Programme

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Registration
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Chair's introduction and opening remarks

James Phillips, Deputy Editor, Professional Pensions

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Keynote: The PPF Purple Book

Stephen Wilcox , Chief Risk Officer, Pension Protection Fund

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The future of the bulk annuity market

2019 was another record-breaking year in the bulk annuity market. Demand is set to continue with 2020 already off to a busy start and volumes predicted to exceed £500bn over the next 10 years. But what does this mean for the future of the bulk annuity market? This session will look at the future of the market and the opportunities for smaller schemes.

Stephen Purves, Partner, Aon

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Buy-ins make it harder to buy-out

Most pension schemes are now on a path to their endgame, whether they are aiming for buy-out or self-sufficiency. It is widely accepted that a buy-in can make it harder for most schemes to achieve its endgame, so we present a framework to help schemes decide when a buy-in might be suitable. We also consider ways pension schemes might adapt their investment strategies to approach their endgame with greater certainty.

Ren Lin, Head of Client Strategy, Insight Investment

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Networking break
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Preparing for bulk annuities

With bulk annuity transactions at record levels, the market has become supply driven. As a result, trustees must prepare carefully if they're to secure insurer engagement. Prash will look at how this impacts smaller schemes and explore the practical steps trustees should take to prepare for a transaction and secure participation from insurers.

Prash Mehta, Business Development Manager, Just Defined Benefit Solutions

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CDI – Does it deliver inflows?

The investment objective of nearly every pension fund is to meet the liabilities as they fall due, so why is CDI so special? Although the focus of CDI is often on meeting assumed liability outflows, in reality it is all about securing the asset inflows. This session will explore how to build a CDI solution and how the solution can be tailored to long-term goals such as buy-out and self-sufficiency.

Patrick O'Sullivan, Solutions Manager, Schroders

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Dealing with data

Data has never been more important to trustees and pension managers. The quality and accuracy of members’ data has played a pivotal role in everything from auto-enrolment, GDPR compliance, and the development of the dashboard. Data is also key to a successful outcome from de-risking exercises like buy ins/buy outs, PIE, longevity swaps and trivial commutation. This session will look at key considerations for a robust data strategy.

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Networking lunch


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Afternoon Keynote: The new DB funding code

Fiona Frobisher, Head of Policy, The Pensions Regulator

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Longevity hedging

According to recent research longevity hedging was more than twice as popular as other tools, such as partial buy-ins or seeking additional sponsor contributions, as part of a de-risking process for schemes. The focus on life expectancy also comes as projections from the Continuous Mortality Investigation suggest this could be on the rise after several years of little or no improvement. In October, its research found there had been a 4.9% average improvement in the first nine months of the year. As schemes set their sights on an endgame there is an opportunity for schemes to secure their liabilities sooner than expected. This session will explore the options for longevity hedging including the use of longevity swaps and hedging longevity risk.

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The latest adventures of LDI

Hedging of defined benefit scheme benefits is continuing to pick up pace as the use of liability-driven investment (LDI) has jumped over the 50% mark. By the end of 2018 there were 2,405 LDI mandates, covering £1,024bn of liabilities. This session will look at:

  • The role it can play in helping risk management
  • How the market is opening up to smaller schemes
  • How fiduciary management has affected the market
  • The difference between pooled and bespoke arrangements
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Panel: Where now for the DB consolidators?

It is almost a year since the Department for Work & Pensions (DWP) launched its consultation on the consolidation of defined benefit pension schemes.

  • What now for the DB consolidators?
  • Is there still a market for them
  • Can they go ahead and launch their products?
  • What are the options?

Duncan Buchanan, Partner, Hogan Lovells
Prash Mehta, Business Development Manager, Just Defined Benefit Solutions

Chair: James Phillips, Deputy Editor, Professional Pensions

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Chair’s closing remarks and close of conference

James Phillips, Deputy Editor, Professional Pensions

Please note: programme is subject to change