Welcome to the Admin and Data Forum hosted by Professional Pensions. Please ensure you arrive with plenty of time to get settled and enjoy some refreshments before the opening remarks commence!

The UK pensions market is rapidly consolidating, with DB schemes moving toward buy-out and DC schemes pooling into Master Trusts, shrinking the traditional advisory client base. This panel explores the existential questions facing the consulting industry. We will discuss the major players' pivot into fiduciary management, the growing pressure on fees despite rising client demands, and the critical need to redefine the value proposition to ensure survival in the next five years.

• Examining the strategic shift of major consulting firms into fiduciary management and the resulting competition with traditional asset managers.
• How can consultants manage increasing client demands and workload while coping with sustained pressure to reduce advisory fees.
• Identifying new growth areas for firms, including insurance consulting, specialist risk advice, and adapting to government growth agendas
• What is the viable long-term business model for mid-sized consulting firms that choose not to establish a large-scale fiduciary management arm?

As funding levels improve and regulatory reforms evolve, trustees and consultants are rethinking the traditional buy-out as the sole DB endgame. This session will explore new and emerging models—run-on strategies, surplus extraction, superfunds, and capital-backed arrangements—highlighting governance, risk, and member outcomes. We’ll examine how schemes can navigate new flexibilities while safeguarding fiduciary duties with an understanding of the strategic, legal, and operational considerations shaping the future of DB endgames.

• How are DB schemes evolving their investment strategies post-buy-out, and what innovative approaches are emerging to maximise surplus value for members and sponsors?
• What factors should trustees prioritise when evaluating "run-on" strategies, and how must the investment strategy adapt to maximise surplus for future optionality?
• How can schemes establish a robust, legally sound policy for surplus extraction that effectively balances sponsor interests and member security?
• To what extent should Superfunds be viewed as a strategic competitor to buy-out for well-funded schemes seeking value and how should trustees and advisers benchmark capital-backed arrangements against traditional buy-out?
• How do recent legislative changes and fiduciary duties impact the scheme's ability to plan for surplus release and long-term viability, and what advisory support is required?
  

Exploring how schemes are now implementing rigorous LDI best practices to rebuild portfolio resilience in a sustained high-rate environment. We focus on capabilities in diversified hedging, dynamic collateral management, and robust governance frameworks. We'll examine how schemes are stress-testing portfolios against volatility and optimising liquid asset allocation, and understand the new requirements for delivering secure, operationally sound, and efficient fixed income and LDI solutions to institutional clients.

• How are schemes stress-test LDI portfolios against extreme rate and spread movements, and what are the new minimum collateral buffer expectations?
• What is the best practice for optimising cash and liquid asset allocation to ensure collateral management efficiency and reduce liquidity bottlenecks?
• Beyond LDI, what role does active fixed income management play in capturing the opportunities created by current market volatility?
• What smarter governance frameworks are required to ensure timely decision-making and efficient collateral rebalancing during periods of market stress?
  

An ideal opportunity to connect and refresh.

TCFD and Integrating climate-related financial risk remains a top fiduciary priority that has moved beyond mere compliance. We reveal how consultants are guiding schemes toward integrated stewardship, climate scenario modelling, and real-world impact strategies. We also explore how asset managers are providing solutions that directly translate physical and transition risks into specific portfolio exposures and verifiable net-zero pathways. We will examine the requirements for effective engagement with high-emitting sectors and the complex demands for measuring and transparently reporting climate-aligned targets to trustees.

• How are consultants advising schemes to translate complex climate risk (physical and transition) into specific, actionable portfolio exposures and allocation decisions?
• What constitutes effective stewardship and engagement strategies for asset managers working with pension schemes targeting high-emitting sectors within their portfolios?
• What are the best practices and challenges for accurately measuring and transparently reporting against a scheme’s defined climate and net-zero targets?
• How can the integration of climate risk move from a compliance exercise to a source of competitive advantage and improved long-term risk-adjusted returns?
  

Driven by the Government's 'Mansion House' agenda and the pursuit of higher long-term risk-adjusted returns, schemes are increasing allocations to private markets. This session tackles the technical and governance hurdles involved: overcoming illiquidity constraints for DC savers, meeting the Value for Money (VFM) assessment criteria, and designing fund structures that provide appropriate access and fee transparency.

• How is the Value for Money framework—and the growing scale of DC schemes—reshaping access to private equity and infrastructure mandates?
• How can schemes accurately evaluate the illiquidity premium in the current economic climate, and what are realistic long-term return expectations for DC portfolios?
• What operational challenges (valuation, redemption gates, and liquidity management) must be addressed to embed private assets securely within DC default funds?
• What are the optimal fund structures and investment approaches consultants are recommending to structure private asset access for smaller and mid-sized schemes?
• How must asset managers adjust their fee models and transparency reporting to successfully comply with the upcoming Value for Money (VFM) assessment criteria?

The legal and regulatory environment for pension investment is undergoing rapid transformation, with new legislation and guidance redefining strategic priorities for both DB and DC schemes. This session offers a concise, high-level briefing on the regulatory implications of the Pension Schemes Bill, the evolving TPR Funding Code, and fiduciary obligations around surplus management, Value for Money, and illiquid asset exposure. As trustees face heightened scrutiny and shifting compliance demands, understanding these legal guardrails is critical to mitigating risk, aligning products with scheme objectives, and maintaining governance integrity. • How will the Pension Schemes Bill reshape fiduciary duties and legal liabilities around DB funding and surplus allocation?

• What new governance and compliance obligations does the TPR Funding Code impose—and how will these influence investment strategy?
• What are the legal risks and disclosure requirements for schemes allocating to illiquid assets under frameworks like LTAFs and VFM?
• How are legal advisers helping trustees interpret fiduciary duties amid consolidation, climate risk reporting, and regulatory flux?
• What do asset managers need to understand about the distinct regulatory and strategic priorities of DB vs DC schemes to win mandates in today’s market?
  

Pension scheme clients are demanding more personalised, outcome-focused advice—but many feel current consultancy models fall short. This session examines how consultants can evolve to better meet client needs, enhance transparency, demonstrate measurable value in an accelerating regulatory and investment landscape, and deliver scheme-specific insights that reflect trustees’ unique goals.

• How can consultants move beyond templated, consensus-driven advice to deliver personalised, scheme-specific strategic insights that meet trustees' unique objectives?
• What practical steps can consulting firms take to improve the transparency, responsiveness, and clarity of their advice and reporting to trustees?
• Are consultants providing sufficient, high-quality support to trustees during critical scheme transitions, such as decumulation and DB surplus management?
• How effectively are current consultancy models helping trustees navigate complex reforms like consolidation and the Value for Money (VFM) assessments without increasing advice dependency?