Indulge in a delightful breakfast experience at the Ashdown Park Hotel and Country Club's Anderida restaurant, starting from 07:30.
As you begin your day, we kindly request that you use this time to complete your check-out process. Rest assured, your belongings will be in excellent care with Ashdown Park Hotel and Country Club while you immerse yourself in the second day of enriching sessions at our Autumn Trustee Senate.
- What is behavioural science?
- Why is it important for Trustees and Pension scheme managers to be aware of it?
- What are the biases that most impact pension decision-making?
- How does choice impact decision-making?
- How is it applicable to pensions?
In this session Al Greenlees and Arif Saad will review what, if anything, experience really tells us about the challenges facing pension schemes today. The world is facing market conditions never seen before (quantitative tightening) and the pensions industry is almost permanently in-flux, deciding on new and interesting ways to meet the challenges facing it. Be that how to best structure investments, how to govern them, how to react to the ever-changing nature of sponsor support or, and perhaps most interestingly today, how to serve members and stakeholders as well as possible. The growth of new and interesting pensions solutions is in a golden age, potentially supported by the regulators desire for schemes to be more “productive”. What should schemes make of all of this and what value do previously valued skillsets hold today?
This session will address:
- Critically review the changes observed in and now facing the pensions market
- Provide new, fresh, ideas on how schemes could focus themselves
- Understand the skills needed in the future
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!
Many schemes are currently setting or reviewing their long-term strategies. For most there are two key options, do you transfer to an insurer or run the scheme on? In this session, Aon’s John Harvey will explore new endgame strategies for DB pension schemes, and the implications for covenant, investment, funding and governance strategies.
Roll back 15 years and the investment decisions a trustee needed to make were primarily around the asset classes to invest in and to create a real return for the scheme. The advent of LDI allowed trustees to start thinking more about how the investment strategy and funding journey could be aligned. However, there is now so much more required of trustees when considering the investment strategy and approach of the scheme.
This session will address:
1. Portfolio constructs:
- LDI Considerations
- Increasing efficiency and delivering value in the portfolio
- Retaining flexibility in the portfolio
- ESG Considerations
2. Responsible investment approach
- Can/should the scheme's RI approach be aligned to the sponsors RI aims for their own business
- Data requirements
- TCFD reporting
- Future reporting on the way
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 gilt market volatility in October has increased the level of scrutiny on LDI portfolios and has resulted in significantly increased collateral requirements thus reducing the capital efficiency of such structures. For schemes that have seen an improvement to their overall funding position, this allows them to revisit their investment allocation and move towards a “low dependency” bond portfolio.
A low dependency portfolio fulfils three main objectives:
1) generates cash flows to meet pensions
2) stabilises the schemes overall funding position by matching interest and inflation exposures and
3) earns a modest excess spread above government bonds.
The portfolio will use an array of different investments including government bonds, global corporate bonds, and derivatives. Such portfolios are trying to optimise against several different objectives which means portfolio construction is key.
This session will address:
- A case study where James and Anil worked with a defined benefit pension scheme to create a low dependency portfolio.
- Describing the iterative discussions with the Trustees, the trade-offs involved and the lessons learned.
With a great deal of press being written about pension funds allocating capital in unproductive ways, we will dig deeper into how social bond investing can help both DC and DB pension funds allocate to an asset class delivering real world change, whilst continuing to meet their fiduciary duty.
The workshop will address:
- Whether a social bond investment entails any difference in expected return vs traditional credit
- How social bond investing compares from a risk perspective to other impact driven strategies
- How a social bond allocation might fit alongside a cashflow driven investment strategy for DB
- Examples of issuers to demonstrate to DC members how their money can play an active role in financing climate transition
With the recent development of Long Term Asset Funds (LTAFs) by the FCA, trustees are now presented with new opportunities to invest in private assets. In this workshop, we'll take a closer look at how LTAFs can be used by DB and DC investors, and what this means for the future of private asset investing. Our speakers will provide insights on navigating the current investment landscape, and offer practical guidance on how to leverage LTAFs.
With the recent development of Long Term Asset Funds (LTAFs) by the FCA, trustees are now presented with new opportunities to invest in private assets. In this workshop, we'll take a closer look at how LTAFs can be used by DB and DC investors, and what this means for the future of private asset investing. Our speakers will provide insights on navigating the current investment landscape, and offer practical guidance on how to leverage LTAFs.
The gilt market volatility in October has increased the level of scrutiny on LDI portfolios and has resulted in significantly increased collateral requirements thus reducing the capital efficiency of such structures. For schemes that have seen an improvement to their overall funding position, this allows them to revisit their investment allocation and move towards a “low dependency” bond portfolio.
A low dependency portfolio fulfils three main objectives:
1) generates cash flows to meet pensions
2) stabilises the schemes overall funding position by matching interest and inflation exposures and
3) earns a modest excess spread above government bonds.
The portfolio will use an array of different investments including government bonds, global corporate bonds, and derivatives. Such portfolios are trying to optimise against several different objectives which means portfolio construction is key.
This session will address:
- A case study where James and Anil worked with a defined benefit pension scheme to create a low dependency portfolio.
- Describing the iterative discussions with the Trustees, the trade-offs involved and the lessons learned.
With a great deal of press being written about pension funds allocating capital in unproductive ways, we will dig deeper into how social bond investing can help both DC and DB pension funds allocate to an asset class delivering real world change, whilst continuing to meet their fiduciary duty.
The workshop will address:
- Whether a social bond investment entails any difference in expected return vs traditional credit
- How social bond investing compares from a risk perspective to other impact driven strategies
- How a social bond allocation might fit alongside a cashflow driven investment strategy for DB
- Examples of issuers to demonstrate to DC members how their money can play an active role in financing climate transition
With a great deal of press being written about pension funds allocating capital in unproductive ways, we will dig deeper into how social bond investing can help both DC and DB pension funds allocate to an asset class delivering real world change, whilst continuing to meet their fiduciary duty.
The workshop will address:
- Whether a social bond investment entails any difference in expected return vs traditional credit
- How social bond investing compares from a risk perspective to other impact driven strategies
- How a social bond allocation might fit alongside a cashflow driven investment strategy for DB
- Examples of issuers to demonstrate to DC members how their money can play an active role in financing climate transition
With the recent development of Long Term Asset Funds (LTAFs) by the FCA, trustees are now presented with new opportunities to invest in private assets. In this workshop, we'll take a closer look at how LTAFs can be used by DB and DC investors, and what this means for the future of private asset investing. Our speakers will provide insights on navigating the current investment landscape, and offer practical guidance on how to leverage LTAFs.
The gilt market volatility in October has increased the level of scrutiny on LDI portfolios and has resulted in significantly increased collateral requirements thus reducing the capital efficiency of such structures. For schemes that have seen an improvement to their overall funding position, this allows them to revisit their investment allocation and move towards a “low dependency” bond portfolio.
A low dependency portfolio fulfils three main objectives:
1) generates cash flows to meet pensions
2) stabilises the schemes overall funding position by matching interest and inflation exposures and
3) earns a modest excess spread above government bonds.
The portfolio will use an array of different investments including government bonds, global corporate bonds, and derivatives. Such portfolios are trying to optimise against several different objectives which means portfolio construction is key.
This session will address:
- A case study where James and Anil worked with a defined benefit pension scheme to create a low dependency portfolio.
- Describing the iterative discussions with the Trustees, the trade-offs involved and the lessons learned.
In recent years, TPR has been responsible for a multitude of aspects of the pensions industry: Regulating master trusts, focussing on improving retirement outcomes, developing guidance for protecting members from scams and fraud, and playing a key role in the development of Pensions Dashboards. Lately, TPR has also been developing the General Code, implementing change for more diversity in trusteeship, giving guidance surrounding the gilts market, and amended its guidance on defined benefit superfunds. With so much going on, it's never too soon to update your knowledge, clarify your concerns and prepare for what TPR have instore for the future.
Please note: programme is subject to change