richard Butcher. He and Hymans Robertson partner Laura McLaren discuss the next steps, stronger nudge concerns, and assess the health of pensions post-Maxwell.

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Providers delaying transfers are failing their customers

Fri, 15 Jul 2022 11:03:55 GMT

Podcast: The Department for Work and Pensions has been clear about the intent of regulations governing transfers, and providers continuing to delay them are doing their members a disservice, argues PensionBee founder Romi Savova. She is joined by Penfold co-founder Pete Hykin to discuss the ongoing transfer fight, the fallout from pensions minister Guy Opperman’s resignation that wasn’t, and employers misunderstanding auto-enrolment.

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Schemes will have a tough job weighing up discretionary increases

Fri, 01 Jul 2022 10:06:20 GMT

Podcast: A difficult balance must be struck where schemes are considering discretionary increases: alleviating the cost of living crisis for some members will have to be weighed against the needs of the current workforce. Aon partner Lynda Whitney is joined by Tim Middleton, director of policy and external affairs at the Pensions Management Institute, to discuss this dilemma, as well as the progress of the McCloud remedy and schemes’ dashboard readiness.

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LGPS faces affordability, engagement and policy challenges

Thu, 16 Jun 2022 10:42:59 GMT

Podcast: The Pensions and Lifetime Savings Association’s 2022 local authority conference unearthed the challenges facing the Local Government Pension Scheme and its employer members, including affordability, engagement and policy reforms. Recorded from the conference floor, Pensions Expert was joined by PLSA’s head of defined benefit, LGPS and investment Tiffany Tsang and West Midlands Pension Fund’s director of pensions Rachel Brothwood to discuss new research into the LGPS and what can be done to help employers.

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Partial AE reform should be prioritised before long-term fix

Thu, 19 May 2022 15:41:49 GMT

Podcast: The absence of auto-enrolment reform from the Queen’s speech means the government will be hard-pressed to meet its middle-of-the-decade deadline to achieve it. The priority should be getting the most important parts done as quickly as possible, and introducing the rest of the 2017 reform proposals enacted longer-term. Sackers partner Helen Ball and Mark Ormston, chair of the Industry Policy Committee at the Pensions Administration Standards Association, discuss auto-enrolment, online safety and the proposed value for money framework.

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Uncertainty around inflation leads to ‘casino pensions’

Thu, 05 May 2022 15:36:07 GMT

Podcast: High levels of volatility around inflation will force trustees to “take a bet” on the future, as it is very difficult — absent a crystal ball — to predict inflationary pressure and its impact on scheme liabilities, says Pension Playpen chief executive Steve Goddard. He is joined by Cardano managing director Emily Goodridge to discuss inflation, technology in pensions, and the future of environmental, social and governance disclosure.

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‘Pot follows member’ legislation needed to solve small pots problem

Thu, 21 Apr 2022 15:32:11 GMT

Podcast: Industry consensus is needed to support a “pot follows member” solution to the small pots problem, previous attempts to solve it having failed, says Henry Tapper, executive chair of AgeWage. He is joined by Tom McPhail, director of public affairs at the Lang Cat, to discuss small pots, commercial consolidators, and more McCloud woe for the Local Government Pension Scheme.

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Natural capital can improve scheme returns but concerns remain

Mon, 28 Mar 2022 11:14:36 GMT

Natural capital can improve scheme returns but trustees should not forget to consider their fiduciary duties of being able to pay pensions in the future and have a defensive investment strategy, argue Alina Donets, portfolio manager at Lombard Odier Investment Managers, and Stuart O’Brien, partner at Sackers.

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Spring Statement: Missed opportunity to support savers

Thu, 24 Mar 2022 14:49:39 GMT

Podcast: A light Spring Statement on pension topics meant that important issues such as financial education and support for institutional investors are still missing from the government’s agenda, argued Callum Stewart, head of defined contribution investment at Hymans Robertson, and Charlotte O’Leary, chief executive and executive director at Pensions for Purpose.

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Is this really the right time for auto-enrolment expansion?

Thu, 10 Mar 2022 17:02:28 GMT

Podcast: Expanding auto-enrolment is a great idea in theory, but with sky-high inflation, a cost of living crisis and the potential for a global recession to exacerbate it, is now the right time to pursue it? LCP partner Mary Spencer and Cartwright’s director of investment consulting Sam Roberts debate the merits, discuss pension schemes’ reaction to war in Ukraine, and explore the industry’s readiness for long-term inflation.

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How schemes can invest in wind and solar energies

Mon, 28 Feb 2022 15:00:51 GMT

Podcast: Pension schemes can extract returns from investing in wind and solar energies while dialling back on exposure to fossil fuels. Lombard Odier’s Michael Urban and the University of Oxford’s Matthew Ives examine the opportunities out there for schemes to capitalise on the renewable energy transition.

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Universal charges could harm master trust competition

Thu, 24 Feb 2022 17:23:40 GMT

Podcast: The intent behind universal charges on default funds is sound, but the method — such as the introduction of flat fees — risks harming the master trust sector and restricting access to pensions, according to The People’s Pension’s director of policy Phil Brown. He his joined by his colleague, head of pensions policy Tim Gosling, to discuss charge structures, decumulation solutions, and baffling pensions jargon.

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Government must set a timeline for auto-enrolment expansion

Fri, 11 Feb 2022 15:13:18 GMT

Podcast: Auto-enrolment could bring significant benefits to the young, the low-paid and women, and the government must commit to a date to expanding coverage, according to Now Pensions’ head of PR and campaigns, Samantha Gould. She is joined by Linklaters pensions partner John Sheppard to discuss AE, pensions dashboards, and illiquid investments by defined contribution schemes.

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Top tips for success at the PIPAs

Thu, 27 Jan 2022 16:40:07 GMT

Podcast: As the Pension and Investment Provider Awards 2022 have opened for submissions, Barnett Waddingham’s Danielle Markham and Teneo’s Simon Kew — two of this year’s judges — give some tips on what applicants can do to maximise their chances of winning. LCP’s Stephen Budge, the architect of an award-winning entry last year, explains his strategy in creating a submission that allowed the consultancy to achieve gold.

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DC focus must ‘fundamentally shift’ from costs to value in 2022

Thu, 13 Jan 2022 16:38:35 GMT

Podcast: The focus on defined contribution scheme offerings must “fundamentally shift” from costs to value for money in 2022 if better outcomes are to be achieved. Darren Philp, director of policy and communication at Smart Pension, and Mike Ambery, partner at Hymans Robertson, discuss the DC outlook, expanding auto-enrolment, and reforming Solvency II.

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Schemes need to constantly engage with managers to achieve net zero

Tue, 11 Jan 2022 14:27:53 GMT

Podcast: The time when schemes would award mandates and walk away has come to an end, since asset owners now need to have a fairly dynamic relationship with managers to make sure achieving net zero targets is possible, argues Thomas Höhne-Sparborth, head of sustainability research at Lombard Odier Investment Managers. He is joined by Marion Maloney, head of responsible investment and governance at the Environment Agency Pension Fund, to discuss how schemes can put in place and achieve their targets for portfolio decarbonisation.

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Solving the UK’s ‘underpensioned’ problem

Tue, 21 Dec 2021 11:29:07 GMT

A significant proportion of the UK’s working population is struggling to save for retirement, and the Covid-19 pandemic has only worsened the situation. In this podcast, Now Pensions’ head of PR and campaigns Samantha Gould and the Pensions Policy Institute’s senior policy researcher Lauren Wilkinson talk us through the findings of a recent research report into the UK’s ‘underpensioned’ problem, and the policy initiatives that could help bridge the gaps.

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Fiduciary trumps politics if divesting from ‘illegal Israeli settlements’

Thu, 16 Dec 2021 16:50:29 GMT

Podcast: Local Government Pension Schemes looking to divest from Israel should do so on grounds of sustainability and fiduciary responsibility, not because of politics and personal morality, says Richard Butcher, managing director of PTL. He is joined by Ian Neale, Aries Insight co-founder, to discuss divestment, defined benefit funding and ageing populations.

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McCloud costs dispute could damage members’ morale

Thu, 18 Nov 2021 15:42:26 GMT

Podcast: The dispute between doctors, firefighters and the Treasury over who should bear the costs of the McCloud remedy could have implications beyond the directly affected schemes, damaging trust in pensions, and lowering member morale. Hymans Robertson partner Michael Ambery and Quietroom co-founder Mark Scantlebury discuss McCloud, the statements season and the evolution of member communications.

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Inflation and Covid uncertainty temper PPF performance

Wed, 20 Oct 2021 13:41:05 GMT

Podcast: Inflation is one of a number of concerns for the Pension Protection Fund, with post-Covid uncertainty tempering reaction to an otherwise positive set of results released in its annual report published on Monday.

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Schemes’ trustees cannot ignore social factors risks

Wed, 13 Oct 2021 13:34:59 GMT

Podcast: Climate change and environmental issues are front of mind for many pension schemes right now, but with the Covid-19 pandemic highlighting social inequalities at home and abroad, the social aspects of ESG investment cannot be ignored. For this episode of the Pensions Expert podcast, we talk to Stefan Lundbergh, director at Cardano, and John Howchin, secretary-general of the Council on Ethics for Sweden’s national pension funds, about why socially aware investing is so important for pension funds of all sizes — and how trustees can go about taking action.

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Mandating net zero could ‘cut straight through’ fiduciary duties

Thu, 07 Oct 2021 15:02:27 GMT

Podcast: The government mandating default funds be aligned with ‘net zero’ would be a way around concerns about fiduciary responsibility, but there are questions about what this would mean in practice. Stuart O’Brien, partner at Sackers, and Gareth Stears, pensions technical consultant at Aries Insight, discuss environmental, social and governance issues, social housing, and the Pensions Regulator’s controversial criminal powers.

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Understanding green and sustainable bonds

Tue, 28 Sep 2021 13:12:55 GMT

The green bond market is forecast to hit $500bn (£366bn) by the end of this year, according to the Climate Bonds Initiative, while the UK government has just raised £10bn from its debut green bond issue. However, high demand and limited supply raises questions over pricing and yield, while the availability of suitable projects has ignited concerns over greenwashing. In this podcast, Arthur Leijgraaff, senior treasury officer at the Dutch development bank FMO, and Rik Klerkx, senior portfolio manager at Cardano, explain what goes into a green bond issuance, and what trustees need to ask of their asset managers and issuers.

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No way to avoid the indexation ‘rules lottery’ as inflation bites

Fri, 24 Sep 2021 11:05:59 GMT

Podcast: High inflation will spur more schemes to look to switch from the retail price index to the consumer price index, but there is still no way around the “rules lottery”. Eversheds Sutherland partner Stuart Earle and Aon partner Lynda Whitney discuss inflation, the botched attempt to raise the normal minimum pension age, and a new value for money framework.

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Trustees need to address sponsor covenant climate risk

Wed, 15 Sep 2021 11:28:43 GMT

Podcast: With climate change becoming central to investment discussions, trustees also need to think about how similar risks can affect the strength of their scheme’s sponsor and its ability to stand behind the pension fund. In this podcast, Lincoln Pensions managing director Michael Bushnell explains what questions trustees need to ask, what to do with the information they get, and why employers really need to pay attention to climate change in their pension finance discussions.

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Industry ‘irritation’ with TPR’s code of practice could have been avoided

Thu, 02 Sep 2021 15:31:24 GMT

Podcast: The negative reaction of the industry to the Pensions Regulator’s new code of practice shows what can happen if consultations are handled poorly, says Tim Middleton, director of policy and external affairs at the Pensions Management Institute. He is joined by Steven Taylor, partner at LCP, to discuss consultations, collective defined contribution schemes, and flexibility within the defined benefit universe.

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Covid-19 could have killed the PLSA

Thu, 19 Aug 2021 14:18:16 GMT

Podcast: The Pensions and Lifetime Savings Association “could have died” from the financial damage wrought by the Covid-19 pandemic, and was only saved thanks to prudent long-term planning. Richard Butcher, managing director of PTL, reflects on his tenure as PLSA chair in an episode covering guaranteed minimum pensions guidance, master trusts and bespoke indices for environmental, social and governance investments.

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Market capacity may be barrier to DC scheme consolidation

Thu, 05 Aug 2021 14:49:13 GMT

Kim Gubler, chair of the Pensions Administration Standards Association, and David Saunders, partners at Sackers, discuss defined contribution consolidation, the Aon and Willis Towers Watson abandoned merger, new developments in the pensions dashboards project and the regulator’s review of schemes eligible for the Fraud Compensation scheme.

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TCFD helps schemes to understand financial risks

Tue, 27 Jul 2021 12:27:38 GMT

Podcast: The Task Force on Climate-related Financial Disclosures requirements are a great opportunity for pension funds to set a strategy which helps them understand the financial risks involved in climate change, says Will Martindale, group head of sustainability at Cardano. He is joined by Joanne Segars, chair of the board of directors of LGPS Central and chair of Now Pensions, to discuss how schemes can best implement the imminent new rules.

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Too much jargon hampers sustainable investing drive

Thu, 22 Jul 2021 14:46:13 GMT

Podcast: Politicians and the pensions industry risk jeopardising the progress made on sustainable investing because they are too fond of jargon. Members are keen to get involved, but they have to understand what they are getting involved in. Georgia Stewart, chief executive of Tumelo, and Chris Hulatt, co-founder of Octopus Group, talk sustainability, inter-generational fairness and cryptocurrencies.

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Tapping DC for Long-Term Assets Fund requires ‘rigorous’ scrutiny

Thu, 08 Jul 2021 17:10:29 GMT

Podcast: HM Treasury’s proposals to tap defined contribution schemes for its new Long-Term Assets Fund is not a bad idea, but problems with daily dealing remain, and it requires the kind of “rigorous” scrutiny applied to other new asset classes. PensionBee chief executive Romi Savova and Jonathan Parker, head of DC and financial wellbeing at Redington, discuss the LTAF, rumours of a tax raid, and the Pensions and Lifetime Savings Association’s new Responsible Investment Quality Mark.

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Treasury ‘ignored advice’ in public sector pension reforms

Thu, 24 Jun 2021 14:45:05 GMT

Podcast: A report from the Public Accounts Committee about the public sector pensions reform has showed that Treasury ignored advice that could have prevented the McCloud case, argues Ian Neale, co-founder of Aries Insight. He is joined by Sackers partner Claire Carey, in an episode also covering industry consultation fatigue and the new Task Force on Climate-related Financial Disclosures reporting requirements.

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Trustees should focus more on scheme admin in anti-scam fight

Thu, 10 Jun 2021 15:55:39 GMT

The Pensions Ombudsman has declared schemes should have their transfer and due diligence procedures updated within a month of new anti-scams guidance. Compliance will require a huge amount of administrative time and resources, and trustees should give scheme administration more focus. LCP partner Francesca Bailey and Pensions Management Institute president Lesley Alexander talk scams, dashboards and corporate activity.

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Police officers let down by poor McCloud communication

Thu, 27 May 2021 15:33:28 GMT

Podcast: Police officers, who have complained about the ramifications of the government’s McCloud remedy, face a difficult battle to get their plight rectified, in another case where inadequate policy and communications has created damaging uncertainty for members. Quietroom development lead Joe Craig and Taylor Wessing senior associate Hadassah Shulman discuss this case, as well as simpler annual statements and the government’s anti-scam proposals.

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Pension schemes’ under-allocation to China is ‘anachronistic’

Thu, 13 May 2021 14:04:07 GMT

Podcast: UK pension schemes are too often under-allocated to China and missing out on the significant opportunities presented by its continued growth and development. There are, however, lingering environmental, social and governance concerns around investing in the “nominally communist” state, says RisCura investment consultant Lars Hagenbuch. He is joined by SEI Investments director Cyprian Njamma in an episode also covering Covid-19 mortality data and the Pensions Regulator’s proposed asset information reform.

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Illiquids not necessarily the answer for DC

Thu, 29 Apr 2021 14:04:19 GMT

Podcast: Illiquid asset classes might seem attractive in theory, but there would be difficulties establishing them in a defined contribution pension portfolio, even if all the regulatory burdens were removed. Brian Henderson, partner and director of consulting at Mercer, is joined by Shola Salako, professional trustee at Dalriada, to discuss alternatives, putting the S in ESG, and fixing the problems with chair’s statements.

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Treasury admin fund could help tackle McCloud

Thu, 15 Apr 2021 13:44:54 GMT

Podcast: The Treasury should create a fund to help schemes cope with the administrative load of the McCloud remedy. So says Ray Martin, director at HS Sole Trustees, who is joined by Pensions Administration and Standards Association chair Kim Gubler to discuss TPR’s new climate change agenda, the NAO’s warning about the burdensome McCloud judgment, and a bizarre proposal for a national pension fund.

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Fairs: TPR’s criminal powers policy will evolve with experience

Wed, 31 Mar 2021 14:34:39 GMT

Podcast: The Pensions Regulator’s policy around the use of its controversial new powers “will evolve” in response to evidence, court cases and industry experience, its director of regulatory policy, analysis and advice, David Fairs, has revealed.

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Uber decision poses challenges for master trust sector

Thu, 18 Mar 2021 15:04:25 GMT

Podcast: For master trusts, onboarding gig economy workers who could be entitled to a pension following the Supreme Court’s Uber verdict is not as simple as it may sound. Hymans Robertson’s Patrick Bloomfield, partner, and senior DC investment consultant Victoria Panormo unpack the problem, in an episode also covering the Pensions Regulator’s draft criminal powers policy, and the Department for Work and Pensions’ climate risk consultation.

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Budget 2021: ‘Reckless conservatism’ in DB landscape

Thu, 04 Mar 2021 16:10:17 GMT

Podcast: Wednesday’s budget did not go far enough to counter the “reckless conservatism” in the defined benefit landscape when it comes to risk and growth assets, hampering the government’s drive to unleash pensions on the post-pandemic recovery, according to Conservative party peer baroness Ros Altmann. She is joined by Isio partner Mike Smedley in a discussion that also includes the lifetime allowance freeze and what was missing from the chancellor’s statement.

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Timms calls for pension transfer rules change

Thu, 18 Feb 2021 16:18:21 GMT

Podcast: The current law governing transfers is not fit for purpose and there are too many bodies involved in handling pension scams, according to Work and Pensions Committee chair Stephen Timms.

Pensions Expert podcast has ranked third on the 'Top 15 Pension Podcasts You Must Follow in 2021' from Feedspot.

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Tackling climate change will require a ‘step change’ in governance

Thu, 04 Feb 2021 17:45:55 GMT

Podcast: The government’s “revolutionary” plans to tackle climate change “ain’t half prescriptive” when it comes to pensions investments, and will require a “step change” in governance to achieve. So say Stuart O’Brien, partner at Sackers, and ITS director Tegs Harding, who also discuss the consequences of another row at the Universities Superannuation Scheme and the cartelisation of the advisory market.

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New powers in Pension Schemes Act could cause bankruptcies

Thu, 21 Jan 2021 16:54:42 GMT

Podcast: New criminal provisions in the Pension Schemes Act are so broadly drafted that they could strangle legitimate business activity, potentially resulting in unnecessary bankruptcies. So says Arc Pensions Law partner Jane Kola, who, along with Society of Pension Professionals president James Riley, warn about the potentially dire consequences and call for more clarity from the regulator. More cheerfully, this inauguration day episode also covers the future of actuaries, small pots, and Donald Trump’s pension.

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Economic uncertainty and DC consolidation to mark 2021

Thu, 07 Jan 2021 15:09:36 GMT

Podcast: Economic uncertainty from the pandemic and the aftereffects of Brexit, solving the small pots problem and consolidation in the defined contribution universe, and yet more environmental, social and governance regulation are the themes to watch out for this year. These are the predictions for the pensions industry in 2021 from Marc Hommel, senior pensions adviser at EY-Parthenon, and Sue Pemberton, head of technology and DC consulting at Premier Pensions.

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Trustees advised to self-certify before Christmas

Mon, 14 Dec 2020 17:24:53 GMT

Jo Myerson, trustee director at Ross Trustees, tells Pensions Expert it is important that trustees comply with the Competition and Markets Authority’s self-certification rules early in order to avoid a mad, post-Christmas dash to meet the January 7 deadline. She is joined by David Rae, head of strategic client solutions at Russell Investments, in an episode also covering insolvencies, superfunds and the fallout from the reform of the retail price index.

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Industry needs to work together to sort out GMPs

Fri, 27 Nov 2020 14:08:31 GMT

As schemes might struggle to find information about members who are due top-ups to past transfers due to guaranteed minimum pensions equalisation, the industry is being called on to work together and help close those data gaps. Lynda Whitney, partner at Aon, and David Brooks, technical director at Broadstone, discuss what lies ahead for trustees and administrators as they try to digest the latest High Court ruling in this area.

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Regulatory uncertainty puts workforce reform at risk

Thu, 12 Nov 2020 15:23:38 GMT

The apparent contradiction between the Treasury’s new exit payment cap and existing Local Government Pension Scheme regulations risks limiting employers’ ability to restructure their workforce, warns Alison Murray, partner and head of public sector actuarial at Aon. She is joined by Linklaters counsel Anna Taylor, in a conversation also covering a new responsible investment bill and a proposed solution to the Section 75 problem.

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Three-step plan to fix NHS scheme

Fri, 23 Oct 2020 11:17:38 GMT

The plethora of administrative maladies facing the NHS pension scheme should be addressed by a three stage approach: capping the problem; a reactive process prioritising those closest to retirement; and proactive use of the dashboard, says Peter Glancy, head of policy development at Scottish Widows. He’s joined by Helen Morrissey, corporate PR specialist, long-term savings at Royal London, in an episode also looking at the suggestion of pensions as deposits for first-time buyers.

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PPF eyes DB sponsors' deteriorating credit ratings

Fri, 09 Oct 2020 16:40:16 GMT

Deteriorating defined benefit sponsor health has led to a three-fold increase in the level of liabilities belonging to schemes that could end up in the Pension Protection Fund over the next 18 months. Pensions Expert speaks to PPF chief executive Oliver Morely, chief actuary Lisa McCrory.

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Arguments for DC consolidation stronger than for DB

Fri, 25 Sep 2020 16:42:12 GMT

The pace of defined contribution consolidation could accelerate should we ever find ourselves on the other side of the coronavirus pandemic, as companies decide to outsource administration. But the price paid by defined benefit schemes for consolidation makes it a less obvious boon, says Squire Patton Boggs partner Kirsty Bartlett.

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DB schemes could be 'doomed to failure'

Thu, 10 Sep 2020 14:08:16 GMT

Defined benefit schemes could be “doomed to failure by measures that are designed to help them”, says Baroness Ros Altmann of the proposed new funding code. She is joined by SEI’s client strategy director Alistair Jones to discuss that issue, as well as the challenges faced by master trusts, and the increasingly bizarre McCloud remedy that, though intended to tackle age discrimination, has been accused of age discrimination.

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TPR to make changes to DB funding ‘fast-track’

Thu, 20 Aug 2020 16:29:35 GMT

The Pensions Regulator is going to make changes to its fast-track approach proposed in its defined benefit funding consultation due to the impact of Covid-19, revealed David Fairs, executive director of regulatory policy, analysis and advice at TPR.

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Schemes cannot eliminate chance of cyber breach

Fri, 24 Jul 2020 16:28:19 GMT

Pension schemes hold an extraordinary amount of personal data. Though trustees have done much since the passage of GDPR to improve data security, it is impossible to remove the risk of breaches entirely. So says ITM director Maurice Titley, joined this week by Aon partner Lynda Whitney to discuss cyber security, McCloud, and Covid-19’s impact on recovery plans.

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Pension bill could have ‘unintended consequences’

Fri, 10 Jul 2020 16:22:36 GMT

The Pensions and Lifetime Savings Association’s LGPS and DB policy lead Tiffany Tsang and Eversheds Sutherland partner Jeremy Goodwin join us to discuss potential “unintended consequences” from the pension schemes bill, fallout from the insolvency bill, and Richard Curtis’s Make My Money Matter campaign.

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PPF could face court case on benefits

Thu, 25 Jun 2020 13:33:59 GMT

After the ruling from the High Court that the Pension Protection Fund cap on deferred member benefits is illegal on age discrimination grounds, the pensions lifeboat could face a new legal challenge as members who have not reached retirement age have their benefits cut to 90 per cent, argues Ian Neale, director at Aries Insight. He and Sara Protheroe, chief customer officer at the PPF, discuss this topic, as well as the interim regime for superfunds and the implications of the new insolvency bill for pension schemes.

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Tough ESG investment choices for trustees

Fri, 05 Jun 2020 14:19:41 GMT

Trustees aiming to make ethical investment decisions can find it tough to justify them without recourse to a crystal ball, as the legal requirements are ill-defined, says Irwin Mitchell’s pensions partner Penny Cogher. In this episode she’s joined by independent consultant and long-time pensions expert Malcolm McLean for a discussion covering capital-backed endgame deals, the complications of new insolvency laws, and some morally dubious LGPS investments.

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The end of ‘amateurish’ trusteeship

Wed, 20 May 2020 16:30:44 GMT

The challenges posed by Covid-19 will accelerate the move towards professional trusteeship, according to Mercer’s chief actuary Charles Cowling, who argues that the responsibilities in this area post-coronavirus will be too much for lay trustees to handle alone. He and Catherine McFadyen, head of public sector actuarial, benefits and governance at Hymans Robertson, discuss LGPS funding, the impact of mortality rates, and give their predictions about the post-crisis world.

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McClymont: Too many master trusts in UK

Wed, 06 May 2020 16:52:20 GMT

The UK master trust market is still lacking the scale needed to provide the best outcomes for members, argues Gregg McClymont, director of policy at The People’s Pension. He and Pat Sharman, managing director at Caceis, discuss concerns from the Pensions Regulator regarding the investment strategies pursued by some of the UK’s authorised master trusts, among other topics.

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Vigilance urged over relaxed rules

Thu, 23 Apr 2020 14:36:39 GMT

Trustees should not take advantage of easements introduced by the Pensions Regulator, which has relaxed its enforcement rules and reporting guidelines, warns John Reeve, director at Cosan Consulting. He and Kate Smith, head of pensions at Aegon, discuss the recent changes to the pensions industry brought by the Covid-19 pandemic, alongside other issues.

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Is 3-month DB holiday enough?

Wed, 08 Apr 2020 15:40:54 GMT

Measures introduced by the Pensions Regulator – which allow employers to freeze their defined benefit obligations for three months in response to the economic fallout from coronavirus – might need to be reviewed, warned Emma Watkins, annuities director at Scottish Widows. However, she says the plan gives “breathing space to the most stressed pension schemes”, an opinion shared by Simon Kew, covenant adviser and former manager at the regulator.

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Webb: Budget must deliver for doctors

Thu, 05 Mar 2020 15:45:37 GMT

Former pensions minister Steve Webb argued that “it would be astonishing” if the March 11 Budget does not bring a solution to the issues caused by the tapered annual allowance for doctors and senior clinicians. Sir Steve, now partner at Lane Clark & Peacock, and Lydia Fearn, head of defined contribution and financial well-being at Redington, discuss, among other topics, the possible changes for pensions to be introduced by the chancellor.

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Regulator should take ‘softly-softly’ approach to DC consolidation

Wed, 19 Feb 2020 12:14:18 GMT

The Pensions Regulator should take a “softly-softly” approach to defined contribution consolidation, similar to what happened with master trusts during the authorisation process, where subtle conversations occurred and schemes decided to exit in an orderly manner, according to Adrian Boulding, director of policy at Now Pensions. He and Rosalind Connor, partner at Arc Pensions Law, discuss the response from the watchdog to its consultation of the future of trusteeship and governance, among other topics.

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Govt and regulators urged to review chair statements

Thu, 06 Feb 2020 09:49:30 GMT

Government and regulators should rethink pension schemes’ chair statements, as they have become a regulatory compliance tool for the pensions industry, according to Darren Philp, director of policy and communications at Smart Pension, and Judith Fish, professional trustee at Dalriada Trustees. In this week’s podcast, the experts discuss, among other subjects, the recent fine received by the Financial Conduct Authority from the Pensions Regulator due to pension failures.

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Vegan case flags importance of heeding members

Tue, 21 Jan 2020 15:58:05 GMT

Trustees and employers should consult members on their beliefs, and incorporate the investment views of the majority in their pension default fund, according to Romi Savova, chief executive at PensionBee, and David Brooks, technical director at Broadstone. The experts discuss the impacts of a landmark ruling finding that veganism is a philosophical belief, alongside other topics, in this week’s podcast.

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What falling sterling means for pension funds

Thu, 22 Aug 2019 13:24:30 GMT

It has been a rocky few months for sterling, with the currency falling more than 7 per cent since May. In this podcast, Shoqat Bunglawala, head of Goldman Sachs Asset Management’s global portfolio solutions business, and Simeon Willis, chief investment officer at XPS Pensions, discuss the main reasons behind the decline, and what it means for pension funds.

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Tackling the 'long tail' of underperforming smaller schemes

Thu, 15 Aug 2019 14:09:11 GMT

The Pensions Regulator’s latest defined contribution survey revealed that only 4 per cent of micro schemes and 1 per cent of small schemes are meeting all of the watchdog’s governance standards. David Fairs, TPR's executive director for regulatory policy, analysis and advice, has previously described the "long tail" of underperforming smaller schemes as "unacceptable". In this podcast, Mr Fairs talks to Pensions Expert about what the survey's findings mean, and how the DC landscape might change.

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The future of trusteeship

Tue, 23 Jul 2019 14:18:26 GMT

Is there a big difference in governance standards between boards with a professional trustee and boards without? Should lay trustees have to demonstrate how they have acquired a minimum level of knowledge and understanding? And what can be done to increase diversity on boards? In this episode, Laura Andrikopoulos, head of governance consulting at Hymans Robertson, discusses some of the Pensions Regulator's 'Future of trusteeship and governance' consultation proposals, and what impact they might have on the industry.

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What the firefighters' and judges' case means for pensions policy

Wed, 10 Jul 2019 15:47:48 GMT

The government was recently denied leave to appeal a Court of Appeal ruling that pension changes discriminated against younger firefighters and judges. What does this mean for government policy regarding public sector pensions? And how could the issue spill over into private sector pensions? In this episode, Rosalind Connor, partner at Arc Pensions Law, discusses the far-reaching implications of this landmark case.

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Putting a stop to unsuitable defined benefit transfer advice

Wed, 26 Jun 2019 13:51:36 GMT

The Financial Conduct Authority recently expressed concern that too much of the defined benefit transfer advice it has seen to date is still not of an acceptable standard. In this podcast, Tom Selby, senior analyst at AJ Bell, and Bob Scott, senior partner at LCP, talk about the impact of increased regulatory scrutiny of transfer advice, the need for DB flexibility, and how schemes and employers can help members by appointing a dedicated independent financial adviser to their scheme.

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How will investment pathways help consumers?

Thu, 13 Jun 2019 11:02:47 GMT

In January, the Financial Conduct Authority launched its consultation on investment pathways and other proposed changes to its rules and guidance. The consultation closed in April and the watchdog plans to publish its final rules and guidance in July. In this podcast, Jonathan Parker, director of DC and financial well-being consulting at Redington, discusses how investment pathways will help savers make more appropriate choices, and explains why smaller providers should not be exempt from the proposed regulations.

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Are you doing enough to engage scheme members?

Fri, 07 Jun 2019 15:24:21 GMT

While technology is helping improve pensions communications across the industry, several challenges remain. In this PE podcast, Shola Salako, trustee representative at Dalriada Trustees, and Rhys Williams, strategy director at communications consultancy Quietroom, discuss the different ways in which schemes and providers can engage with members, and where they might be going wrong.

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Is LGPS governance up to scratch?

Tue, 02 Apr 2019 23:01:00 GMT

From asset pooling and actuarial valuations, to administration and data, local government pension schemes have a lot to think about this year – meaning good governance is more important than ever. In this podcast episode, Kirsty Bartlett, partner at law firm Squire Patton Boggs, and Ian Colvin, head of LGPS benefits and governance at Hymans Robertson, discuss potential conflicts of interest, pressure on fund resources and the importance of focusing on administration.

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How to select the right master trust

Tue, 19 Mar 2019 16:51:09 GMT

Master trusts have until the end of March to complete their applications to the Pensions Regulator for authorisation. In this PE podcast episode, Ian McQuade, director at Muse Advisory, discusses master trust selection and how the watchdog's authorisation and supervision regime will change the market.

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Improving the quality of professional trustees

Mon, 11 Mar 2019 15:40:21 GMT

Last month, the Professional Trustee Standards Working Group published a set of new standards, which all professional trustees will be expected to meet. The group is also due to launch an associated accreditation framework later this year. In this episode of the PE podcast, Rachel Croft, director at Independent Trustee Services, explains what these new standards mean for schemes, how they will improve professional trustee quality, and whether increasing professionalisation and rising workloads could lead to the extinction of the lay trustee.

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How to approach the bulk annuity market

Tue, 12 Feb 2019 15:33:15 GMT

2019 is predicted to break last year's record for bulk annuity deals. But with insurers being more selective, experts have stressed the need for defined benefit pension scheme trustees to make sure they are well prepared before approaching the market. In this episode, Marian Elliott, head of integrated actuarial at consultancy Redington, discusses the main drivers behind increased derisking activity in recent years, and explains how pension funds should prepare for transactions.

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ESG: Trustee investment duties explained

Thu, 24 Jan 2019 17:21:17 GMT

New regulations coming into force this year mean pension schemes will be required to publish more-detailed statements of investment principles. These will address financially material environmental, social and governance risks, such as climate change. In this episode, Stuart O'Brien, a partner at law firm Sackers, discusses recent ESG-related developments, the danger of conflating ethical matters with ESG considerations, and explains how schemes can respond to member and pressure group queries.

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A closer look at DB consolidation

Wed, 09 Jan 2019 15:10:07 GMT

Last month, the government published a consultation on the consolidation of defined benefit pension schemes. What is the outlook for DB superfunds? And what should trustees consider if they are thinking about switching from a sponsor covenant to a consolidator covenant? In this episode, Alex Hutton-Mills, managing director at Lincoln Pensions, and Paul McGlone, president of the Society of Pension Professionals, discuss the consultation and whether early adopter nerves are holding back inflows to the new DB consolidators.

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Next steps for the pensions dashboard project

Tue, 11 Dec 2018 16:30:10 GMT

Earlier this month, the Department for Work and Pensions published its long-awaited feasibility report and consultation on how the industry can create online pensions dashboards. What does the industry make of the study? And how much progress is needed to make the project a success? In this episode, Girish Menezes, board director at the Pensions Administration Standards Association, and Anthony Rafferty, managing director of fintech company Origo, discuss compulsion, dashboard governance and data.

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What can we learn from the Barnardo's outcome?

Wed, 14 Nov 2018 17:04:22 GMT

Earlier this month, the Supreme Court ruled that Barnardo’s cannot change the inflation protection it provides to members of its defined benefit scheme from the retail price index to the consumer price index. So, what does the result mean for other DB pension funds and their sponsors? Matthew de Ferrars, pensions partner at law firm Pinsent Masons, and Faye Jarvis, pensions partner at law firm Hogan Lovells, discuss what trustees can learn from the recent Barnardo's outcome.

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The Autumn Budget: Reaction

Wed, 31 Oct 2018 16:00:53 GMT

Chancellor of the Exchequer Philip Hammond has delivered his Autumn Budget. To mull over patient capital and what might have been, Alex Janiaud is joined by James Riley, council member at the Society of Pension Professionals, and Steven Cameron, pensions director at Aegon.

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What does the future hold for LDI?

Wed, 17 Oct 2018 11:15:05 GMT

The popularity of liability-driven investment strategies among defined benefit pension funds has increased over the years. In 2017, the total notional value of liabilities hedged by LDI strategies continued to grow, rising to £965bn from £904bn, according to XPS Pensions research. In this episode, Nick Harvey, principal at XPS Pensions, discusses how scheme exposure to LDI has changed over time, and what the future holds for this type of investment strategy.

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DC default design: Make sure you understand your members

Wed, 03 Oct 2018 14:40:41 GMT

Last month, Pensions Expert reported that trustees of the Lloyds Bank Pension Scheme No.1 had overhauled the default offering for their DC members. In this episode, Lydia Fearn, head of DC and financial well-being at consultancy Redington, and Maria Nazarova-Doyle, senior investment consultant and head of DC investment consulting at JLT Employee Benefits, discuss the most important factors for trustees to consider when designing or reviewing their default investment strategy.

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How should trustees be monitoring their employer covenant?

Tue, 18 Sep 2018 16:22:51 GMT

Over the past few years, headlines highlighting several high-profile defined benefit pension cases have hammered home the importance of having a strong covenant. Mark Evans, director at Independent Trustee Services, and Adolfo Aponte, director at covenant specialists Lincoln Pensions, explain how trustees can keep tabs on their employer.

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What would be the impact of tighter regulation of actuaries?

Wed, 05 Sep 2018 09:35:38 GMT

An advisory group to the government review of the Financial Reporting Council is considering the role of actuaries and the extent to which actuaries should be subject to formal regulation in response to the pensions-related nature of recent corporate failures. Bob Scott, senior partner at actuarial consultancy LCP and immediate past chair of the Association of Consulting Actuaries, discusses the potential impacts of tighter regulation of the profession, and what it could mean for pension funds.

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What can be done to help savers achieve a better retirement income?

Wed, 22 Aug 2018 15:20:13 GMT

Eighty per cent of people are not sure whether they are saving the right amount for retirement, according to the Pensions and Lifetime Savings Association. What can be done to help savers achieve a better income in retirement? In this episode, James Walsh, the PLSA’s policy lead on engagement, EU and regulation, discusses auto-enrolment minimum contribution increases, the self-employed, and confusion about pensions.

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DB transfers: What trustees and employers should consider

Thu, 09 Aug 2018 09:09:41 GMT

Since the introduction of freedom and choice in 2015, more and more savers have showed an interest in defined benefit transfers. In this episode, Ben Roe, senior partner and head of member options at Aon, and Gary Evans, board director at the Pensions and Administration Standards Association and chair of Pasa's Transfers Working Group, discuss the responsibilities of trustees and employers when it comes to DB transfers, and how they can support members in making the right decisions.

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PPF remains strong despite record liability intake

Wed, 25 Jul 2018 16:36:39 GMT

The Pension Protection Fund's latest annual report shows it has weathered a record influx of defined benefit liabilities without much trouble. Chief financial officer Andy McKinnon discusses future challenges for the lifeboat amid a changing pensions landscape.

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Should the FCA have brought in a charge cap for drawdown?

Tue, 10 Jul 2018 15:45:13 GMT

Last month, the Financial Conduct Authority released its long-awaited Retirement Outcomes Review. Daniela Silcock, head of policy research at the Pensions Policy Institute, and Nathan Long, senior pension analyst at Hargreaves Lansdown, discuss the FCA's consultation, including its decision not to impose a charge cap for drawdown products.

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What next for the Pensions Regulator?

Wed, 27 Jun 2018 13:31:28 GMT

Last month, chief executive of the Pensions Regulator Lesley Titcomb said she would be leaving the watchdog at the end of her contract in February 2019. The announcement came only a few months after the release of the government's defined benefit white paper, which outlined a vision for a stronger regulator with new powers. Sir Steve Webb, director of policy at pension and investment provider Royal London, and Janet Brown, partner at law firm Sackers, discuss Titcomb's legacy and the future of the regulator.

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Guy Opperman talks AE, the self-employed and superfunds

Tue, 12 Jun 2018 13:41:50 GMT

From the government's review of auto-enrolment, to the publication of its defined benefit white paper, the past 12 months have been a busy time regarding retirement saving. While a significant amount of progress has been made, plenty more is needed. In this podcast, Guy Opperman, minister for pensions and financial inclusion, discusses auto-enrolment, pensions for the self-employed and superfunds.

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Should member-nominated trustees be elected or selected?

Wed, 30 May 2018 15:00:54 GMT

Under the Pensions Act 2004, at least one-third of a pension scheme’s trustees should be member-nominated. David Brooks, technical director at consultancy Broadstone, and Stephen Fallowell, former MNT at the Royal Bank of Scotland Group Pension Fund and committee member of the Association of Member Nominated Trustees, debate the merits of electing trustees versus selection by panel.

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How is LGPS pooling driving responsible investment?

Wed, 16 May 2018 13:38:15 GMT

As Local Government Pension Scheme pooling progresses, the £29bn Brunel Pension Partnership – which includes 10 LGPS funds, including the Environment Agency Pension Fund – has been one of the strongest advocates of responsible investing. In this podcast, Brunel’s chief executive officer, Dawn Turner, discusses how far institutional investors have come with sustainable investment, what progress needs to be made, and how the Brunel pool views environmental, social and governance issues.

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Are trustees engaging suitably with fiduciary managers?

Tue, 01 May 2018 23:00:00 GMT

In April, the Competition and Markets Authority published its working paper on trustee engagement with investment consultancy and fiduciary management. Caroline Escott, policy lead for investment and defined benefits at the Pensions and Lifetime Savings Association, and Hugh Nolan, director at consultancy Spence & Partners, discuss the challenges faced by trustees engaging with these sectors.

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How will the UK's first pension superfund work?

Tue, 17 Apr 2018 07:30:00 GMT

The UK's first superfund was announced in March, a day after the government encouraged the creation of commercial consolidators in its long-awaited white paper on the defined benefit sector. Alan Rubenstein, chief executive of the Pension SuperFund, explains how the vehicle will work, and when it might absorb its first DB scheme.

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Do savers want CDC?

Mon, 26 Mar 2018 14:28:11 GMT

March 26 2018: As the government edges closer towards allowing the introduction of collective defined contribution schemes, Kevin Wesbroom, senior partner at consultancy Aon, and Will Aitken, director at consultancy Deloitte, go head to head over CDC.

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Protecting DB pensions: The white paper’s proposals

Fri, 23 Mar 2018 11:20:48 GMT

March 23 2018: While the government’s recently published white paper on protecting defined benefit pensions included a range of proposals, some issues are still subject to consultation. Gabrielle Holgate, partner at law firm Stevens & Bolton, and Martin Hunter, principal at consultancy Xafinity Punter Southall, talk about the impact of the proposals on schemes and employers.

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Spring Statement 2018: What does it mean for trustees and savers?

Wed, 14 Mar 2018 00:00:00 GMT

March 14, 2018: There were no new pension announcements in this year's Spring Statement. Instead, Chancellor Philip Hammond focused on debt and growth forecasts, emphasising that there was “light at the end of the tunnel”. Lynda Whitney, partner at Aon, and Hugh Nolan, president of the Society of Pension Professionals and director of consultancy Spence & Partners, discuss the statement, and what it means for pension trustees and savers.

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Autumn Budget 2017: Reaction from the experts

Fri, 24 Nov 2017 00:00:00 GMT

November 24 2017: What will the Autumn Budget mean for the pensions industry? Ruth Bamforth, director at law firm Walker Morris, and David Brooks, pensions technical director at consultancy Broadstone Corporate Benefits discuss a pensions-light Budget and the chancellor's proposals for facilitating pension fund investment in patient capital.

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Cyber security: Is your scheme protected?

Tue, 31 Oct 2017 00:00:00 GMT

October 31 2017: Cyber security has risen up the agenda for pension funds in recent years. In the wake of ransomware attacks affecting computer systems across the world, and with new data protection requirements on the horizon, Margaret Snowdon, chairman of the Pensions Administration Standards Association, and Dan Taylor, client director at third-party administrator Trafalgar House, explain how trustees can safeguard their schemes.

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How trustees and employers can support member decisions

Sun, 03 Sep 2017 23:00:00 GMT

September 4 2017: How can trustees and employers provide support on members' financial decisions without being subject to regulation? Kate Smith, head of pensions at provider Aegon, and Mike Crowe, trustee representative at Dalriada Trustees, discuss the Financial Conduct Authority's employer and trustee factsheet and what can be done to improve members' financial wellbeing.

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A closer look at the main parties' pension proposals

Thu, 25 May 2017 10:45:34 GMT

May 25 2017: From a double lock to a flexible state pension age, Malcolm McLean, senior consultant at Barnett Waddingham, and Edward Brown, partner at law firm Hogan Lovells, discuss the pension policies the political parties have proposed in their manifestos before the general election on June 8.

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