Devil’s Advocates | Morning Panel
Jeff Houston, Independent Adviser
Eric Lambert, Independent Adviser
Claire McCormick, Trustee, Yorkshire & Clydesdale Bank
08:30 – 09:00
Registration & Coffee
09:00 – 09:05
Chair’s Opening Remarks
09:05 – 09:35
Presentation: What’s next for the DB Funding Code?
The long-anticipated DB Funding Code garnered much criticism as it seemingly (despite protests to the contrary) turned corporate DB schemes into monstrous, homogeneous, de-risking machines. However, a light bulb flickered in Whitehall and the Code is now being refreshed. Whilst a fresh burst of newly opened DB schemes is unlikely, is it possible that risk-taking could make a comeback?
Head of Investment
The Pensions Regulator
09:35 – 09:55
Presentation: The Mansion House Reforms: Opportunities and challenges in Private Equity & VC
The Chancellor’s Mansion House speech set out a package that was wide ranging. These target the different UK pension pools, and aim to foster more “productive investment” into “unlisted equites”, presented as a “win: win” for pension savers and UK growth. What are some of the misconceptions of the asset class? Is the market deep enough? What do we see as some of the opportunities and challenges of investing into Private Equity and Venture Capital?
Private Equity Investor, Director
09:55 – 10:35
Panel: Economics – the macro market
For the more mature folk in the audience, periods of inflation, high interest rates, geopolitical upheaval and war may be something their younger selves recall but is this time different? The choice of assets and investible markets certainly are. This panel will cover the macro backdrop, and the flowthrough to capital markets, with a view to distinguishing opportunity from the general noise.
Head of Capital Markets
Westminster City Council
10:35 – 10:55
Presentation: Fixed income – an increasingly volatile environment
Globally, rates are now ten times higher than three years ago. Fixed income is arguably the asset class most affected by the surge in inflation and rise in rates. Surely the bond bears have had their day? Or is this now just elevated risk? Whichever is the case, volatility is evidently back, and this session will explore the opportunities it presents for asset allocation and security selection.
Portfolio Specialist, Fixed Income
10:55 – 11:25
11:25 – 12:05
Roundtable Discussion: DB Endgame
So how does £1.5 trillion of liabilities fit into a insurance capacity of £50 billion p.a.? The word is that insurers are starting to get choosy. This roundtable will seek (some) answers on how schemes might reasonably navigate what may be a much longer transition than many think. What techniques are schemes using to work out their illiquid (or non-insurer-friendly) assets – can the LGPS help intermediate? And whither the creation of surplus – what to do with it, and how can it be created and then managed?
Prudential Corporate Pension Trust Limited
12:05 – 12:25
Presentation: Investment opportunities – Currency matters. Reducing portfolio risk and improving portfolio returns by managing “uncompensated” risk
Globally invested pension funds typically see between 20% and 40% of annual risk coming from currency exposure. And yet, as investors, we have been trained to believe that currency does not matter. Using Westminster Pension Fund as a case study, we will explore practical ways to manage uncompensated, naïve, Foreign Exchange risk, and learn how to transform this risk into potential profit opportunities that can be used to improve cash flow, and pay pensions.
Bruce D. George
Partner, Investment Solutions
12:25 – 12:45
Interview: How to deliver impact investing through a private credit portfolio
With Impact investing becoming an increasingly important objective of pension fund investors. How can pension funds deliver true, meaningful Impact without compromising on return for their members? Join our speaker to explore how private credit assets, ideal for income generation, can also be used to achieve real world impact.
Portfolio Manager, Impact Private Credit
Allianz Global Investors
12:45 – 13:00
Devil’s Advocate Summaries
13:00 – 14:00
Devil’s Advocates | Afternoon Panel
Terry Alleyne, Trustee, Citibank UK Pensions
Jeff Dong, Head of Finance & Pension Fund, City & County of Swansea Pension Fund
Andy McKinnell, Professional Trustee, EDF Energy Group
14:00 – 14:25
Presentation: Investment strategy
A case study from DB pension funds.
Treasury and Pensions Manager
London Borough of Harrow
14:25 – 15:05
Panel: Investment governance
How can pension funds ensure that all parties are aligned with the long-term interests of the fund. Strong governance and compliance processes are some of the ways that pension fund can ensure good governance, how can funds ensure that they are meeting the requirements for all stakeholders and ensuring that decision making pension funds at committee levels are following due process.
Head of Pensions OCIO
Centrica Pension Schemes
Local Pensions Partnership
Principal and Head of Sustainable Investment
15:05 – 15:45
Climate change is usually framed as a risk. But it also presents one of the greatest investment opportunities of the next two decades. We will explore the various stages of the Net Zero pathway and how asset owners can navigate the tipping points that will drive wealth creation.
Client Service Director
Director of ESG and Responsible Investment
Head of Pensions
Clwyd Pension Fund
Responsible Investment Manager
15:45 – 16:15
16:15 – 16:35
Presentation: Private equity
The devil really is in the detail on fees for private investments. This session will explore – based on a huge data set – the value for money received by private market investors across asset classes and vintages. This information could be used for future investments to negotiate favourable terms, where the profit share for the fund manager could be very high. The session will also explore the potential for the future of private investment in the UK (ongoing UK government push refers).
CEO & co-Founder
16:35 – 17:05
Panel: What does the future of DB Pensions look like?
Senior Pensions Consultant
17:05 – 17:20
Devil’s Advocate Summaries
17:20 – 17:25
Chair’s Closing Remarks
17:25 – 18:30
Dinner at The Boathouse