- What can we do to improve diversity and inclusion?
- How can we make the industry more accessible to the next generation of new starters?
- Is what the pensions industry, as a whole, is doing for DEI working and do we need to challenge it to do better?
In response to our economic circumstances, the pensions world is finding itself divided between the old legacy and new. In our new world, trustees are challenged to encourage members to save, especially during a cost-of-living crisis. The liability-driven investment (LDI) crisis has caused ripples in the pensions market. This put pressure on trustees to have a better understanding of LDI to be able to give better investment consultancy advice. Many trustees also feel the biggest challenge over the next few years is ensuring they have the technology in place to support the continuous scheme management style that suits their governance approach. Without even mentioning an increasing amount of regulation, these are some of the many pressures for trustees, and it begs the question- What is the role of a trustee, and has it changed?
This session will address:
- Has the role of a trustee changed with the recent economic climate?
- What is the future of regulation for trustees?
- What does the future for lay trustees look like?
- Examples of schemes that have shown good governance
2022 was without a doubt a volatile year for risk assets. Fixed income has recently offered more attractive valuations and higher income than equities. Fixed income has previously offered lower volatility than equities, de-risking solutions and diversification benefits. Is it now time to consider bonds? The volatility to end 2022 highlighted the importance of liquidity, and some believe liquidity management is an essential part of any investment process during these times especially. Fixed income can be a useful component of the liquid asset allocation. Historically, fixed income had fallen out of favour in asset allocation processes- Is this still the case?
This session will address:
- Should schemes consider fixed income again, and why?
- Regarding global recession concerns, will the loan market continue to ride the market volatility?
- Could fixed income fall out of favour in asset allocation once again in the near future?
- How to consider climate change in fixed income portfolios
Administration represents the public face of pensions and cultivates the interaction between a member and their savings. Over the next 40 years or so, administrators will manage the payment of more than £1.6trn of DB scheme liabilities and it is a serious problem when the administration of a scheme goes wrong. In 2023, the top targets for trustees will be buyout, dashboards and improving member communications. Poor administration can lead to costly delays in the time it takes to reach buyout stage, or in integrating policy developments like the pensions dashboard into the scheme framework. Time is money, so schemes must avoid delays at all costs.
This session will address:
- Do we have enough administration to take us through endgame?
- How can we manage admin more effectively with schemes looking to buyout much sooner than expected?
- Are dashboards a thorn in the side for administrators?
- What needs to be done from a pension administrator perspective, to smoothly connect to pensions dashboards?
On the 28th April 2022, a bill making provision about the amendment of pension schemes to provide for the conversation of rights to a GMP was granted. It aimed to amend and clarify existing GMP conversation legislation and The Pensions Schemes Act 2022. By 27th June 2022 the association's GMP equalisation working group outlined decisions trustees need to make to implement equalising past transfers out for the effects of GMP. Implementing GMP equalisation can be complicated regardless of method. Members' benefits change, and careful communication of updates to the retirement process is vital. Despite the pressure on schemes, GMP equalisation highlights opportunity to provide support and choice for members, improving their retirement journey.
This session will address:
- What are the current hurdles of GMP equalisation and how can we solve them?
- Is adding additional options going to make things more complicated for members?
- Do members want these options in the current high inflation environment?
In 2015, primary legislation was put in place introducing CDC. However, other government business has delayed the completion of this. There are two types of schemes under CDC: Defined Ambition (DB-) and Defined Contribution Collective Benefits (DC+). It is important for trustees to be knowledgeable of CDC, understand how it will work and who it will work best for.
This session will address:
- What are the regulatory requirements of CDC?
- What are the risks of CDC?
- What are the challenges of CDC and how do we overcome them?
- How does inflation impact CDC?
- What is the pensions landscape like post LDI crisis?
- What can the industry learn from watching the LDI crisis play out, and how can we implement these learnings?
- Is LDI still valid, and why?
Liability Driven Investment remains the buzzword going into 2023. The treatment of LDI has highlighted interesting issues for the industry and questions our awareness of the danger of our decisions. Most schemes who would have historically sought to deploy assets into illiquid assets, have now come across many liquidity challenges. Many are now left wondering if we can afford to have LDI and growth investments in the new world we're in. Most importantly, What now for LDI?
This session will address:
- What is the pensions landscape like post LDI crisis?
- What can the industry learn from watching the LDI crisis play out, and how can we implement these learnings?
- Is LDI still valid, and why?
- What are the current hurdles of GMP equalisation and how can we solve them?
- Is adding additional options going to make things more complicated for members?
- Do members want these options in the current high inflation environment?
In 2015, primary legislation was put in place introducing CDC. However, other government business has delayed the completion of this. There are two types of schemes under CDC: Defined Ambition (DB-) and Defined Contribution Collective Benefits (DC+). It is important for trustees to be knowledgeable of CDC, understand how it will work and who it will work best for.
This session will address:
- What are the regulatory requirements of CDC?
- What are the risks of CDC?
- What are the challenges of CDC and how do we overcome them?
- How does inflation impact CDC?
In 2015, primary legislation was put in place introducing CDC. However, other government business has delayed the completion of this. There are two types of schemes under CDC: Defined Ambition (DB-) and Defined Contribution Collective Benefits (DC+). It is important for trustees to be knowledgeable of CDC, understand how it will work and who it will work best for.
This session will address:
- What are the regulatory requirements of CDC?
- What are the risks of CDC?
- What are the challenges of CDC and how do we overcome them?
- How does inflation impact CDC?
Liability Driven Investment remains the buzzword going into 2023. The treatment of LDI has highlighted interesting issues for the industry and questions our awareness of the danger of our decisions. Most schemes who would have historically sought to deploy assets into illiquid assets, have now come across many liquidity challenges. Many are now left wondering if we can afford to have LDI and growth investments in the new world we're in. Most importantly, What now for LDI?
This session will address:
- What is the pensions landscape like post LDI crisis?
- What can the industry learn from watching the LDI crisis play out, and how can we implement these learnings?
- Is LDI still valid, and why?
On the 28th April 2022, a bill making provision about the amendment of pension schemes to provide for the conversation of rights to a GMP was granted. It aimed to amend and clarify existing GMP conversation legislation and The Pensions Schemes Act 2022. By 27th June 2022 the association's GMP equalisation working group outlined decisions trustees need to make to implement equalising past transfers out for the effects of GMP. Implementing GMP equalisation can be complicated regardless of method. Members' benefits change, and careful communication of updates to the retirement process is vital. Despite the pressure on schemes, GMP equalisation highlights opportunity to provide support and choice for members, improving their retirement journey.
This session will address:
- What are the current hurdles of GMP equalisation and how can we solve them?
- Is adding additional options going to make things more complicated for members?
- Do members want these options in the current high inflation environment?
With the Pensions' Dashboard regulations approved in parliament, the countdown is underway with some schemes soon starting to connect and user-test the live environment. Moving to pensions dashboards will be a time-consuming task but it is a significant step in modernising the pensions industry. Soon, members will have all their information online, securely in one place, allowing for better planning for retirement. Large schemes will connect from this April to September 2024, whilst medium schemes from October 2024 to October 2025, and finally smaller schemes from 2026.
This session will address:
- Recent updates and developments of the Pensions' Dashboard
- How will the dashboard change the market?
- Will there be a need of a digital transformation for pensions?
- What are the focus areas for schemes going forward?
Please note: programme is subject to change