Welcome to the Autumn Trustee Senate hosted by Professional Pensions.
As you step into this enlightening conference at the Ashdown Park Hotel and Country Club, rest assured that your belongings will be attentively cared for while you immerse yourself in the enriching sessions of day one. Following the conclusion of the final session, you'll have the opportunity to check-in to the comfort of your room.
Along with our agenda full of fantastic speakers, you will also have the opportunity to utilise the venue’s facilities. During free time throughout your stay, you are welcome to explore the 186 acre estate and make use of the following facilities:
- Country Club, comprising of: Swimming Pool, Jacuzzi and Gym
- Tennis Courts (tennis rackets and balls available at Concierge desk)
- Snooker Room (through the Cocktail Bar and down the stairs)
- Various Jogging Trails
- The Country Club is open from 8am – 8pm and is accessed by using your room key before 8.30am and after 6pm.
In June, UK Consumer Price Index (CPI) had fallen further than expected, at 7.9% compared to economist predictions of 8.2%. Core inflation also came in below expectations, with a reading of 6.9% compared with predictions of 7.1%. Whilst measures have offered a positive surprise, investors, economists, and the chancellor remain on the side of caution. Despite inflation at its lowest since March 2022, the UK remains a "drastic outlier" compared to other developed economies in the fight against inflation.
Edward Chancellor is a well-known financial historian, author, journalist, and investment strategist. His most recent book is “The Price of Time – the real story of interest” forewarns that the global financial system is moving closer to another major crisis.
This session will address:
- The history of inflation
- How inflation impacts investment portfolios
- How to protect against inflation
Global investment grade corporate bonds are a key component of Defined Benefit (DB) pension scheme asset allocation as they have several features which makes them an ideal asset class irrespective of whether the scheme is aiming for low dependency or an insurance buyout. Allocations are significant and continue to increase which means Trustees are now more reliant than ever on their corporate bonds to be money good and so help pay pensions.
However, the rising and uncertain interest rate environment has resulted in increased stress on the underlying companies than issue these bonds. This stress is unevenly spread across different sectors and issuers and will result in considerable dispersion in exposure to the risk of downgrade and default. Therefore, it is important for Trustees to remain vigilant of these risks.
This session will address:
- An overview of the global credit markets, the opportunities, and risks
- The metrics the Corporate Bond team at Janus Henderson used to measure and monitor this risk, many of which are detailed in our Credit Risk Monitor that is published quarterly
- The current positioning within their buy and maintain portfolios explaining how they have made the portfolios more resilient in preparation for this harsher environment
An ideal opportunity to connect with fellow trustees and relish refreshments provided by Ashdown Park Hotel and Country Club, for first class company and a second to none experience!
Corporate Bonds remain a core asset class for DB pension funds, and with yields rising back to pre-global financial crisis levels, they also now offer a return in addition to diversifying growth portfolios for DC investors. With an increasing focus on ESG, Social Bonds may offer one way for pension funds to allocate to traditional assets without compromising return or their fiduciary duty.
This session will address:
- An overview of social impact investing through the traditional corporate bond market
- Why traditional credit rather than private equity-like investments?
- Examples of issuers helping to address social transition related to climate change, or the fallout from the pandemic.
- How an allocation to Social Bonds can complement existing corporate bond allocations for DB
- How Social Bond investments could be used as a tool to help with DC member engagement
In this session, Ajeet Manjrekar will discuss the current state of fiduciary management in the wake of the recent gilts crisis and explore new investment strategy solutions. He will begin by highlighting the importance of adopting a fresh perspective when preparing for the next crisis, emphasizing the need to learn from past lessons on liquidity, governance, and control. Manjrekar will then examine the implications of the current funding landscape for defined benefit schemes, and the challenges and opportunities presented by the growing trend towards consolidation. He will also discuss the changing role of fiduciary management in this context, with a focus on the need to manage liquidity and match cash flows. The presentation will explore the role of illiquidity in this new landscape, and the importance of understanding time horizons and reshaping legacy assets. Finally, Manjrekar will discuss the cost-effective governance opportunities provided by fiduciary management, and the key takeaways for trustees looking to de-risk and streamline their operations. Attendees will come away with a fresh perspective on fiduciary management in a post-crisis world and actionable insights for navigating this new landscape.
This is your chance to mingle, connect, and replenish your energy amidst the Trustee Senate's vibrant atmosphere. Join us in savouring a spread prepared to elevate your midday experience. Whether you're networking, sharing insights, or simply taking a moment to unwind; Take your seat, and enjoy!
The LDI crisis had many lasting effects on the pensions industry. One of the lesser considered crisis was that pre-crisis the industry was likely to run out of gilts (and corporate bonds) to buy. The crisis has almost certainly reversed this status quo with issuance levels now vastly in excess of demand from the governments usual funders (insurers, pension schemes and bluntly, itself). This raises a secondary issue for pension schemes, without the artificial suppression of prices seen for many years, who actually wants gilts? As schemes increasingly start to explore alternative better uses of assets to benefit all stakeholders (with government backing). If the linkage between automatically required investment in gilts (forced by actuarial methods) starts to increasingly conflict with the economic reality of an asset which has lost its buying base, the question of how much schemes should want gilts in the future starts to become increasingly pertinent.
This session will address:
- Revisit the supply and demand dynamics in the gilt market and the implications on the market
- Explore the developing alternative end-game landscape for schemes
- Consider if and how gilts play a part in this new world
Content TBC
The opportunity to simultaneously reduce risk and enhance return is rare. In this workshop we’ll discuss how well-implemented CDI can do this by the neat trick of better correlation with bulk annuity pricing and more attractive assets for insurers. We'll also explain why this doesn't just benefit schemes targeting buyout in the short or medium term – it also enables an ultra-low risk solution for long term run-off or captive insurance if it comes to that.
The LDI crisis had many lasting effects on the pensions industry. One of the lesser considered crisis was that pre-crisis the industry was likely to run out of gilts (and corporate bonds) to buy. The crisis has almost certainly reversed this status quo with issuance levels now vastly in excess of demand from the governments usual funders (insurers, pension schemes and bluntly, itself). This raises a secondary issue for pension schemes, without the artificial suppression of prices seen for many years, who actually wants gilts? As schemes increasingly start to explore alternative better uses of assets to benefit all stakeholders (with government backing). If the linkage between automatically required investment in gilts (forced by actuarial methods) starts to increasingly conflict with the economic reality of an asset which has lost its buying base, the question of how much schemes should want gilts in the future starts to become increasingly pertinent.
This session will address:
- Revisit the supply and demand dynamics in the gilt market and the implications on the market
- Explore the developing alternative end-game landscape for schemes
- Consider if and how gilts play a part in this new world
The LDI crisis had many lasting effects on the pensions industry. One of the lesser considered crisis was that pre-crisis the industry was likely to run out of gilts (and corporate bonds) to buy. The crisis has almost certainly reversed this status quo with issuance levels now vastly in excess of demand from the governments usual funders (insurers, pension schemes and bluntly, itself). This raises a secondary issue for pension schemes, without the artificial suppression of prices seen for many years, who actually wants gilts? As schemes increasingly start to explore alternative better uses of assets to benefit all stakeholders (with government backing). If the linkage between automatically required investment in gilts (forced by actuarial methods) starts to increasingly conflict with the economic reality of an asset which has lost its buying base, the question of how much schemes should want gilts in the future starts to become increasingly pertinent.
This session will address:
- Revisit the supply and demand dynamics in the gilt market and the implications on the market
- Explore the developing alternative end-game landscape for schemes
- Consider if and how gilts play a part in this new world
An ideal opportunity to connect with fellow trustees and relish refreshments provided by Ashdown Park Hotel and Country Club, for first class company and a second to none experience!
Over our lifetimes, technology has improved astronomically and continues to rapidly develop. This year ChatGPT has become a talking point for most, as the AI tool has proven able to complete everything from school essays to writing code. Within the next two years, artificial intelligence will be disrupting industries with its almost limitless applications. We are currently on a trajectory determined by existing technology developing. So, it is important as an industry we embrace the developing technology around us. However, using these tools alone will be no guarantee for success. Success will come when we learn to optimise how we use these tools.
This session will address:
- An introduction to AI and its current role in the pensions industry, including examples of AI tools currently being used
- Emphasise the potential for AI to improve governance, member outcomes, and ED&I in pension schemes
- Discuss the challenge of dealing with vast quantities of historical data and the lack of insights and provide case studies of pension schemes that have successfully implemented AI
- Examine different ways AI can be used to improve understanding of board information for both current and new members
- Address potential challenges and risks associated with implementing AI in pension schemes, including the impact on jobs and employment
- Discuss the ethical and social implications of using AI in pension scheme governance
Please use this time to check-in to the comfort of your room.
Along with our agenda full of fantastic speakers, you will also have the opportunity to utilise the venue’s facilities. During free time throughout your stay, you are welcome to explore the 186 acre estate and make use of the following facilities:
- Country Club, comprising of: Swimming Pool, Jacuzzi and Gym
- Tennis Courts (tennis rackets and balls available at Concierge desk)
- Snooker Room (through the Cocktail Bar and down the stairs)
- Various Jogging Trails
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The Country Club is open from 8am – 8pm and is accessed by using your room key before 8.30am and after 6pm.
As the sun sets and the atmosphere transforms, treat yourself to a selection of beverages and indulge in forging connections with fellow attendees. Cheers to creating memories, toasting to success, and embracing the spirit of togetherness in a setting designed to delight. Step into the allure of our drinks reception, where every connection is an opportunity waiting to be discovered.
Before dinner, immerse yourself in an engaging speech by Eddie 'The Eagle' Edwards. Eddie's narrative revolves around his remarkable achievements, defying formidable odds, and cherishing even the smallest triumphs. From his quest to reach the Olympics, despite knowing the chances of medalling were slim, to his uphill battle against the skepticism of the GB Team establishment, Eddie's story is a testament to unwavering persistence.
Experience an evening of fine dining hosted by Professional Pensions at the esteemed Ashdown Park Hotel and Country Club. Set against the backdrop of this exquisite location, and sophisticated atmosphere of Ashdown Park; This memorable dinner experience promises a night of refined dining and meaningful interactions that will leave a lasting impression.
Please note: programme is subject to change