Gareth Mee, chief investment officer for both Legal & General’s assurance society and institutional retirement division, is the guest for this episode of The Professional Investment Podcast. His news story of the week is LCP’s forecasting up to £550bn in buy-ins over the next decade.
We discuss how these vast capital flows are attracting new market entrants with private equity firms snapping up L&G’s competitors while others, such as Phoenix Group, are looking to raise more capital. We also examine whether run-on is a realistic option or likely to be a reality for only a few paternalistic schemes with finance directors unscared by DB trauma.
CIOs at insurers will have their work cut out for them over the next decade as they look to invest that £55bn a year. Gareth explains why he prefers sovereign to corporate debt and how insurers can avoid over-inflating asset prices in the face of such significant capital flows.
We talk about how insurers are innovating to broaden their investment universe into asset classes that might otherwise not sit well in their regulatory framework – and how they avoid taking this too far. Gareth says he most excited about investing in emerging and frontier markets.
We examine how insurers manage their sustainability risks. As providers of hurricane and flood insurers, these organisations are at the sharp end of climate change and need to ensure these risks are balanced in the assets they invest in. We discuss how insurers are thinking about a nascent asset class like natural capital.
We debate whether insurers are neglecting the development of deferred annuities for the DC as they are too distracted by the buy-out bonanza. Gareth addresses the frustrations felt by those looking to develop retirement income for workplace pensions.
ABOUT THE GUEST:
Gareth Mee Chief Investment Officer Legal & General Assurance Society and Legal & General Institutional Retirement.
Gareth is Chief Investment Officer of Legal & General Assurance Society (LGAS) and Legal & General Institutional Retirement and oversees the investments for the insurance business globally.
Legal & General is a UK FTSE 100 insurance and asset management business, with market capitalisation of $19bn and operating profits of $2bn. LGAS is the UK regulated entity through which all of its UK insurance business is written. The investment team oversees investments of c. £100bn in UK, US and Bermuda and across both the retail annuity and institutional retirement annuity business.
For the first three years of his time at L&G, Gareth was CFO of Legal & General Capital and then CIO of its private markets business within asset management. During this time, he served as Board Director of its US real estate development business and its Retirement Villages business.
Prior to his career at Legal & General, Gareth spent nearly 20 years at EY; latterly as the partner leading its Global Investment Advisory, UK actuarial and sustainable finance consulting practices. He is an active volunteer within the Actuarial Profession, having served on the Life and Finance & Investment Boards as well as chairing working parties covering private market investments and procyclicality.
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🔗 https://lotsmoore.co.uk/
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Chapters:
00:00 – Introduction & Welcome
00:12 – Charlotte Moore introduces Gareth Mee
02:34 – Investment flows into the insurance sector
04:47 – Rethinking efficiency and focus in asset management
07:02 – Addressing industry misconceptions and accusations
09:21 – Legal & General’s investment pipeline for the coming year
11:44 – The role of traditional assets in UK insurance portfolios
14:09 – Exploring sub-investment grade and private credit markets
16:34 – The sustainability conundrum in institutional investing
18:47 – Managing illiquidity and sub-investment grade debt
21:11 – Balancing long-term commitments with short-term pressures
23:30 – Key takeaways and Gareth’s closing thoughts
24:05 – Charlotte Moore wraps up the episode
In the latest episode of The Professional Investment Podcast, Mitesh Sheth, founder of OrgAlpha and ex-CEO of Redington, joins me to discuss this week’s FT asset management newsletter which focused issues with private credit and equity assets.
While market concerns about these asset classes are not new, it’s something that does not often get included in the debate about whether pension schemes should allocate to these asset classes.
Thinking about the change in the interest rate environment over the past few years, it’s surprising more companies have not struggled with higher debt costs.
Many have been able to role forward that debt but that won’t happen forever. The environment has also changed in private equity with asset owners now wielding more power and wanting private equity lawyers to become less aggressive!
Asset owners and managers are changing the way they design portfolios with a move away from strategic asset allocation towards total portfolio allocation. This approach aims to make co-ordinated decisions based on the total portfolio’s risk and return objective.
This strategy makes more sense for many large professional investors managing pension scheme assets as they have a very clear set of objectives about what they want to achieve for their members.
We discuss how larger pension organisations are already thinking about how they can make their portfolios more dynamic to be nimble in the face of risks such as credit uncertainty or concentration risk in US equities.
We end the discussion reflecting on the implications of this fundamental change in portfolio design for asset managers and owners who are already dealing with two decades of rapid change.
ABOUT THE GUEST:
Mitesh Sheth, FIA, MBE
Mitesh is an actuary, investment executive and board-level leader with experience of building successful teams, scaling businesses and developing innovative client solutions. He has recently founded OrgAlpha, a boutique consultancy, helping leaders unlock organisational alpha.
Professionally, Mitesh has held senior leadership roles in global investment firms, including serving as CEO of Redington, Chief Investment Officer at Newton Investment Management and Head of Fixed Income at Henderson Global Investors. He started his career as an Investment Consultant and Manager Researcher at Aon and WTW.
Mitesh serves on the Board of the Diversity Project, is a member of the Pathway Steering Committee (developing the next generation of female fund managers), and sits on the advisory board of the Asset Owner Diversity Charter. In recognition of his work building diverse and inclusive cultures within financial services, he was awarded an MBE in 2022.
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
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#Pensions #RetirementPlanning #FinancialWellbeing #StandardLife #ProfessionalInvestmentPodcast #CharlotteMoore #EstherHawley #UKFinance #PensionsCommission #InvestmentPodcast #MoneyMatters #FinancialLiteracy
Chapters:
00:12 – Introduction
00:16 – Introduction by Charlotte Moore
00:19 – Guest intro: Mitesh Sheth (Reddington, Org Alpha)
00:29 – News of the week
01:15 – Private equity & private credit
06:49 – Transparency & valuations in private markets
24:49 – Lessons from Reddington
26:53 – Leadership & people-first culture
Esther Hawley, head of retirement proposition at Standard Life, joins me on The Professional Investment Podcast this week. She chose the challenges facing the Pensions Commission to deliver meaningful reform as her news story of the week.
We discuss how the industry is on the cusp of a new phase – turning the wealth built up in pension pots into a retirement income. The debate about the best way to achieve this goal still rages with different solutions such as CDC and defined benefit discussed.
While DC is often criticised, it allows ownership and personalisation. We talk about how providers are thinking about how to turn these pots into income with investment options becoming more sophisticated than simply switching from equities into annuities.
Investing in growth assets will need to continue for longer with people needing growing assets for decades and there will be a broadening of the asset universe to include different private assets through the journey.
Insurance companies will also be able to manage market risk for individuals by offering smoothed retirement paths but much of the thinking is still in the early stages.
We end the discussion by focusing on ensuring providers maximise retirement income for the median members by improving efficiency at every stage.
About the guest
An actuary with over 20 years’ experience in the pensions industry, Esther is passionate about making DC “better”. Having joined Standard Life in 2022, she is focussed on improving the solutions and support available to individuals retiring with DC savings, to help people manage the risks they face in retirement.
Before joining Standard Life, Esther was a Principal at Barnett Waddingham with experience spanning from advising DC schemes on investments to DB funding advice. Since 2018 Esther has chaired a working party for the Institute and Faculty of Actuaries (IFoA) looking at how the industry can improve post-retirement products for consumers. She has also recently been shortlisted for “Innovator of the Year” in the Professional Pensions Women in Pensions Awards 2025.
About the host
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
Website: https://lotsmoore.co.uk/
#Pensions #RetirementPlanning #FinancialWellbeing #StandardLife #ProfessionalInvestmentPodcast #CharlotteMoore #EstherHawley #UKFinance #PensionsCommission #InvestmentPodcast #MoneyMatters #FinancialLiteracy
Chapters
00:00 – Key Challenges for the Pensions Commission
02:31 – How UK Policy Shapes Pension Outcomes
04:57 – Workplace Pensions and Member Outcomes
07:23 – Decumulation: From Pot to Paycheque
09:50 – Decumulation: From Pot to Paycheque
12:15 – Are Annuities Back for UK Retirees
14:42 – Are Annuities Back for UK Retirees
17:09 – Digital Tools and Innovation for Retirement
19:34 – Key Challenges for the Pensions Commission
22:03 – Auto Enrolment: What Comes Next
24:28 – Standard Life’s Perspective with Esther Hawley
26:54 – Are Annuities Back for UK Retirees
29:21 – Digital Tools and Innovation for Retirement
In this episode of The Professional Investment Podcast I’m joined by Shalin Bhagwan, chief actuary at the PPF. He chose the news of there being a low likelihood the PPF levy would be reinstated if it is cut as his story of the week.
We look at the state of the UK’s defined benefit industry when the PPF was established two decades ago. Back then pension schemes funding positions were highly volatile and deficits about to balloon in the aftermath of the financial crisis. Scroll forward 20 years, and the PPF now has reserves of £14 billion.
Although we are now at a very positive point with the strength of the industry and the PPF at the point where the levy can be reduced to zero, there are still issues which need to be solved.
The DB pension landscape remains highly fragmented with many of the smallest schemes still in deficit. Shalin explains how the PPF is well placed to help these schemes.
We also delve in the run-on versus buy-out debate and different options which could help more schemes to pursue buy-out. We talk about the investment implications of this trend and how pension schemes should embrace the greater investment flexibility they have compared with insurers.
Finally we talk about how we should address pension adequacy and the challenges of retiring with a pot rather than an income.
ABOUT THE GUEST:
Shalin Bhagwan joined the Pension Protection Fund in 2023 as our chief actuary.
Shalin brings extensive pensions, insurance and investment experience having worked across the sector for many years. He started his career in South Africa in life insurance pricing and reserving and then transitioned into liability valuations for defined benefit pension funds.
In addition, he brings significant LDI, derivative and credit portfolio management experience and has advised some of the UK’s largest pension funds on their LDI strategies both as a consultant with Mercer and portfolio manager with Legal & General Investment Management..
He is a member of the advisory panel at the Financial Reporting Council. He recently served as a member of the Institute and Faculty of Actuaries' Finance and Investment Board and as an advisory member for the task force to boost socio-economic diversity at senior levels in both the financial and professional services sectors.
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
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#ShalinBhagwan #Pensions #RetirementPlanning #LongevityRisk #Investing #Finance #SustainableInvesting #ProfessionalInvestmentPodcast #FidelityInternational #Retirement
Chapters:
00:00 Introduction & welcome with guest Shalin Bhagwan (PPF)
05:00 The PPF levy and funding levels over time
10:00 Resilience of DB schemes and risk management strategies
15:00 PPF core competencies: investment, pension administration, reserves
20:00 Buyout vs. run-on debate and surplus flexibilities
25:00 Investment strategies, global credit markets and scheme diversification
30:00 Pension adequacy challenges and lessons from DB to DC transitions
34:00 Closing thoughts & subscribe reminder
In the first episode of the fourth series of The Professional Investment podcast, James Monk, workplace director at Fidelity International joins us to discuss how we can address pension inadequacy.
A recent report from Hymans Robertson provided this week’s news story which highlighted the variability in retirement income levels as well as the difficulty for individuals to manage their longevity risk.
The government announced the relaunch of the Pensions Commission this summer to address pension inadequacy but said no changes to contribution levels would be made before the next parliament.
That will put increased pressure on pension providers to maximise investment returns to provide the best possible old age. James and I discuss how default funds should be designed to achieve this outcome.
With the number of people relying on defined contribution pots to provide their retirement income, providers are grappling with the best designs to last the life of a pensioner.
We discuss how default funds need to deal with these different phases, the often contradictory challenges which need to be solved as well as managing the longevity risk highlighted in the Hymans Robertson report.
ABOUT THE GUEST:
James Monk - workplace investment director at Fidelity International
James is a Workplace Investment Director at Fidelity International looking after the FutureWise Target Dated Fund default strategy, its journey to-and-through retirement and manage a few key strategic IO clients since February 2023. He comes with 14 years DC Investment industry experience and is qualified as a Regulated Financial Planner. James’ experience covers investment design, private assets, sustainability, retirement and the workplace provider industry. He is a member of the Investment Association Retirement Income committee and was part of the Bank of England’s Productive Working Finance Group, making retirement and private assets more accessible.
ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
Hashtags
#PensionsPodcast #UKPensions #DCInvestments #PrivateMarkets #InfrastructureInvestment
#SustainableFinance #AustralianSupers #PensionReform #LongTermInvesting #InvestmentStrategy
#MansionHouseAccord #VentureCapital #RealAssets #RetirementPlanning #CharlotteMoore
Chapters
00:00 Introduction to the Professional Investment Podcast
03:00 Political and economic cycle considerations
06:00 Retirement journeys and long-term planning
09:00 Common financial misconceptions
12:00 Shifts in industry practices and structures
15:00 Changing risk environments in investments
18:00 External asset portfolios and diversification
21:00 AI in financial services and new tools
24:00 Fund supermarkets and origination models
27:00 Effective wealth management approaches
30:00 Measuring success and closing thoughts
In the final episode of series three of The Professional Investment Podcast, Charlotte Moore talks to Jesal Mistry, head of DC investments at L&G. We discuss the lessons UK pension schemes can learn from Australian supers about investing in our domestic market.
The news that Australian fund manager Macquarie would be investing in UK airports provided the spark for this discussion. In a recent trip down under, Jesal talked to supers and asset managers about how they allocate to their own market. This has been a long tradition with up to 60% of assets invested in Australia.
While asset owners could buy both public and private assets, UK public markets have been suffering in recent years with listings falling and performance faltering. This part of a broader market trend which has seen companies prefer private market financing to public flotations.
Jesal unwrapped how DC schemes should approach private market investing, using equity at the start of the members’ wealth journey and switching to debt during retirement. And within equity portfolios, risk needs to further diversified with some allocation to high growth, high risk assets like biotech and lower risk infrastructure equity.
Despite a focus on UK assets, L&G doesn’t constrain its private market assets to the UK but invests globally looking for best-in-class private asset managers to build the best portfolio for scheme members.
This episode is a vital listen for asset managers looking to understand how providers of contracted-out pensions schemes and master trusts are evolving their thinking about private asset allocation.
ABOUT THE GUEST:
Jesal Mistry – Head of DC Investments, Asset Management, L&G
Jesal leads Legal & General dedicated DC Investments Team. The Team provides DC Investment expertise to clients and their advisers, supporting with their investment strategies and ensuring that they are aware of the latest developments in DC investment at Legal & General.
Jesal joined Legal & General in June 2019 having previously worked for Hymans Robertson where he was Senior DC Investment Consultant, responsible for managing key DC Investment relationships and supporting clients with strategies designed for their members. Jesal was also responsible for managing strategic relationships with all major DC providers in the UK. Prior to that, Jesal was Head of DC Investment Consulting at Capita Employee Benefits where he was responsible for developing Capita’s DC investment proposition and advising clients. Jesal has over 17 years of DC pensions and investment experience.
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
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#PensionsPodcast #UKPensions #DCInvestments #PrivateMarkets #InfrastructureInvestment
#SustainableFinance #AustralianSupers #PensionReform #LongTermInvesting #InvestmentStrategy
#MansionHouseAccord #VentureCapital #RealAssets #RetirementPlanning #CharlotteMoore
In the latest episode of The Professional Investment Podcast, Adam Gillett, head of sustainable investment at Railpen, and I discuss the results of Responsible Investor’s annual nature and investors survey.
Adam highlights three findings – that nature is important to a high proportion of investors, it’s of equal importance to investors in both the US and Europe and a significant number of investors believe they can make an impact.
We discussed Railpen’s approach to impact and stewardship talking about finding key themes every five years. Even a scheme with 350,000 members and assets under management of £34bn does not have the resource to pursue every issue so priorities must be set.
But there is little point in setting goals unless they can be integrated across different asset classes. Adam discussed how Railpen takes different approach according to the asset class and – in the case of equities – according to actively managed and quantitative portfolios.
While we both welcomed investors’ positive attitude to making impact, Adam underscored the importance of investors engaging with policy makers to create the right legislation for sustainability. That includes working with companies to encourage them to campaign.
This is a must-listen episode for anyone looking to understand how a large UK pension scheme thinks about sustainability, impact and stewardship and why this a fundamental investment principle.
ABOUT THE GUEST:
Adam Gillett is the Head of Sustainable Investment and Co-Head of Sustainable Ownership at Railpen. He is responsible for leading Railpen’s approach to sustainable investment, particularly in relation to provision of ESG risk advice, and climate and nature risk management. This includes delivery against Railpen’s net zero commitment.
Railpen is responsible for the safekeeping and investment of around £34 billion in assets for the 350,000 members of the railways pension schemes, one of the UK's largest and longest established pension funds. Railpen’s purpose is to secure our members’ future. We believe that financial and sustainability outcomes are complementary and integral to protecting our members' interests over the long term.
Adam formerly worked at WTW for 10 years where he was latterly Global Head of Sustainable Investment, having started his career at KPMG. He is a CFA charterholder and a fully qualified accountant.
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
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#Pensions #UKEconomy #InvestmentStrategy #PensionSurplus #FinancePodcast #railpen #ProfessionalInvestment #nest #CharlotteMoore #PensionFunds
In this episode of The Professional Investment Podcast, host Charlotte Moore talks to Chris Hitchen, chair of Border to Coast Pension Partnership about the UK’s Pension Schemes Bill.Laid in early June, the Pensions Bill is wide-ranging with policies aimed at closed corporate defined benefit schemes, the LGPS and auto-enrolled workplace schemes. These represent ambitious reforms aimed an improving the system and the retirement income of scheme members.Chris and Charlotte unpack the implications of the pensions bill for the LGPS with assets to be consolidated in six pools and the continued focus on local investment. They discuss the advantages of scale and impact this has on relationships with asset managers as well as how diseconomies of scale emerge when a fund becomes too large.The Bill includes a recommendation for auto-enrolled pension schemes to offer a default retirement income. Chris and Charlotte talk about the investment challenges pension providers need to solve to ensure members don’t run out of money in their life time as well as the operational challenges.They also welcomed a value for money framework but note this will need to be navigated carefully to avoid too great a focus on short-term performance. The government’s ambition to consolidate small pots is also to be welcomed.Finally, Chris and Charlotte discuss the implications of Reform’s strength in the recent local government elections and what implications this will have for pools’ fund selection in the future.ABOUT THE GUEST:Chris HitchenNest Board Member from 1 June 2018 to 31 May 2024Chair, Investment committee from 28 May 2019 to 31 May 2024Chris re-joined the Board in 2018, having previously served from 2010 to 2015. He has over 30 years’ experience in investment and pensions.He is Chair of the Border to Coast Pensions Partnership, investing money for 11 Local Government Pension Scheme (LGPS) pension funds with assets under management totalling £60 billion, and Chair of the £20 billion Nuclear Liabilities Fund, helping to protect future generations from the costs of decommissioning nuclear power stations. Chris also sits on the Board of the Scott Trust Endowment Limited, which backs the Guardian newspaper, and on the Finance and Investment Board of the Institute and Faculty of Actuaries.For almost twenty years Chris led Railpen, the 350,000-member UK Railways pension system, first as Chief Investment Officer and then as CEO. He also chaired the Pensions and Lifetime Savings Association (PLSA) and was the inaugural Chair of the Pensions Quality Mark, raising standards in defined contribution (DC) pensions.With a strong interest in corporate and institutional governance, Chris has served as a board member for the Toronto-based International Centre for Pensions Management and for the UK’s Investor Forum, which promotes strategic dialogue between companies and investors.Chris is an actuary and an honorary fellow of the CFA Society of the UK. ⸻ABOUT THE HOST:Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.🔗 https://lotsmoore.co.uk/⸻#Pensions #UKEconomy #InvestmentStrategy #PensionSurplus #FinancePodcast #Brightwell #ProfessionalInvestment #nest #CharlotteMoore #PensionFunds
In this episode of The Professional Investment Podcast, Charlotte Moore is joined by Morten Nilsson, CEO of Brightwell, to explore the recent FT news story that the UK government will make easier for companies to access pension scheme surpluses.
We explore how this has the potential to change company pension schemes to being viewed as an asset rather than a liability. We talk about how this could shape the run-on versus buy-out debate and what surpluses could be spent on.
Morten explains the concept of ‘low dependency ratio’ and how this might open-up investment opportunities at schemes. We unpack how mature schemes are now paying out liabilities and the importance to be better at predicting future liability cash flows.
This news should be viewed as one part of the current government’s drive to get pension schemes more involved in UK investment and we discuss how the different UK institutional organisations can be used to fund every part of the growth journey.
This is must-listen episode for anyone looking to understand how the government agenda will reshape how we view pension schemes and where the opportunities lie for asset managers.
ABOUT THE GUEST:
Morten has been with Brightwell since 2018, overseeing all facets of the business to ensure comprehensive support for trustees, sponsors, members, and colleagues. He is also Chair of pensions technology provider, Procentia.
With a long career in financial services, Morten entered the pensions and investment sector in 2001. He spent over a decade at ATP, Denmark's £90 billion pension scheme, where he held various senior roles in administration, investments, product development, and business development. In 2010, he relocated to London and founded NOW: Pensions, where he successfully served as CEO, growing the company into one of the leading defined contribution providers in the UK.
While at Brightwell, Morten has delivered sustainable improvements in the BTPS funding position, strengthened the relationship with BT, leading to the establishment of an enduring long-term funding solution for BTPS in 2020 and developed and implemented a growth strategy for Brightwell focused on introducing new third-party clients.
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
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#Pensions #UKEconomy #InvestmentStrategy #PensionSurplus #FinancePodcast #Brightwell #ProfessionalInvestment #MortonNilsson #CharlotteMoore #PensionFunds
In this episode of the Professional Investment Podcast, host Charlotte Moore, is joined by Sofia Perkonigg, trustee director at UBS UK Pension Fund, to explore the news of the recently announced Mansion House Accord.Sofia reflects on 17 of the UK’s largest defined contribution (DC) pension providers committing to allocating at least 10% of their default funds to private markets by 2030, with at least 5% allocated to the UK. We discuss the implications of this commitment to improve member returns by diversifying portfolios and how this might help the UK economy.We explain why UK pension schemes are only now allocating to private assets and discuss the practical challenges. She offers a trustee’s perspective on how real estate, infrastructure, private debt and equity could be integrated into the default journey depending on where a member is on their retirement journey.We also examine how Long-Term Asset Funds (LTAFs) could provide an accessible route into private markets, particularly for small and mid-sized schemes. We examine whether schemes should consider one LTAF provider for all asset classes or pick a selection of best-in-class.Other topics discussed include:• The structural barriers that have historically prevented DC schemes from accessing private markets• The importance of scale and fee negotiation in ensuring members get value from these investments• How different private assets can support both wealth accumulation and decumulation phases• The urgent need to raise pension contribution rates in the UK, currently lagging behind countries like Canada and AustraliaLooking ahead to 2030, Sofia hopes private markets will be a mainstream part of the UK pension landscape which deliver stronger member outcomes and tangible benefits to the national economy.This is a valuable listen for trustees, fund managers, policymakers, and anyone seeking to understand the evolving world of long-term pension investment in the UK.⸻ABOUT THE HOST:Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.🔗 https://lotsmoore.co.uk/⸻#Pensions #RetirementPlanning #InvestingForTheFuture #FinancialWellbeing #UKFinance
Emma is a Partner at Hymans Robertson and joined the firm in 2012, having previously worked at Deloitte and Mercer. In her current role Emma advises trustees of DB pensions schemes on a full array of investment issues. Alongside her client commitments Emma is Chair of the firm’s Investment Committee and is a member of Partnership Council, one of the firm’s governing groups.
This episode’s guest is Emma Cameron, partner and head of investment consultancy at Hymans Robertson. Charlotte and Emma discuss the stability of closed defined benefit (DB) schemes’ strong funding positions and how surpluses will shape future strategic and investment decisions.
Unimaginable only a few years ago, surpluses present trustees with new questions about how these should be spent and invested. Emma stresses the importance of planning early to avoid contention and ensure value can be shared wisely between members and sponsors.
Once funding positions have been stabilised, trustees and companies have the option to invest the remaining surpluses more productively – in equities, infrastructure or sustainable finance – including natural assets such timber.
Emma highlights that alongside DB reform, there is a growing need to address major gaps in provision for the self-employed, who often fall outside the traditional pension system. She calls for innovation and bold policy thinking to engage this under-served group, suggesting now may be a once-in-a-generation opportunity to reshape the entire retirement landscape.
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Key points:
• DB scheme surpluses are here to stay due to de-risking and hedging
• Who benefits from the surplus?
• Surpluses offer opportunities for higher-risk, higher-return investments
• A “three-bucket” investment approach: core liabilities, risk buffer, and productive surplus
• Shift in trustee mindset: from de-risking to potential safe re-risking
• Surpluses may drive renewed interest in run-on strategies over buyout
• Potential for sustainable and UK-focused investment with surplus capital
• Government is encouraging schemes to support UK growth through pensions
• Industry must innovate across DB, DC, CDC — and tackle gaps for the self-employed • The self-employed are often excluded from pension frameworks and need tailored solutions
• A pivotal “crossroads” moment — a chance to rethink and reform pensions for future generations
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
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#PensionReform#DBPensions#DefinedBenefit#PensionSurplus#InvestmentStrategy#TrusteeGovernance#UKPensions#RetirementPlanning#InstitutionalInvestment#PensionsIndustry
Paul is a Partner and UK Head of Pensions Consulting at EY. He leads a team focused on advising pension funds and their corporate sponsors across the UK. Paul and has worked with some of the largest defined benefit and defined contribution pension funds in the UK including the British Airways Pension Schemes and the BBC.
In this episode, Charlotte Moore is joined by Paul Kitson, UK head of pensions consulting at EY, to explore the rapidly evolving pensions landscape in the UK.
They discuss the Department for Work and Pensions’ recent response to the Work and Pensions Select Committee’s report on defined benefit (DB) schemes. We discuss potential changes to PPF funding, how schemes’ surpluses can be spent as well as whether collective defined contribution (CDC) could provide retirement income.
🔍 Key topics include:
• The £10bn+ surplus in the PPF and what it means for DB schemes
• Whether the PPF can provide the security to drive more schemes to run-on
• The risks of underfunded DC pensions — and possible solutions
• Whether CDC is a viable retirement income option
• The importance of policy clarity on surplus use
• Paul’s wishlist if he were Pensions Minister for a day!
• Why member engagement and value-for-money must evolve
If you want to understand how the UK’s £3 trillion pensions industry is changing — and what that means for employers, employees, and the economy — this episode is a must-watch.
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
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#Pensions #Retirement #DBSchemes #EY #PaulKitson #CDC #UKPensions #Surplus #Investment #ValueForMoney #PensionPolicy #CharlotteMoore #ProfessionalPensions #FinancialPlanning
In this episode of the Professional Pensions Podcast, we discuss how tariffs are affecting UK small businesses and the broader economy. Ian Connatty, Managing Partner at BBB Patient Capital Advisory Services (British Growth Partnership), joins Charlotte Moore to explore the role of venture capital in driving innovation, the importance of scaling UK startups, and how pension funds can support the future economy.We dive into the challenges of funding high-growth companies, the impact of geopolitical risks like Trump’s tariffs, and how long-term investment strategies can transform the UK’s economic landscape.
Ian Connatty is the Managing Partner, BBB Patient Capital Advisory Services (British Growth Partnership).
Ian Connatty is the first Managing Partner for BBB Patient Capital Advisory Services, leading its regulated investment advisory and fundraising activities. As Managing Partner, Ian will also serve on the BBB Patient Capital Advisory Services Board, contributing to the Partnership’s governance and strategic oversight. He was previously the British Business Bank’s Deputy Chief Investment Officer. He brings with him a wealth of experience in direct, co-investment and venture capital fund investing having worked for British Business Bank and its forerunner organisations since 2009. Ian joined British Patient Capital when it launched in 2018 where he was Managing Director of the Funds business until 2021. After this he was appointed Managing Director, Direct and Co-investment, where he established the £425m Future Fund: Breakthrough programme. He previously worked in corporate finance at technology company Infinity SDC and in financial modelling at the Royal Bank of Scotland.
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ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.🔗 https://lotsmoore.co.uk/
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Topics covered:
• Trump tariffs and their impact on UK small businesses
• Venture capital’s role in funding innovation
• Scaling up UK startups vs the US ecosystem
• Pension funds investing in productive finance
• Growth capital, life sciences, and future investment trends
#TrumpTariffs #Tariffs #SmallBusinessImpact #VentureCapital #UKEconomy #StartupFunding #Pensions #GrowthCapital #ProductiveFinance #TradeWar
Ashish is the Chief Investment Officer for Aviva, managing c£300bn of assets. As CIO, he is responsible for defining the investment strategy, delivering Aviva’s sustainable investments ambitions, developing investment solutions, and ultimately for delivering the investment outcomes for Aviva’s shareholder and customer investments.
Previously, Ashish led the formation of Aviva Investors’ first Global Research team and before that was Head of Credit Research for Aviva Investors North America. Prior to joining Aviva, Ashish was a Director with UBS Investment Bank in New York and Chicago, and previously was a Senior Ratings Analyst with the Indian rating agency, Crisil.
Ashish is a CFA charterholder and earned his MBA as a valedictorian from the Stern School of Business at New York University. He also holds a Post Graduate Diploma in Management from Indian Institute of Management, Bangalore, India and a Bachelor of Engineering degree from Indore, India.
ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
#ProfessionalInvestmentPodcast #CharlotteMoore #AshishTafira #Aviva #AvivaInvestors #FixedIncome #InflationStrategy #InvestmentInsights #FinancialMarkets #BankOfEngland #InterestRates #CIOInsights #EmergingMarkets #PrivateCredit #NetZeroInvesting #SustainableFinance #ESGInvesting #DemographicsAndInflation #GlobalEconomy #Decarbonisation #Deglobalisation #InsuranceInvesting #InfrastructureInvestments #EconomicTrends #InvestmentStrategy #PodcastFinance
Veronica Humble joined Cushon, the workplace DC provider, in March this year. Prior to this role, she held a number of different roles at Legal and General Investment Management starting as an investment strategist in 2012 and becoming head of DC investments in November 2021. Before that she was a quantitative analyst at a systematic hedge fund. She started her career as a quantitative analyst in Phoenix Group in asset-liability modelling team. She has MSc in mathematics and a PhD in statistics.
ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
🔗 https://lotsmoore.co.uk/
#Pensions #InvestmentPodcast #RetirementPlanning #PrivateEquity #VentureCapital #FinancialPlanning #UKPensions #ESGInvesting #SustainableFinance #WealthManagement #natwest
Laasya is responsible for working with the Pensions for Purpose Community, developing content and knowledge, and driving forward collaborative initiatives across the industry. She is passionate about approaching pensions and investment with a systems lens and understanding how these sectors interact with the wider social and environmental systems they exist within. Laasya is a CFA charterholder with experience working with a range of asset owners as an investment adviser, with a focus on corporate defined benefit pensions. She is a regular speaker at industry conferences and events, and is also an experienced podcast host, currently hosting the Pensions for Purpose podcast. Laasya is an advocate for diversity, equity and inclusion and is particularly passionate about anti-racism activism. She has previously won the Women in Pensions and Women in Investment Rising Star awards. There’s also a longer version here, if that’s more what you are looking for: https://www.pensionsforpurpose.com/About-Us/our-team/Laasya-Shekaran.htmlABOUT THE HOST:Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.🔗 https://lotsmoore.co.uk/#InvestmentInsights #StockMarketAnalysis #PensionStrategy
Laasya is responsible for working with the Pensions for Purpose Community, developing content and knowledge, and driving forward collaborative initiatives across the industry.
She is passionate about approaching pensions and investment with a systems lens and understanding how these sectors interact with the wider social and environmental systems they exist within.
Laasya is a CFA charterholder with experience working with a range of asset owners as an investment adviser, with a focus on corporate defined benefit pensions. She is a regular speaker at industry conferences and events, and is also an experienced podcast host, currently hosting the Pensions for Purpose podcast.
Laasya is an advocate for diversity, equity and inclusion and is particularly passionate about anti-racism activism. She has previously won the Women in Pensions and Women in Investment Rising Star awards.
ABOUT THE HOST:
Charlotte Moore is an award-winning journalist and co-founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.
#Finance #Investing #Pensions #ESG #DEI #ImpactInvesting #FinancialMarkets #SustainableFinance #EthicalInvesting #DiversityInFinance #CorporateResponsibility #FinancialLiteracy #InvestmentPodcast #AssetManagement #SociallyResponsibleInvesting #ProfessionalInvestors #EconomicTrends #LongTermInvesting #RetirementPlanning #WealthManagement
Richard is CIO at LPPI and has responsibility for management of all investment and client activity.Richard has more than 20 years of investment experience. Prior to joining LPP in 2017, Richard was Head of Portfolio Advisory (EMEA) at Albourne Partners for six years where he advised European investors on alternative investments, portfolio construction and risk management.Earlier in his career, Richard was Head of Multi-Strategy at Old Mutual Asset Managers and prior to this an analyst at GNI Fund Management. Richard holds a degree and a master’s degree in Engineering from the University of Cambridge and is a Chartered Alternative Investment Analyst.ABOUT THE HOST:Charlotte Moore is an award-winning journalist and founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement.🔗 https://lotsmoore.co.uk/#LGPS
#investments
#equity
#finance
#pension
Simon True, CEO, Clara PensionsSimon is Chief Executive Officer of Clara Pensions, the member-first consolidator of defined benefit (DB) pension schemes. Over the last 15 months, Clara has completed the UK’s first three superfund transactions, transferring nearly 22,000 members of the Sears, Debenhams and Wates schemes into Clara and starting their journeys towards a more secure, insured future. Simon is a highly respected life insurance executive, with over 30 years’ experience in the industry. His most recent executive role prior to Clara was the Group Corporate Development Director and Group Chief Actuary at the FTSE 100 insurer Phoenix Group. He previously led the M&A teams within Resolution and Resolution Operations, both of which grew into FTSE 100 businesses. ABOUT THE HOST: Charlotte Moore is an award-winning journalist and founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement. 🔗 https://lotsmoore.co.uk/ #trump #investments #finance #pensions
Joanna is a Partner in Aon's Investment Practice and the Chief Investment Officer for Aon’s DC Solutions. She has over 20 years’ experience in the pension and investment industry and is a Fellow of the Institute and Faculty of Actuaries. Joanna is responsible for the development and implementation of delegated investment solutions for DC pension schemes, working closely with Aon’s UK delegated team. Joanna also leads the development of Aon’s house views around DC investments, in particular default and lifestyle strategies, and sits on the UK DC Investment Committee. ABOUT THE HOST: Charlotte Moore is an award-winning journalist and founder of Moore Squared Communications. She has spent almost two decades writing about how the UK’s largest investment organisations allocate their capital for a number of different specialist magazines including Professional Pensions, IPE and MandateWire. She started this podcast to increase understanding of how and why the UK’s £3 trillion pensions industry invests its members’ capital to provide the best possible retirement. 🔗 https://lotsmoore.co.uk/ #climatechange #investments #globalwarming #aon