The Future of DC
Saving Better – Investing Smarter – Retiring Stronger
EVENT OVERVIEW
As the UK’s defined contribution system enters a period of profound transition, the 2026 DC Growth & Retirement Summit confronts the forces reshaping how savers build and draw on their pension wealth.
From the Government’s evolving Value for Money framework and accelerating consolidation agenda to the rise of guided retirement solutions and the practical realities of mandation, schemes are being asked to deliver clearer support, stronger outcomes and more resilient investment strategies.
Delegates will explore how geopolitical uncertainty, member anxiety and widening adequacy gaps demand better communication, smarter use of technology, especially AI, and a renewed focus on engagement at the moments that matter. With private markets, productive finance and climate‑related risks now central to long‑term value creation, we will examine how trustees can invest for both future income and the future world members will retire into.
Above all, the Summit asks a critical question: how do we design DC systems that meet members where they are: reluctant decision‑makers seeking confidence, simplicity and security while enabling innovation that genuinely improves retirement outcomes.
The conference will be highly interactive, with open, thought-provoking debate, encouraging participants to engage actively throughout.
EVENT INFO
VENUE
This year’s DC Growth & Retirement Summit will be held at the Grand Connaught Rooms in London.
Attendance to the event is FREE for pension funds, employers, government representatives.
There is a modest fee for asset managers and consultants. You can contact us if you have any queries.
CPD
This event qualifies for 6 hours and 40 minutes of CPD credit. You can request CPD credit for the event when you register.
AGENDA
09:00 - 09:30
Registration & Refreshments
Networking Activity | Foyer | 09:00 – 09:30
Devil’s Advocates Panel
Our morning Devil’s Advocates will challenge speakers with incisive questions throughout the sessions and present their key reflections and takeaways just before lunch.
Louise Davey
Head of Policy & External Affairs
IGG
Lou is a Trustee Director, and Head of Policy and External Affairs at IGG, having joined last year.
With nearly 30 years in the pensions industry, including 17 years at The Pensions Regulator (TPR), latterly as Director of Regulatory Policy, Analysis and Advice. Louise is passionate about high standards of trusteeship delivering positive retirement outcomes for pension scheme members, and has led the development of key policy initiatives such as the DC Value for Money framework, the DB Funding Code, and the General Code.
At IGG, she continues to advocate for high standards and policies that deliver good outcomes for members.
Steve Charlton
Managing Director, DC – EMEA & Asia
SEI
Steve Charlton joined SEI in 2017 as SEI’s Defined Contribution and Solutions Managing Director for EMEA and Asia.
In his role, he is responsible for building upon the ongoing success of SEI’s DC proposition across global markets.
Steve has nearly 40 years’ experience in the pensions industry, with particular expertise in defined contribution plans. He joined SEI from Vanguard Asset Management, where he was the Defined Contribution Manager for Europe.
Prior to Vanguard, Steve spent 15 years consulting with some of the largest DC clients in the U.K. whilst working at Towers Perrin (now Willis Towers Watson), Punter Southall and Mercer.
Mark Tennant
Trustee
Country Landowners Pension Fund
Mark Tennant is a Trustee of the Country Landowners Pension Fund, a Trustee of the Royal Hospital Chelsea and a Non-Executive Director of the Unit Trust of India International. He also leads a charity devoted to stopping young offenders from reoffending.
He was until recently the Chairman of Centrica Pension Funds, and Chairman of Scottish Land and Estates, after spending 28 years with J.P. Morgan Chase as a Senior Adviser, and CFO of the Global Custody Division.
Prior to that, Mark was at Hill Samuel, Fidelity and Hambros Bank, and served as the Conservative Party candidate against Gordon Brown in 1992 and against Winnie Ewing for the European seat of the Highland and Islands in 1994.
In the late 80’s, Mark served as the Treasurer for the Conservative Party for Scotland, and the Treasurer for the Better Together Campaign under Alistair Darling in 2014. He also served seven years in the Scots Guards, spent a year nursing in India, and is an Officer of the Queen’s Bodyguard in Scotland.
Away from work, his main interests are history, travel and Scottish music, particularly the Highland Bagpipe, which he plays.
09:15 - 09:22
Welcome & Introduction
Opening Remarks | Auditorium

Programme Director:
Stephen Glover
Founder & Director
SG Pensions Enterprise
09:22 - 09:35
Mind Management - The Missing Skillset for Optimum Engagement
Mini Workshop | Auditorium
Mind Management - The Missing Skillset for Optimum Engagement
Keynote Presentation
Session Description
We always strongly promote active audience participation as the key to a successful conference.
Here, we go beyond our usual devices – the Chatham House Rule for openness, Devil’s Advocates to spark challenge, audience polling to read the room and neighbour introductions to break the ice – into the deeper dimension of emotional intelligence.
Setting the tone for the day, our speaker will show how self-awareness unlocks genuine engagement and why this matters for every DC decision we make.
Guiding the room through the first step of mind management – observing our own thoughts and feelings in real time – he will demonstrate how emotional intelligence is not a soft skill but a strategic capability, essential for better member engagement and to achieve stronger retirement outcomes.
Speakers in this Session

David Butcher
Founder
Positively Aware
David Butcher
Founder
Positively Aware
In the first chapter of his career, David spent decades at the heart of the pensions and investment industry serving as a CEO three times, building an understanding of what it takes to lead organisations through complexity, uncertainty and change.
In his second chapter, David transitioned into a portfolio career, serving as a non-executive utivedirector on the pensions boards of BlackRock, Legal & General, Scottish Widows and the People’s Pension, and as a board member of LIMRA and the Fund Boards Council, two influential research organisations in the pensions and asset management sector.
He also chaired two organisations in the health sector – the Optimum Health Clinic Foundation and Conscious Life – reflecting a growing conviction that wellbeing and performance are inseparable.
But between these phases of his career came a period that would profoundly shape everything that followed. For four years, David stepped back from professional life to care for his wife and his father. They passed away within weeks of each other. In the grief and upheaval that followed, David then faced three years of serious illness of his own and it was during this time that ‘mind management’ became more than an intellectual interest. It became a lifeline.
Now, in the third chapter of his career, David has founded Positively Aware, and reinvented himself as an executive coach, helping others learn all the skills of mind management that were a lifesaver for him. His coaching draws on all three chapters. The executive who has been a CEO three times. The non-executive who has sat on four major pensions boards and chaired two health sector organisations. And the human being who discovered, through loss and illness, that learning to manage your own mind is the most important leadership skill of all.
09:35 - 09:45
Introduction from the Chair
Opening Remarks | Auditorium

Event Chair:
David Porter
Head of Investment Delivery
People's Pension
09:45 - 10:10
Building a Better Pensions System
Keynote Presentation | Auditorium
The keynote will explore how sweeping UK pension reforms — from the 2026 Pension Schemes Act to Value for Money and Pensions Commission initiatives — are driving tougher performance scrutiny, greater scale and efficiency, and reshaping DC scheme design, retirement outcomes, and member experience.
Sir Steve Webb
Partner
LCP
Steve Webb was Minister of State for Pensions between 2010 and 2015. During that time he implemented major reforms to the state pension system, oversaw the successful introduction of automatic enrolment and played a key role in the new pension freedoms implemented in April 2015. He was awarded a knighthood in the New Year’s honours in 2017.
Following his time in Parliament, he worked for Royal London for four years before joining LCP as a partner in 2020, where he has campaigned successfully to secure an estimated £1 billion in backpayments for over 100,000 women who had been underpaid state pensions.
More recently, he has been working on proposals for reform of the DB funding system and on innovative ideas for decumulation in DC pensions.
Building a Better Pensions System
Keynote Presentation
Session Description
Major reforms are converging, notably the 2026 Pension Schemes Act, the Value for Money framework and the work of the Pensions Commission, with the result that DC schemes are facing a step‑change in expectations.
Our speaker will give an expert view of what these shifts will mean in practice: tougher scrutiny of investment performance and service quality, new adequacy benchmarks, and a regulatory push toward scale and efficiency. S/he will outline how guided retirement and stronger retirement defaults will reshape scheme design, how consolidation and scale measures will affect providers, and how resolving small‑pot proliferation will alter administration and member experience.
The session will set the scene for the practical changes facing trustees, employers and providers as they migrate towards a more coherent, accountable and outcome‑driven system.
Speakers in this Session

Sir Steve Webb
Partner
LCP
10:10 - 10:50
Powering DC Savings Adequacy
Panel Discussion | Auditorium

Moderator:
David Porter
Head of Investment Delivery
People's Pension
This panel will tackle the challenge of DC savings adequacy, exploring how policy reform, stronger engagement and practical measures to increase contributions can help deliver meaningful improvements in retirement outcomes.
Powering DC Savings Adequacy
Panel Discussion
Session Description
Savings adequacy remains the most urgent challenge in DC.
Past attempts to address this and generation rent only lead to one conclusion – upping contributions. Shaking of fists has failed to practically address the physical monetary shortfall.
It seems the only answer is higher contributions in an age when no one has any money.
This session will explore whether upcoming reforms can materially shift outcomes.
With the Pensions Commission considering changes like AE from “pound one”, lowering the entry age to 18, extending coverage to the self‑employed, and exploring matching incentives, the panel will examine how these policy levers could accelerate progress on adequacy.
Expect a practical discussion on how better communications, smarter engagement strategies and clearer value narratives can drive higher contributions before AE rates rise.
Speakers will outline what an adequacy‑focused approach could look like in practice, and what employers, providers and policymakers must do now to prepare members for the realities of saving enough for retirement.
Speakers in this Session
Molly Handley
Brand Director
Independent
James Smith
Research Director
Resolution Foundation
James Smith joined the Foundation as Research Director in October 2018. His work focuses on wealth, debt and housing as well as leading the Foundation’s work on macroeconomic policy.
Prior to this, he worked in a range of roles at the Bank of England and in the civil service, leading analysis of macroeconomic issues for policy.
Matthew Webb
Veteran DC Specialist
Independent
Matthew Webb is a highly experienced pensions and employee benefits professional with over 35 years of expertise spanning global and international markets.
He has held senior leadership roles at LSEG, Refinitiv, Thomson Reuters, UBS, Merrill Lynch, Burmah Castrol, and British Airways, managing complex benefits programs, DB and DC retirement plans for tens of thousands of employees across multiple countries.
Matthew is a Fellow of the Pensions Management Institute and holds a Diploma in International Employee Benefits, reflecting his deep technical knoqwledge and commitment to professional excellence.
Throughout his career, Matthew has designed and implemented innovative pension and benefit strategies that align with corporate culture, support employee engagement, and drive measurable business outcomes.
About NatWest Cushon
NatWest Cushon helps employers enhance the financial wellbeing of their workforce through workplace pensions, savings and financial education. By providing employees with a simple, convenient way to manage their money, employers help them build better savings habits and a feel good future.
NatWest Cushon’s app-first approach, climate-focused investment strategy and jargon-free financial education come together to improve pension engagement, driving increased value for members in the long-term. It’s easy for employers too, as a solution that fully integrates with payroll and benefit platforms.
NatWest Cushon offers a Master Trust pension scheme alongside a range of savings products (ISA, Lifetime ISA, Junior ISA and General Investment Accounts).
For more details, please visit Cushon’s website here.
Contact
10:50 - 11:10
Geopolitical Turmoil, Markets & DC Investing
Presentation | Auditorium
This session will explore how geopolitical tensions, including the Iran conflict, are reshaping the DC investment landscape through inflation, interest rate shifts and regional divergence, and what trustees and providers must consider when managing portfolios in a more uncertain environment.

Sponsored by RBC BlueBay AM
Geopolitical Turmoil, Markets & DC Investing
Presentation
Session Description
Our speaker will outline how the Iran conflict and rising geopolitical tensions are shaping the investment environment in which UK DC schemes operate.
Drawing on latest research, s/he will explain how energy‑driven inflation pressures, shifting rate expectations and greater regional divergence are influencing asset behaviour and long‑term return assumptions.
The focus is on what trustees and providers need to understand about managing portfolios through heightened uncertainty, setting a clear foundation for the following session on how members themselves react to these same conditions.
Speakers in this Session
Michael Bell
Head of Market Strategy
RBC BlueBay Asset Management
Mike is responsible for providing global economic and market analysis to clients and the media.
Before joining RBC BlueBay, Mike was Global Market Strategist at J.P. Morgan Asset Management, where he also led an international team of investment specialists.
In his role as Global Market Strategist, he spent most of the last decade providing global economic and market analysis to clients and the media.
He started his career, as a member of the Economics and Asset Allocation team at C. Hoare and Co Private Bank, managing multi-asset portfolios. He has also worked on enhancing the macroeconomic process at People’s Partnership, one of the UK’s largest defined contribution pension schemes.
Mike holds a degree in Social and Political Sciences from Queens’ College, Cambridge and has lectured on macro investing at Columbia and Imperial Business Schools.
11:10 - 11:35
Networking Break
Networking Activity | Foyer
11:35 - 12:00
The Psychology of Saving in an Uncertain World
Presentation | Auditorium
This session will examine how psychological traits and real-world financial pressures — intensified by geopolitical uncertainty — shape saving behaviours, revealing why individuals respond so differently to today’s challenging environment and what this means for improving retirement outcomes.
The Psychology of Saving in an Uncertain World
Presentation
Session Description
Our speaker will revisit the deep psychological and practical barriers that stop people from saving, now with a new lens: how today’s heightened geopolitical tensions and economic shocks are amplifying those behaviours.
Building on his landmark research into how age, income, education, personality, culture and beliefs shape saving habits, he will explore why some individuals stay disciplined while others become even more vulnerable to avoidance, anxiety or short‑term thinking when the world feels unstable.
Alongside these psychological drivers, he will examine the real‑world pressures of rising costs, debt burdens, financial insecurity and low trust that make saving harder during turbulent times.
For anyone seeking to understand why people react so differently to the same financial environment, this session will offers a sharp, timely perspective on the forces shaping Britain’s saving behaviour today.
Speakers in this Session
Adrian Furnham
Professor of Psychology
University College London
Adrian Furnham was educated at the London School of Economics where he obtained a distinction in an MSc Econ., and at Oxford University where he completed a doctorate (D.Phil) in 1981. He has subsequently earned a D.Sc(1991) and D.Litt (1995) degree.
Previously a lecturer in Psychology at Pembroke College, Oxford, he was Professor of Psychology at University College London from 1992 to 2018. He has lectured widely abroad and held scholarships and visiting professorships at, amongst others, the University of New South Wales, the University of the West Indies, the University of Hong Kong and the University of KwaZulu-Natal. He has also been a Visiting Professor of Management at Henley Management College. He has also been made Adjunct Professor of Management at the Norwegian Business School(2009) and Honorary Professor at the University of KwaZulu-Natal (2014). He is currently the Principal Psychologist at Stamford Associates.
He consults to many organisations in various different sectors (particularly airlines, banks, civil service) and in many different countries (particularly continental Europe and Asia). He is also an experienced conference speaker doing around a dozen key-note speeches a year all around the world
He has written over 1500 scientific papers and 99 books. He is on the editorial board of a number of international journals, as well as the past elected President of the International Society for the Study of Individual Differences. He is also a founder director of Applied Behavioural Research Associates (ABRA), a psychological consultancy established over 30 years ago.
12:00 - 12:40
Optimising Investment Performance - Powering Growth, Securing Resilience
Panel Discussion | Auditorium

Veronica Humble
Chief Investment Officer
Cushon
This panel will explore where the next generation of DC investment returns is likely to emerge, examining how private markets, infrastructure, global equities and active fixed income can be combined through high-conviction, diversified strategies to deliver stronger long-term outcomes for members.

Sponsored by Aviva Investors
Optimising Investment Performance - Powering Growth,
Securing Resilience
Panel Discussion
Session Description
This session examines where sustained long‑term investment performance for UK DC schemes is most likely to come from in the decade ahead.
Against the backdrop of the Mansion House reforms, the emerging VFM framework and shifting global market dynamics, the panel will assess the outlook for key return drivers including private markets, infrastructure, global equities and active fixed income, and how these growth engines can be combined to deliver stronger, more durable outcomes.
Speakers will explore the strategic choices that matter most for performance, among higher‑conviction allocations, intelligent use of illiquidity, and the balance between domestic opportunity and global diversification, while considering how schemes can capture long‑term growth through evolving market cycles.
With insights from leading investors and asset managers, the discussion will set out a clear view of where the next generation of DC investment returns is likely to be found.
Speakers in this Session

Veronica Humble
Chief Investment Officer
Cushon

Mohammed Kazmi
Chief Strategist - Global Multi Sector Credit Group
UBP

Fiona Ker
Fund Manager
Ruffer
Veronica Humble
Chief Investment Officer
Cushon
Ruari will be joining TPT as Head of Policy and External Affairs in October 2025, and will look after external engagement on policy issues across DB, DC and CDC.
Prior to TPT, he is Head of DC & Master Trust at Pensions UK leading the policy team’s work on topics including decumulation, value for money, scale/consolidation and DC investment.
Before that, he spent seven years working in policy and public affairs at Standard Life and Aberdeen.
Mohammed Kazmi
Chief Strategist – Global Multi Sector Credit Group
Union Bancaire Privée
Mohammed joined UBP’s GMC | Global Multi-Sector Credit Group in November 2015 and is the Chief Strategist of the team, as well as Senior Portfolio Manager. He co-formulates the top-down asset allocation view which is then implemented across portfolios.
He has 15 years of experience within fixed income markets, with prior roles focused on macro strategy within currency and emerging markets. Previously, he spent close to two years working as a Macro Currency Strategist within the Macro Currency Group at Principal Global Investors in London. Before this he was a Cross-Asset Class Emerging Markets Strategist at the Royal Bank of Scotland (RBS) in London for three years.
Mohammed holds a bachelor’s degree in Economics from University College London.
Fiona Ker
Fund Manager
Ruffer
Joined Ruffer in 2017 from Ernst & Young, Fiona manages portfolios for institutions, with a focus on international clients, and is a member of the CISI and the Institute of Chartered Accountants for England & Wales.
She holds an honours degree in singing performance from the Royal Conservatoire of Scotland.
Greta Talbot-Jones
Director, Natural Capital & Senior Portfolio Manager
Aviva Investors
Greta is responsible for ESG focussed product development within Private Markets, integrating climate and social criteria into the investment process. She identifies new investment opportunities in the sustainability space for private markets assets. In particular, she is leading the expansion of our capability in direct natural capital investing and the resulting interaction with voluntary carbon markets.
Previously, Greta worked on the project financing of renewables and impact ventures in emerging markets. Whilst based in London, she worked with a range of investors, including VCs, institutional investors, DFIs and guarantors, to raise both debt and equity capital for deployment in Rwanda, Kenya and the DRC. Prior to this, she was strategy consulting to the natural resources sector in Australia focussing on predictive analytics and supply chain optimisation following experience as an environmental engineer in New Zealand.
Greta holds degrees in Natural Resources Engineering and Financial Economics from the University of Canterbury in New Zealand.
About Ruffer
Ruffer is an asset manager with a single strategy which aims to achieve positive returns in all market environments.
This capital preservation goal has remained unchanged since the firm was founded in 1994.
Over more than 30 years, it has been successful in delivering positive, inflation-beating returns, with a low correlation to equities and other asset classes. It protected investors through the dot.com crash, the global financial crisis, the covid-19 pandemic and the 2022 rate shock.
Ruffer’s strategy is unconstrained and unbenchmarked, with no asset class control ranges or strategic asset allocation. The portfolio always balances ‘protection’ and ‘growth’ investments. It manages over £18 billion as of 30th June 2026, of assets for sovereign wealth funds, insurance companies, pension funds, endowments and foundations, family offices and other institutions globally, as well as private clients.
For more details, please visit Ruffer’s website here.
Contact
12:40 - 13:00
A Key Challenge - Scaling Private Equity in DC
Presentation | Auditorium

Alan Coffey
Director, Private Companies - Growth Equity
Baillie Gifford
This session will examine how private growth equity can help DC schemes access scalable private market opportunities, capture earlier-stage value creation and deliver diversified long-term returns aligned with the ambitions of the Mansion House reforms.
A Key Challenge - Scaling Private Equity in DC
Presentation
Session Description
Private growth equity offers DC schemes a scalable way to access private equity while delivering attractive risk adjusted returns.
As companies remain private for longer, an increasing share of value creation now occurs before IPO, meaning investors without exposure to private growth risk missing participation in some of the world’s most innovative and fastest-growing businesses.
For DC schemes, private growth enables capital to be deployed at scale into companies with proven business models and exceptional growth potential. It also complements traditional private equity portfolios focused on buyout and venture strategies, offering a differentiated risk-return profile and greater scalability.
Our speaker will explore how allocating to private growth can help DC schemes meet the ambitions of the Mansion House reforms while delivering attractive, diversified long-term returns for members.
Speakers in this Session
About Baillie Gifford
Baillie Gifford’s sole business is investment management.
Since the company was founded in 1908 it has been a partnership, and today it is owned by 59 partners all of whom work in the business (as of 31 March 2026).
At Baillie Gifford, we believe that the best investment ideas spring from thinking about future possibilities, not short-term probabilities. We set no barriers to the imagination of our investors, encouraging fresh perspectives and the use of diverse sources of information.
We currently manage or advise some £179bn (as at 31 March 2026) on behalf of clients worldwide.
For more details, please visit Baillie Gifford’s website here.
Contact
13:00 - 13:10
Devil’s Advocates Summary
The Devil’s Advocates will give their summary of the main debating points, conclusions and action points from the morning sessions.
13:10 - 13:55
Lunch
Devil’s Advocates Panel

Lesley Carline
Director
KGC Associates

Martyn James
Director of Investment
now:pensions
Throughout the afternoon, our panel of Devil’s Advocates will challenge speakers with thought-provoking questions and close the day by sharing their key insights and takeaways from the discussions.
Sophia Singleton
Partner & Head of DC
XPS Pensions Group
Sophia joined XPS Pensions Group in June 2020 to lead their DC business, helping clients deliver top class DC services to their members. Prior to that, she led Aon’s DC Consulting business.
Sophia has over 24 years’ experience in the UK pensions industry and advises corporates and trustees on a range of DC pension solutions, developing and delivering DC strategies that optimise scheme design, ensuring effective governance and improving member outcomes.
She is a well-known industry and media commentator on DC market developments and feels passionately that we must tackle short-term financial resilience as well as deliver better long-term post-retirement products, if we’re going to help today’s workforce to retire with the security and lifestyle they want; she is regularly quoted in the press and presents on DC issues at industry events.
13:55 - 14:15
CDC Comes of Age – Implementation, Governance & Member Outcomes
Fireside Chat | Auditorium
This session will explore how CDC schemes can provide more stable retirement outcomes through pooled longevity and market risk, while examining the governance, investment and operational frameworks needed for effective implementation.

Sponsored by BlackRock
CDC Comes of Age – Implementation, Governance &
Member Outcomes
Fireside Chat
Session Description
As Collective Defined Contribution (CDC) moves from concept to reality, the focus is shifting to practical implementation. Sponsors and trustees are increasingly exploring what it takes to establish, govern and operate a CDC scheme successfully.
This session will examine the key considerations in bringing CDC to life, from scheme design and governance to member communications and engagement.
Our speakers will explore the challenges and opportunities of implementation, investment design and retirement outcomes, providing practical insights into what successful CDC delivery could look like as adoption gathers pace.
Speakers in this Session

Massi Delle Donne
Managing Director, Institutional Solutions
BlackRock

Ben Rees
Head of DC Solutions, EMEA
BlackRock
Massi Delle Donne
Head of Institutional Client Solutions, EMEA
BlackRock
Massi Delle Donne is a Managing Director in the Europe & Africa Institutional Client Business at BlackRock, focusing on developing retirement propositions and solutions.
Massi has over 25 years’ experience across financial services with responsibilities spanning Europe, Asia & Africa. His experience includes 13 years in capital markets, developing derivative based solutions for institutional clients, such as guaranteed funds, risk hedging strategies and structured products.
Massi began his career as an actuarial specialist in South Africa, focused on pension funds and product development and has founded two UK based fintechs.
Ben Rees
Head of DC Solutions, EMEA
BlackRock
Ben Rees is Head of DC Solutions, EMEA, in the Pensions Portfolio Solutions team within Multi-Asset Strategies & Solutions.
The Multi-Asset Strategies & Solutions (MASS) team is the investment group at the heart of BlackRock’s portfolio construction, asset allocation, and active management ecosystem. MASS draws on the full toolkit of BlackRock’s index, factor, and alpha-seeking investment capabilities to deliver precise investment outcomes and cutting-edge alpha insights. MASS constructs active asset allocation strategies and whole portfolio solutions across a wide spectrum of commingled funds, separate accounts, model portfolios, and outsourcing solutions in the wealth and institutional channels.
Prior to assuming his current responsibilities Mr. Rees was a UK DB Client CIO in the EMEA Pensions team. Before that, he was a member of the Client Portfolio Management team in the EMEA Liability Driven Investment (LDI) business, responsible for the design, performance and ongoing development of LDI investment solutions across the fixed income risk spectrum.
Mr. Rees joined the firm in 2016. Prior to joining the firm, Mr. Rees was an investment consultant at River & Mercantile Solutions (formerly P-Solve), responsible for advising and implementing investment strategies for UK Defined Benefit pension schemes.
Mr. Rees earned a BSc. degree in Mathematics, with first class honours, from the University of Warwick in 2011. He is a Fellow of the Institute of Actuaries.
14:15 - 14:35
Guided Income – Avoiding the Retirement Cliff Edges
Presentation | Auditorium
This session will highlight the impact of sequencing risk on retirement outcomes and outline practical strategies to balance growth and protection, helping members navigate drawdown and market volatility with greater confidence.
Guided Income – Avoiding the Retirement Cliff Edges
Presentation
Session Description
Sequencing risk is a key challenge facing retirees, but it is only one of several “cliff edges” that can jeopardise retirement outcomes. Abrupt transitions from saving to spending, from growth to defence, or from investing to annuitising can leave members exposed to unnecessary investment, longevity and behavioural risks at precisely the time their financial resilience is lowest.
Our speaker will explore how these cliff edges can be averted by more gradual, well-designed retirement journeys. He will discuss strategies to manage sequencing risk, deliver sustainable retirement income, maintain appropriate exposure to growth assets, and introduce longevity protection when it matters most.
By considering retirement as a continuous investment journey rather than a single event, providers can help members navigate uncertainty with greater confidence while improving long-term outcomes.
Speakers in this Session

David Hutchins
Portfolio Manager - Multi-Asset Solutions
Alliance Bernstein
David Hutchins
Portfolio Manager - Multi-Asset Solutions
Alliance Bernstein
David Hutchins is a Senior Vice President and Head of AB’s Multi-Asset Solutions business in EMEA.
He is responsible for the development and management of multi-asset portfolios for a range of clients.
Hutchins joined the firm in 2008 after spending two years at UBS Investment Bank, where he was responsible for devising and delivering innovative capital markets risk-management solutions for pension schemes.
Prior to that, he spent 13 years at Mercer, where he served as a European principal and scheme actuary, providing trustee and corporate advice to a range of UK pension funds and their sponsors. Hutchins holds a BSc in mathematics and a PGCE from the University of Bristol. He has chaired the Investment Management Association’s Defined Contribution Committee and formerly chaired the defined contribution industry working group for the UK government’s “defined ambition” project. Hutchins is a Fellow of the Institute and Faculty of Actuaries.
About Alliance Bernstein
AllianceBernstein is a leading investment-management firm with $867 billion in client assets under management, as of 31 December 2025.
With a unique combination of expertise across equities, fixed-income, alternatives and multi-asset strategies, we aim to deliver differentiated insights and distinctive solutions to advance investors’ success.
Across our global network, we’re fully invested in delivering better outcomes for our worldwide clients, including institutional, high-net-worth and retail investors. By embracing innovation, we seek to address increasingly complex investing challenges and opportunities.
And we pursue responsibility at all levels of the firm—from how we work and act to the solutions we design for clients.
For more details, please visit AllianceBernstein’s website here.
Contact
14:35 - 15:15
Retiring into a World Worth Living In
Roundtable Discussions | Auditorium

Lissa McGown
Trustee Project Lead - DC
Lloyds Banking Group Pensions

Jo Waldron
Trustee Director
Prudential Staff Pension Scheme
This interactive roundtable session will explore how UK pension schemes can balance long-term financial returns with climate, nature and societal risks, debating their role in shaping a sustainable retirement future and where responsibility ultimately lies across trustees, providers, employers and government.
Table discussions are led by Moderators and key conclusions shared with the wider conference.
Retiring into a World Worth Living In
Roundtable discussions
Session Description
After a brief scene‑setting introduction from the Facilitator, outlining the long‑term nature of pension investing and the climate, nature and societal risks that could shape members’ future living standards, a Moderator at each table will guide a focused discussion. Delegates will consider how pension schemes may invest in ways that help secure a world worth retiring into, not just maximising financial returns.
The debate will explore the implications for trustees, providers, members, employers and government, and with whom the responsibility to secure optimum retirement conditions properly lies.
Several of the Moderators will be invited to share their table’s conclusions with the full conference.
Speakers in this Session

Facilitator:
Stephen Budge
Head of DC Investment Strategy
LCP

Helen Ball
Partner
Sackers

Rachel Brougham
Trustee Executive
BESTrustees

Andy Cox
Chair
NatWest DC Plan

Wendy Davis
Director of Pensions
Sainsbury's

Sandie Deane
Trustee Director
UBS Pension Trustee Company

Mark Hedges
Trustee Director
Nationwide Pension Fund

Martyn James
Director of Investment
NOW: Pensions

Ian MacRae
Finance Pensions Investment Manager
Jaguar Land Rover

Stewart Patterson
Innovation Senior Director - LifeSight GB
WTW

This session is sponsored by LCP
Stephen Budge
Head of DC Investment Strategy
LCP
Stephen leads LCP’s DC Team’s focus on DC investment strategy design, which means much of his time is spent looking at the evolving area of private markets.
He is actively involved in a number of industry organisations and taskforces which share the same ambition of improving member outcomes. This includes working with the DCIF’s Advisory Committee, the Treasury’s Productive Finance Working Group which concluded in 2022, development of the Mansion House Compact and TPR private market guidance and now the FCA’s VFM Investment Performance Industry Working Group.
Stephen’s clients include schemes of all sizes including large single sponsor arrangements as well as several Master Trust arrangements. Over the years, many of his clients have been pushing the boundaries of DC investment design, through illiquid holdings or new approaches to DC investment strategy design, leading to two innovation awards and more recently, Scheme of the Year, from Professional Pensions.
Andrew Krousti
Head of Pensions
Capgemini
Andrew is Head of Pensions at Capgemini UK, with more than 25 years’ experience in occupational pensions.
He is Trustee Secretary to Capgemini’s legacy pension plans, oversees DB governance and strategy, DC provisions and the SEI Master Trust.
His current areas of focus include data quality, DB endgame planning, GMP equalisation and New Fair Deal compliance.
Kinna Patel
Head of Investment Proposition
Cushon
Kinna joined Cushon in March 2025 as their Head of Investment Proposition, to lead on the development of our solutions and market leading approach to climate integration in investment strategy design.
Kinna has over 10 years experience in DC pensions and was previously DC Investment Director at L&G, supporting clients and their advisers with regards to DC investments within their Asset Management division. This involved working closely with the investment teams for delivery of client solutions and product development, as well as providing specialist strategic support to larger clients. Prior to this, she was a DC Investment Consultant at Hymans Robertson.
A passionate advocate for good investment outcomes, Kinna holds the Investment Management Certificate (IMC) and CFA Level II.
Wendy Davis
Former Director of Pensions
Sainsbury's
Until recently, Wendy was Director of Pensions for Sainsbury’s and worked there since 2010.
While there, she was responsible for a large defined benefit pension scheme with around 83,000 members and assets of £8bn, working for the Trustee and the Company, and three defined contribution schemes. The DC schemes have over 170,000 members and assets of over £1.75bn.
Wendy is also Deputy Chair of the Board of Trustees of Age UK Bedfordshire, and is on the Risk and Audit Committee of the Church of England Pensions Board, and has decided to build on her non-exec portfolio. She is also on the Advisory Board of the PMI and a member of other industry groups.
Sandie Deane
Trustee Director
UBS Pension Scheme
Sandie is a trustee director of UBS’s UK Pension Scheme. She chairs the Member Communication & Engagement Committee and is a member of the Risk & Audit Committee.
Sandie’s journey in the world of pensions began when she joined Phillips & Drew Fund Management – now UBS Asset Management – in 1993 to work on their client publications including Pension Fund Indicators. She remained in UBS Asset Management until 2015 in a range of marketing, investment communication and management office roles. She then transferred to UBS Wealth Management in a business management and chief of staff role in the Investment Products & Solutions team.
She joined the UBS Pension Board in 2016 and has continued in that role since leaving UBS’s employment in 2020.
Today, she oversees all scheme member communications and is a familiar face at member engagement events. Sandie is also a trustee of the UBS UK Donor-Advised Foundation.
Mark Hedges
Trustee Director
Nationwide Pension Fund
Mark is a Trustee and former Chief Investment Officer of the Nationwide Pension Fund, where he had responsibility for the performance and implementation of the asset allocation strategies agreed with the fund investment advisors.
Previously, he led the establishment of Nationwide’s Covered Bond programme and its Silverstone RMBS Master Trust funding vehicle. In addition, Mark has securitised UK Student Loans and a synthetic corporate bond structure along with structured transaction and investment in various ABS instruments. Past experience also includes leading the origination and structuring of social housing, PFI and commercial real estate debt transactions.
Martyn James
Director of Investment
NOW: Pensions
Martyn James is the Director of Investment at NOW: Pensions, the UK master trust provider.
Martyn is responsible for leading the investment strategy for the business, with a focus on improving returns and retirement outcomes for its members, and enhancing the sustainability characteristics of the portfolio.
Martyn joined NOW: Pensions in April 2024. Prior to joining NOW: Pensions, he spent 22 years at Mercer, most recently as a partner within Mercer’s UK DC business, but also with a recent two and a half year secondment, leading Mercer’s Wealth (Pensions and Investments) business in Latin America.
Stewart Patterson
Innovation Senior Director - LifeSight GB
Willis Towers Watson (WTW)
Stew is an experienced pensions professional, responsible for leading the discovery of some of the most significant areas of innovation and future developments for LifeSight, WTW’s DC master trust. LifeSight’s ambitious target is securing better pension outcomes for people all over the country, and a lot of Stew’s focus is currently around decumulation solutions, support for members making retirement decisions and overall member engagement.
Stew is a qualified actuary. His previous roles have included positions as a DB Scheme Actuary and a DB de-risking specialist, leading onto leadership roles in WTW’s member options consulting team as well as industry roles on the Incentive Exercise Monitoring Board for the IFoA. This member focus saw Stew move into the LifeSight master trust team as Head of Product, before his current innovation role.
Janette Weir
Managing Director
Ignition House
Janette is one of the founding directors of Ignition House. She has more than twenty years research experience and brings a broad range of research and consultancy skills and experience from her previous roles. Janette is responsible for new business development and is Head of the Financial Services and Public Sector Practices.
She started her career as an economist at the Department of Work and Pensions, where she spent five years advising ministers and policy makers. This gave her a solid grounding in research skills and an understanding of the public sector.
She moved to be Chief Economist at the Association of British Insurers to build detailed knowledge of the insurance sector. From there, she led a team of thirty analysts covering all aspects of Financial Services as Head of UK Financial Services Research at McKinsey and Company. She was part of a pan-European team, which gave an international flavour to her research skill set. She also worked in a small team for a year to develop and implement McKinsey’s knowledge management strategy.
As Director of the Financial and Public Sector Practice at IQ Research, she built a solid practice of bespoke and syndicated work for financial services companies, economics consultancies, regulators, and trade associations. Janette is a well-known industry expert on the life and pensions sector, and often writes articles for the trade press.
About LCP
Powered by bright and passionate people, we help clients navigate complexity to make the decisions that matter. With market-leading capabilities across pensions and financial services, energy, health and analytics, we create and uncover new possibilities to help shape a more positive future.
The way we work, save, and live, is changing. Through our expert insights and use of cutting-edge technology, we provide tailored advice to create a sustainable financial future for our clients and members. We bring a breadth of knowledge and specialist skills to power our clients’ possibilities by helping them to solve problems and embrace opportunities.
We understand that pension schemes aren’t just about numbers; they are about planning for a secure future. Whether you’re a trustee of a pension scheme, a CFO, a finance director or an HR professional, we tailor our services to meet your unique needs with a straightforward, strategic approach. To guide you towards your endgame is at the heart of our advice and where you are on your journey to achieve that. This means we can craft clear, forward-thinking strategies to help your pension scheme reach its long-term goals. This ensures not just sustainability but success well into the future.
We’re not just a team; we’re a community of experts. From DC and Corporate Consulting to Actuarial insights and Trustee Consulting, we cover all bases. We’re all about joined-up thinking, ensuring that every decision about a pension scheme is interconnected and geared towards achieving the best outcomes for members.
For more details, please visit LCP’s website here.
Contact
15:15 - 15:40
Networking Break
Networking Activity | Foyer
15:40 - 16:00
The Next Generation of DC Investment Solutions
Presentation | Auditorium

Speaker TBC
UBS Asset Management
This session will explore how customised DC solutions, multi-asset portfolio design and OCIO-supported governance can help schemes build more resilient, member-focused retirement programmes while modernising investment strategies in a scalable and cost-efficient way.
The Next Generation of DC Investment Solutions
Presentation
Session Description
DC plans are entering a new era where member needs, market complexity, and regulatory expectations are all rising at once. Plan sponsors are increasingly seeking investment structures that go beyond traditional off‑the‑shelf options, without adding cost or operational burden.
Our speaker will explore how customised DC solutions, multi‑asset portfolio design, and OCIO‑supported governance models can help sponsors build more resilient, outcome‑oriented retirement programs.
S/he will consider practical frameworks for tailoring glide paths, integrating new asset classes, and improving member alignment while maintaining fiduciary discipline, and propose a roadmap for modernising DC investment architecture in a scalable, cost‑efficient way.
Speakers in this Session
About UBS Asset Management
For more details, please visit UBS’s website here.
Contact
16:00 - 16:50
Guided Retirement and the Future of Retirement Income
Panel Discussion | Auditorium

Terry Pullinger
Former Deputy Secretary General Postal
Communication Workers Union
This panel will examine how guided retirement under the Pension Schemes Act 2026 is reshaping decumulation, comparing income models and trade-offs to define effective default pathways while addressing the communication challenges of supporting member decisions.

Sponsored by Just Group
Guided Retirement and the Future of Retirement Income
Panel Discussion
Session Description
The panel will explore how the Pension Schemes Act 2026 embeds guided retirement as a core expectation for UK pension schemes, before turning to what an effective default retirement income model should look like in practice.
By comparing approaches such as Retirement CDC, Flex & Fix, collective drawdown, shared‑indexation CDC and deferred annuities, the discussion will highlight the essential trade‑offs between income stability, flexibility, investment risk and longevity risk, and how these choices shape credible guided‑retirement pathways.
The panel will also consider the communication and engagement challenges of helping members understand these different models and supporting them through a more structured, provider‑led decumulation journey.
Speakers in this Session
Kavi Myladoor
Commercial & Propositions Director
Just Group
Kavi Myladoor is Just Group’s Retail Retirement Income Director, overseeing its Individually Underwritten Annuity and Secure Lifetime Income propositions.
She joined Just Group in April 2023 from Royal London, where she successfully established a later life strategy and ran its D2C and intermediated later life propositions.
With a background in risk management, proposition strategy and change delivery, Kavi’s focus is to create and change strategy on Just’s growth ambitions, whilst ensuring that its customers get value from money on existing propositions. She is passionate about her purpose, which is to identify innovative ways to make later life propositions and financial advice more accessible to consumers in the UK.
Paul Tinslay
Trustee Director
Dalriada Trustees
Paul Tinslay is an Accredited Professional Trustee for DB and DC Pension Schemes, including Chair for Sole Trustee positions, and EGLAS arrangements. With 38 years in the Life and Pensions Industry, Paul has the very rare, if not unique experience of having been a personal financial adviser, as a market leader in the at/post retirement market, a corporate pensions adviser for DB and DC pension schemes.
Prior to joining Dalriada in 2020, Paul worked at one of the largest Employee Benefit Consultancies, responsible for delivering advice and services to Employers and Trustees, in respect of Occupational Pensions (Defined Benefit, trust & contract based Defined Contribution), where he was also Head of the Pensions Governance Proposition.
Paul has been a Director of specialist pensions businesses, establishing market leading propositions. Paul worked with the Government Actuary’s Department to develop Income Drawdown in the Pensions Act 1995 and the Department for Work and Pensions in transposing the IORP II legislation to what we now know as ESoG and ORA.
In his spare time Paul does everything that Mrs Tinslay wants done, Mountain biking, gym and the odd game of golf.
About Just Group
For more details, please visit Just Group’s website here.
Contact
16:50 - 17:15
From Vision to Reality – The Future of DC Delivery
Presentation | AUDITORIUM
This closing keynote will bring together the day’s key themes to examine the practical governance, operational and regulatory challenges that must be overcome to turn DC pension innovation into a scalable, member-focused system that delivers better retirement outcomes in practice.
Closing Keynote: From Vision to Reality – The Future of DC Delivery
Presentation
Session Description
As the Summit draws to a close, this keynote confronts the most important question of all: how do we turn today’s bold ideas into a DC system that genuinely works for members?
After a day exploring private markets, productive finance, active equieis, guided retirement, CDC, Flex & Fix, the implications of the Pension Schemes Act, and the Value for Money regime, our speaker will cut through the complexity to examine the real-world conditions for success: the operational realities, governance demands, regulatory constraints, cost pressures and infrastructure challenges that determine whether innovation scales or stalls.
This closing session will offer a clear, grounded and forward-looking view of what it will take to deliver a DC system that is not only ambitious in design but executable in practice.
Speakers in this Session
Sir Sherard Cowper-Coles
Former British Ambassador
UK Foreign Office
Sherard worked at HSBC as a full-time employee from 2013 to 2023, initially as Senior Adviser to the Group Chairman and Group Chief Executive, and for eight years heading the Group’s Global Government and Public Affairs functions. On his retirement, on 31 December 2023, he was engaged as Senior Adviser to the Group.
Earlier, he spent over 30 years in the British Diplomatic Service, which he joined straight from reading Classics at Oxford. He finished his career as Ambassador to Israel, Saudi Arabia and then Afghanistan.
Sherard is Chair of the China-Britain Business Council; Honorary Vice President of the UK Financial Inclusion Commission; and a Committee Member of The Hong Kong Association. He is an Ambassador for the Winston Churchill Memorial Trust. He is a member of the fundraising committee for Maggie’s charity, and a Trustee of Arundells, the Sir Edward Heath Charitable Foundation. He is President of The Kilvert Society.
Sherard is the author of two books: Cables from Kabul and Ever the Diplomat.
17:15 - 17:25
Devil’s Advocates Summary
The Devil’s Advocates will give their summary of the main debating points, conclusions and action points from the afternoon session.
17:25 - 17:30
Chair's Summary
Closing Remarks | AUDITORIUM
The Chair will conclude the day’s proceedings and reflect on the various opinions discussed throughout the day.
17:30 - 19:15
Drinks Reception
Networking Activity | Foyer
Following conclusion of the conference, delegates are invited to stay for drinks and network with fellow members of the industry.
Venue
Grand Connaught Rooms
This event will be held at the De Vere Grand Connaught Rooms in London.
Plan your journey via Transport for London.
Travel & Access
Tube: Covent Garden (Piccadilly) & Holborn (Central) - 5 mins walk
Nat Rail: King's Cross St Pancras & Euston (30 mins)

