Programme List - Scheme Funding Summit 2019


09:00 – 09:30

Delegate registration

09:30 – 09:35

Chair’s introduction and opening remarks

James Phillips, Deputy Editor, Professional Pensions

09:35 – 10:05

Opening keynote address: Managing risk and contingency planning

Sara Protheroe, Chief Customer Officer, Pension Protection Fund

10:10 – 10:40

Turning to CDI

According to recent research, up to 80% of DB schemes with long-term funding targets are focused on self-sufficiency, with the remainder looking at buyout for their strategy. To meet these cashflow needs whilst also closing deficits requires a mixture of investment strategies as relying solely on liability-driven investing (LDI) portfolios can often leave schemes falling short. A growing number of schemes are turning to cashflow-driven investments (CDI) to ensure that when the time comes, they can provide for their members. In this session, we will establish if the right mix of both LDI and CDI could be the perfect way to meet your funding goals.

Valérie Stephan, Managing Director - Institutional Strategy & Analytics, J.P. Morgan Asset Management

10:45 – 11:15

Using an objective framework to inform your next de-risking decision

What are the endgame options for defined benefit schemes and the de-risking options to help them get there? We present a framework to help schemes look beyond prices alone and better understand the impact of their next de-risking decision on the whole scheme, and consequently on the certainty of being able to reach their endgame. We consider the impact on the required returns from assets, the scheme's ability to hedge, the time to reach the endgame and the flexibility to deal with the unpredictable. We also explore the alternatives and what this means in practice, in particular, how schemes can hedge their longevity risk.

Paul Richmond, Head of Solution Design, Client Solutions Group, Insight Investment

11:15 – 11:45

Networking break: Caffeine hit

11:45 – 12:15

Challenges and lessons of being a first mover

Real Assets continue to provide pension schemes attractive returns and cashflows. But today's challenge is extending the comfort-zone to new innovations with ESG factors. The UK residential market has been hard to access for UK institutional investors. During this session, we will explore a key innovation to gain exposure and the learnings when introducing new ideas. Institutional investors can access valuable inflation linked cash flows and provide societal benefit by helping buyers get onto the property ladder via private co-ownership.

Adrian Jones, Director, Infrastructure Debt, Allianz Global Investors

12:15 – 12:45

Long-term returns and ESG?

Incorporating environmental, social and governance factors into schemes investments has been gathering steam for the past couple of years, however some Trustees have queried the real returns ESG has to offer. Many schemes are still being dissuaded from integrating ESG-conscious investments into their portfolios due to a lack of evidence on performance leading many to question if this is a suitable approach for the long-term. In this session our speaker will consider whether ESG can really deliver the long-term returns required to close schemes funding gaps.

Eszter Vitorino, Senior Responsible Investment Advisor, Kempen

12:45 – 13:45

Lunch and exhibition networking

13:45 – 14:15

Closing the gap with fiduciary?

Recent research from KPMG has estimated that 15% of pension schemes now appoint a fiduciary manager, up by about 70 schemes from the year before. Despite this increase, there has been a marked slow-down in uptake largely due to The Competition and Markets Authority's (CMA) review of the fiduciary management industry. However, research by a leading consultancy has shown that £1bn-plus schemes are starting to seriously consider fiduciary management as a legitimate proposition. This session will take a closer look at whether this could be becoming an increasingly viable option for overstretched trustees and could support them in staying in control of their investments.

Hannah Simons, Head of Fiduciary Management, Schroders

14:20 – 14:50

Afternoon keynote: An update from the regulator

The Pension Regulator's is taking a clearer quicker and tougher approach to regulation, with plans to consult on a new Code of Practice for scheme funding. Chris Clark from the Pensions Regulator will explain in more detail their approach to the new Code and the direction of travel for their policy approach to the regulation of DB.

Chris Clark, DB Policy Manager, The Pensions Regulator

14:55 – 15:30

Panel discussion: Planning for your end-game

Preparing for the end-game is an integral part of all pension schemes planning. According to recent research, 92% of UK DB schemes have set clear long-term funding targets with the majority focused on buy-out or self-sufficiency. Setting these clear goals is the first step but what else is there to factor in and how do you set your objectives? This panel discussion will consider what options are open for Trustees and will examine how to best ensure you meet your funding targets.

Chris Clark, DB Policy Manager, The Pensions Regulator
Mark Williams, Chair of the Pensions Board, Institute and Faculty of Actuaries
Duncan Willsher, Trustee Director, 20-20 Trustees
Moderator: James Phillips, Deputy Editor, Professional Pensions

15:30 – 15:35

Chair’s closing remarks

James Phillips, Deputy Editor, Professional Pensions


Conference ends