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09:00 – 09:30
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Delegate registration and networking
With refreshments
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09:30 – 09:35
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Chair’s opening remarks
Stephanie Baxter, Deputy Editor, Professional Pensions
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09:35 – 10:05
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KEYNOTE ADDRESS:
A look back at the first three months of the current government's activity on workplace DC pensions as well as their future plans.
David Farrar, Policy Manager, Department for Work and Pensions
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10:10 – 10:35
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The challenges and opportunities for DC Pension Schemes
Aon have undertaken in-depth survey of where DC Pension Schemes are today and expect to be over the next few years. This session will show:
- How employers have responded to Auto-enrolment and pensions freedom and what is next for Scheme design
- How Trustees are working with their providers to offer choice to members
- Where schemes are focusing on "doing it" for their members vs where they are educating their members
- What the DC market place will look like in 5 years' time
Sophia Singleton, Partner and Head of Defined Contribution Consulting, Aon Hewitt
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10:40 – 11:05
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Supporting scheme members at-retirement
In this session Paul Armitage, principal consultant at Xafinity, will consider what scheme members really need from their scheme provider, and examine the role of master trusts in member support. The presentation will cover:
- Insights into member behaviour so far
- Where risk really lies
- The respective roles of information/guidance/advice, and how these match behaviour seen to date
- What good looks like, and what the marketplace is set-up to deliver
- Xafinity's own experience to date, and how they have helped clients
Paul Armitage, Principal Consultant, Xafinity
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11:05 – 11:30
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Morning networking break
With refreshments
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11:30 – 11:55
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A Brave New World - Turning Investment Philosophy on its Head
Pensions freedoms and member employment mobility in recent decades requires pension plans to rethink their approach. Targeting a return outcome over a long term may no longer be fit for purpose. In the brave new world. Managing risk first in the medium term and where performance is an outcome will result in a higher probability of success in members achieving the stated goals of their pension. The session will explore:
- how risk is a more stable indicator of markets than returns
- why multi-asset funds with a risk first approach may be more suitable for DC members
- and using the new sponsor/trustee risk profiler, help to build bespoke solutions
Nick Groom and Andrew Kinsey-Quick, Natixis Global Asset Management
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12:00 – 12:25
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Assessing governance and risk management structures
Much attention has been paid to the level of risk within the defined benefit system, where scheme deficits have been the driver to embrace risk in the hunt for better returns. However in the defined contribution system, where any negative outcome of risk-taking is borne by individual members, risk has largely been shunned over fear of poor performance. Strategic risk-taking can offer the opportunity for better return on investment - and ultimately better member outcome. So is risk worth another look? Given the growing unpredictability of global politics, and historically high valuations in many asset classes, our expert speaker thinks it's a question worth asking.
Hymans Robertson
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12:30 – 12:55
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Benefits of factor investing
Gaining exposure to equity markets and the growth they deliver is essential for DC investors; however, is there a better way to improve investment outcomes whilst also being mindful of costs? Factor investing allow investors to seek enhanced risk-adjusted returns, reduce portfolio costs and increase performance transparency. In this session we will explore the evolution of equity investing and how capturing factors can benefit the DC investor. Multi Factor Equities - what is it and how should they be used when constructing a portfolio?
Ashley Lester, Head of Multi-Asset Research, Schroders
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12:55 – 13:45
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Networking lunch
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13:45 – 14:10
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Cyber Security: what trustees need to know
Cyber security is arguably the top ‘pentech’ (pension technology) issue of 2017, yet the pensions industry has been slower than most financial counterparts to confront the threat. Thus far cyber security has not been a high priority for industry regulators, and some trustees are unclear where the responsibility for mitigating cyber risk lies. With new EU General Data Protection Regulation coming into force in May 18, this important session explains why cyber risk should be at the top of every trustee’s agenda, and includes:
- What is cyber risk and what security precautions should a scheme adopt?
- IT policies and communication protocols: planning for the worst case scenario
- Cyber-proofing scheme administration
- De-risking supply chain routes
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14:15 – 14:40
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Target Date Funds: the future for DC pensions?
An estimated 17 million members are expected to be enrolled in workplace DC schemes by 2031, with 80-90 per cent of these members typically likely to be enrolled in default funds. Target Date Funds (TDFs) - diversified multi-asset funds where the asset allocation evolves with the age of the member - have flourished in the US but are used to a much lesser extent in the UK. In this session, we will explore the myths and merits of using TDFs, including:
- Are TDFs the same as lifestyle strategies?
- Can TDFs help trustees and sponsors improve the governance of their scheme's investment solutions?
- What are the cost and implementation challenges of using TDFs?
State Street Global Advisors
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14:45 – 15:10
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Illiquid assets in DC investment
DC savers tend to have a long investment horizon, making it theoretically possible to lock some money up for a higher return. Yet despite the overwhelming majority of DC savers falling under default strategies, these generally do not include illiquids, or only a small part through diversified growth funds. Support is now growing for making illiquid assets such as infrastructure or private equity part of DC default funds.
- Illiquid and liquid combinations for younger scheme members
- Overcoming the challenge of daily pricing
- A new architecture model for DC investing: the role of platforms
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15:10 – 15:30
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Afternoon networking break
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15:30 – 15:55
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Closing keynote
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16:00 – 16:25
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Pension fund fees: the bigger cost picture examined
In an age of greater accountability pension funds are under increasing pressure to reduce costs. This is particularly important for DC schemes where costs directly affect members' pots. While asset manager fees have long been a source of debate, there are other costs which can play an equally important part in the attrition of pension fund wealth. In this session our expert speaker will look at:
- Costs overview
- Investment costs and non-invoiced fees
- Administration, regulation and governance fees
- The importance of assessing value for money
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16:30 – 16:55
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Panel: Talking Pensions
Clear, concise and regular communication is imperative for all members of every pension scheme - but finding the right method to engage employees, and getting the timing right isn't easy. Our expert panel will draw on their expertise and first-hand experience, examining strategy, psychology and communication specifics to achieve the best results.
- Designing a comprehensive pensions communication strategy
- Tailoring communications to glidepath stages
- Connecting the ‘Present Me' with the ‘Future Me': Behavioural influences and changing perceptions
- Getting creative: interactive modelling tools, video, apps, mobile, work-place quizzes, pension surgeries, drop-in sessions and more
Daniel Godfrey, Founder, The People's Trust and Non-Executive Director, Moneybox App
Lesley Alexander, Strategic Partner, Ferrier Pearce Communications
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16:55
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Chair’s closing remarks and close of conference
Stephanie Baxter, Deputy Editor, Professional Pensions
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