Programme List - Trustee Senate 2019
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Programme

*please note this programme is subject to change

10:00 - 10:45

Registration & Arrival Breakfast

10:45 - 10:50

Chairman's introduction and welcome

Jonathan Stapleton, Editor-in-Chief, Professional Pensions

10:55 - 11:25

Opening keynote address

Dr. Gerard Lyons, Leading global economist and Co-founder of 'Economists for Brexit'

11:25 - 11:45

Coffee & Networking Break

11:45 - 12:15

The cashflow conundrum

Three quarters of schemes are now cashflow negative, while GMP equalisation has raised liabilities by an average of 0.8%. As pension schemes chase decent returns where should they look without increasing risk. This session will consider:

  • If cashflow matching being oversold?
  • Different ways to manage cashflows

 

JP Morgan

12:15 - 12:45 

TBC

12:45-13:15

A revised DB funding code and appropriate long-term funding targets

The Pensions Regulator is due to release a new code of practice which is expected to come into force in 2020 following the government's white paper ‘Protecting defined benefit pension schemes'. Under the revised code, pension schemes will be tasked with setting a low-risk, long-term funding target and better managing investment risks. This session will examine the proposed funding code and how schemes can achieve their long-tern funding targets.

Chris Ramsey, Principal, Barnett Waddingham

13:15-14:15

Lunch

Boardroom 1

14:15–14:50

Workshop: Pension consolidator vehicles

By entering a PCV, a scheme obtains an improvement in funding, or covenant, while the sponsor is entitled to "upside" paid out of scheme assets. In these scenarios the sponsor has unlimited upside and capped downside. Potential conflicts arise because the value of this to the sponsor increases if risk taking increases. This workshop will discuss how to approach covenant assessment and risk management in the context of consolidation for a scheme.

14:55–15:30

Workshop: The Future of Trusteeship and Governance

15:35–16:10

Workshop: ESG gathers steam

Loomis Sayles

Boardroom 2

14:15 - 14:50

Workshop: ESG gathers steam

New regulations which come into force in October 2019 will change the way in which trustees must document in their Statements of Investment Principles (SIPs). As a result, they must show (i) how they have considered "environmental, social and governance" (ESG) factors in making investment decisions and (ii) their policy towards "stewardship".
This workshop is an opportunity for Schemes to share what they are doing and the challenges of measuring this.

Kathleen Bochman, CFA, VP, Director of ESG, Loomis Sayles

14:55 - 15:30

Workshop: Pension consolidator vehicles

15:35-16:10

Workshop: The Future of Trusteeship and Governance

Boardroom 3

14:15-14:50

Workshop: The Future of Trusteeship and Governance

Following The Pensions Regulator's recent white paper on Trusteeship and governance this session will tackle how boards can reducing behavioural biases, improve diversity and how to overall improve Trustee governance standards.

14:55-15:30

Workshop: ESG gathers steam

Loomis Sayles

15:35-16:10

Workshop: Pension consolidator vehicles

16:15-17:00

Closing panel discussion 

17:00 - 19:00

Free time and networking

19:00-19:30

Drinks reception

19:30-22:00

Dinner and drinks

 

07:00 - 08:45

Breakfast and free working time

08:50 - 08:55

Chairman's introduction and welcome

Jonathan Stapleton, Editor-in-Chief, Professional Pensions

08:55 - 09:25

Morning keynote address

Dianne Morgan, Head of Relationship Supervision, The Pensions Regulator

09:25 - 09:55

GMP Equalisation

GMP Equalisations has been a rising topic of importance over the last few years, and the 2018 Lloyds judgment on GMP equalisation confirms that we have now reached the point where we need to address this, but how you do this still remains a decision for individual schemes. This session will consider what GMP conversion guidance looks like, and what schemes can actively take control of.

Geraldine Brassett, Client Relationship Director, Capita Employee Solutions

09:55 - 10:05

Comfort break

10:05 - 10:35 

The quest for ‘uncorrelated' returns

Pension funds are chasing the holy grail of investing; generate positive returns meaningfully above cash rates, with limited correlation to the major asset classes, and with low volatility. However, the reality is that it is very hard to find assets that are liquid and uncorrelated with either growth or rates. Absolute Return fund strategies have not provided this so what can schemes consider in an attempt to get truly uncorrelated returns?

10:35-11:05

Decision making at retirement

This session will look at the area of what support employers and pension schemes should be providing their members in the run-up to retirement, especially when it comes to areas such as member option exercises and DB to DC transfers. The session will ask if such support is necessary to ensure members make the right decisions and avoid scams and how to ensure the right processes are in place to ensure all members can make informed decisions.

11:05-11:25

Networking and refreshments

Boardroom 1

11:25–12:00

Workshop: Member engagement and communications

The pension freedoms, auto-enrolment and the shift to DC has meant that the need for good member engagement and communication has never been greater. But how can schemes get members to better engage with pensions? This session looks at what different schemes are doing to solve the engagement conundrum and help address communication challenges. It will also ask how initiatives such as the Simplified Annual Pension Statement and the Pensions Dashboard could help.

Gary Smith, CEO, Atlas Master Trust

12:05–12:40

Workshop: The challenges of a self-sufficiency approach

12:45–13:20

Workshop: Cost transparency

Boardroom 2

11:25-12:00

Workshop: Cost transparency

The drive for cost transparency by regulators and campaigners has led to the launch of the Cost Transparency Initiative and its templates for the disclosure of costs and charges to institutional investors. Yet, while the availability of comprehensive and transparent information on costs and charges is important in helping investors to decide whether investments represent value for money, schemes need to be able to use this information in the best possible way. This session will look at the development of the cost transparency agenda and ask how schemes and their advisers should make use of the cost information they receive.

12:05-12:40

Workshop: Member engagement and communications

Gary Smith, CEO, Atlas Master Trust

12:45-13:20

Workshop: The challenges of a self-sufficiency approach

Boardroom 3

11:25 - 12:00

Workshop: The challenges of a self-sufficiency approach

Pension schemes targeting a buyout have the certainty of a clear finish line, however if you're targeting self-sufficiency that finish line becomes a bit blurred. Self-sufficiency assumes the scheme will keep running until the last payment is made to the last surviving member. Importantly, this journey must be taken without additional sponsor contributions. This workshop will look at how vulnerable schemes plan for a self-sufficient future?

12:05 - 12:40

Workshop: Cost transparency

12:45-13:20

Workshop: Member engagement and communications

Gary Smith, CEO, Atlas Master Trust

13:20 - 13:30

Closing remarks

13:30

Lunch