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/
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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