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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
Aon Hewitt
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10:40 – 11:05
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Master Trusts: Regulation, sustainability and future change
Auto-enrolment has succeeded in incorporating many millions of employees into pension schemes, transforming the pensions landscape. The vast majority of employers – as many as 94% according to the TPR - have opted for master trust arrangements, but governance and ensuring the sustainability of these schemes continue to be key concerns. In this session our expert speaker will address:
- Towards sustainability: employer fees
- The argument for a mandatory assurance framework
- Why independence is key for master trust Trustee boards
- Forward planning: what happens if a master trust fails?
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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The role of ESG in DC schemes
Until recently, there has been little expectation that DC schemes’ default funds would incorporate analysis of environmental, social and governance (ESG) issues. With a lack of engagement meaning that most scheme members end up invested in default funds, the majority of which do not explicitly take account of ESG issues, it is perhaps not surprising that ESG has often been perceived as a niche area that is likely to entail additional costs. This session will examine:
- ESG and the relationship with socially responsible investing
- Incorporating ESG into the investment process
- Can ESG drive member engagement?
- Why ESG considerations don't have to mean additional costs
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12:00 – 12:25
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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), where the portfolio asset allocation mix becomes more conservative as the target date approaches, have flourished in the US, but have so far been a harder sell in the UK market. In this session our speaker will examine the pros and cons of TDFs, and ask:
- Are costs for TDFs under control
- Master Trusts: driving TDFs?
- How to benchmark the performance of TDFs
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12:30 – 12:55
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Emerging Market Debt: the opportunities for DC schemes
With interest rates at historic lows across the developed world, emerging market debt is increasingly attractive to institutional investors looking to broaden their fixed income allocations. Higher yields are only one attraction of this large, liquid and rapidly-expanding asset class; emerging market debt’s low correlation with more traditional fixed income strategies can also provide significant diversification benefits, helping to improve investors’ risk-adjusted returns. This session will look at:
- The macro driven approach: how to decide which emerging market to invest in
- The importance of local market intelligence
- EM asset classes: (local currency markets, external debt and corporate bonds)
- The relationship between emerging economies and the developed ones
- Challenges and risks to consider
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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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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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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
- Examples from abroad
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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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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.
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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
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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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