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

To buy-out and beyond: A holistic view of your last transaction

With TPR continuing to focus on long term targets, for many DB schemes the finish line is coming into sight. We'll look at the insurance market in this context, and the implications for schemes targeting buy-out as their ultimate goal. By taking a practical look at how you can approach transactions in a holistic and integrated way, we'll help you get transaction-ready, achieve the best deal in a busy market, and prepare for what comes next.

James Mullins, Partner and Head of Risk Transfer Solutions, Hymans Robertson

12:15 - 12:45 

Preparing for the journey ahead

Using case studies, a look at the evolution through time of investment strategies. With the Regulator taking an increasing interest in Long Term Funding Targets (LTFT), looking at how Fiduciary Management can help meet the investment challenge. How might your investment strategy evolve in line with your eventual destination, to take account of your chosen destination?

Tim Banks, Principal, Mercer

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: To Comply or Explain? That is the question!

With TPR becoming stronger and more directive, the new DB funding code of practice will soon require trustees to comply with minimum standards, or explain and justify why it is reasonable to take a different approach. This shifts the onus onto trustees to convince TPR that they are compliant, in order to avoid regulatory intervention.
Our workshop sessions will provide practical examples of what the comply or explain regime might look like, with case studies to bring the impact to life for schemes in different scenarios. We'll also discuss what some of the alternatives to comply might look like, and which schemes may be suited to go down this route.

Susan McIlvogue, Partner and Head of Trustee Consulting, Hymans Robertson

14:55–15:30

Workshop: Innovation within the de-risking market

Legal & General

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: To Comply or Explain? That is the question!

Hymans Robertson

15:35-16:10

Workshop: Innovation within the de-risking market

Legal & General

Boardroom 3

14:15-14:50

Workshop: Innovation within the de-risking market

Despite improvements in funding levels, many defined benefit pension schemes still have an unpredictable and potentially long journey ahead of them to reach their end destination, whether that be buyout or self-sufficiency. In this workshop, we'll discuss the challenges of charting the right route in the context of the latest de-risking tool kit available to trustees.

Frankie Borrell, Director, Pension Risk Transfer, Legal & General

14:55-15:30

Workshop: ESG gathers steam

Loomis Sayles

15:35-16:10

Workshop: To Comply or Explain? That is the question!

Hymans Robertson

16:15-17:00

Closing keynote: Philip Collins, Columnist, The Times 

Philip Collins is a columnist and leader writer for The Times. He is also chairman of the board of trustees at the independent think tank Demos. Before joining The Times he was the chief speech writer for the prime minister, Tony Blair, the director of the Social Market Foundation think tank, and an equity strategist at two investment banks.

17:00 - 18:30

Free time and networking

18:30-19:00

Drinks reception

19:00-22:00

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 

De-mystifying de-risking: an insurer's insight into the buy-in and buyout market

The past few years have seen a flurry of buy-ins and buyouts as schemes move to secure their members' benefits with insurers. We examine what sits behind an insurer's price, focusing on the practical strategies and approaches used by trustees to effect the arrangement that best suits their scheme.

John Towner, Head of Origination and Execution, Pension Risk Transfer, Legal & General

10:35-11:05

Buy & Maintain - more than meets the eye, a practitioner's viewpoint

We all know what Buy & Maintain credit is, right? Or do we? We would suggest that there is more to ‘Buy & Maintain' than meets the eye. In this presentation, we present a practitioner's viewpoint. We show a range of different ‘solutions', all of which can be considered ‘Buy & Maintain' albeit with different objectives and parameters. We believe that there are important considerations to take into account with any ‘Buy & Maintain' mandate, many of which are often overlooked. Our objective is to provide Trustees with a range of questions around such considerations which they can, in turn, pose of their Schemes' Investment Managers.

Pramila Agrawal, PhD, CFA, VP, Portfolio Manager, Director of Custom Income Strategies, Loomis Sayles

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

Anish Rav, Head of Clients, Proposition and Strategy, Capita

12:05–12:40

Workshop: The challenges of a self-sufficiency approach

Barnett Waddingham

12:45–13:20

Workshop: Emerging capabilities to assist Trustees in meeting the governance challenge

Mercer

Boardroom 2

11:25-12:00

Workshop: Emerging capabilities to assist Trustees in meeting the governance challenge

A discussion around the wide and varying capabilities that can be utilised by Schemes to help them meet the investment and governance challenge. How could the changing world of fiduciary management options potentially assist?

Matt Simms, Senior Consultant, Mercer
Tim Banks, Principal, Mercer

12:05-12:40

Workshop: Member engagement and communications

Capita

12:45-13:20

Workshop: The challenges of a self-sufficiency approach

Barnett Waddingham

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?

Ian Mills, Principal and Senior Investment Consultant, Barnett Waddingham
Chris Ramsey, Principal, Barnett Waddingham

12:05 - 12:40

Workshop: Emerging capabilities to assist Trustees in meeting the governance challenge

Mercer

12:45-13:20

Workshop: Member engagement and communications

Capita

13:20 - 13:30

Closing remarks

13:30

Lunch