Unlocking Opportunities for Superior Pensions Performance
EVENT OVERVIEW
This year’s Forum brings together leaders from across the UK pensions landscape to examine how schemes can remove the practical, cultural and structural barriers that hinder best-practice investing in private markets.
The agenda will provide a detailed, evidence-based view of how DC master trusts, single-employer DC schemes, contract-based providers, LGPS pools and funds, and corporate DB plans are deploying capital, managing risk, and building the governance and operational capabilities required to invest confidently and effectively in these assets.
Delegates will gain interest into the vehicles, partnerships, data quality, reporting frameworks and decision-making processes that shape real-world allocations, as well as the constraints, from fee budgets and liquidity needs to governance bandwidth, scale issues and regulatory expectations, that continue to limit progress. While government initiatives such as Mansion House, Fit for the Future and multiple investment vehicles form part of the backdrop, the emphasis remains that pension schemes exist to deliver risk-adjusted returns for members, not to serve broader economic purposes.
Throughout the day, speakers will explore how the UK can build a more confident, capable and opportunity-driven investment culture, and how pension schemes can make better decisions in an increasingly complex private markets environment.
EVENT INFO
VENUE
This year’s Private Markets Pensions Investment Forum will be held at the Plaisterers’ Hall 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 - 09:15
Registration & Refreshments
Networking Activity | Foyer
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 - 09:30
Welcome & Introduction
Opening Remarks | Auditorium

Event Chair:
Mark Thompson
Chair of the Trustee Board
Prudential Staff Pension Scheme

Programme Director:
Stephen Glover
Founder & Director
SG Pensions Enterprise
09:30 - 09:55
The State of Private Markets Investment Across UK Pensions
Presentation | Auditorium
The presentation will provide a data-driven snapshot of UK pension schemes’ private markets allocations, revealing where capital is flowing across schemes and asset classes, how exposures are evolving and the scale of future investment pipelines.
The State of Private Markets Investment Across UK Pensions
Presentation
Session Description
Our speaker will present comprehensive data on how UK pension schemes are actually allocating to private markets today. The detailed quantitative evidence will cover every major part of the pensions landscape – DC master trusts; single-employer DC schemes; contract-based providers; LGPS funds and pools; corporate DB plans; – and every major private markets asset class, including private equity, private credit, infrastructure, real estate, venture capital, secondaries and growth equity.
The presentation will focus squarely on the numbers: current allocation levels, changes over time, pipeline volumes, commitments versus deployments, and the distribution of exposure across different types of schemes and vehicles. It will highlight where capital is flowing, where it is not, and how patterns differ between sectors. Interpretation of the data will naturally touch on factors such as governance capacity, fee budgets, liquidity needs and operational readiness, but the core purpose of the session is to give delegates a factual, evidence-based baseline of the true volumes of private markets investment across UK pensions. This shared dataset will provide the foundation for the rest of the day’s discussions.
Speakers in this Session
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.
09:55 - 10:25
Pensions & the UK Innovation Gap
Keynote Presentation | Auditorium
The keynote will examine how the UK can overcome structural barriers to scaling innovation, highlighting the vital role of pension capital, private assets and public markets in turning world-class discoveries into globally competitive businesses and stronger long-term pension outcomes.
Pensions & The UK Innovation Gap
Keynote Presentation
Session Description
The United Kingdom generates world-class scientific discoveries, breakthrough technologies, and high-growth companies, yet continues to struggle with converting this innovation into lasting economic value. This keynote will examine the structural barriers that prevent Britain from scaling its successes – spanning procurement, regulation, capital markets, institutional design and scale-up capacity – and argue that pension investment, including targeted allocations to private assets, must sit at the centre of a more integrated national approach to innovation-led growth.
Our speaker will explore how procurement frameworks, regulatory choices, listing rules and governance models shape the fate of UK scale-ups, and why the current system fails to retain and grow many of the country’s most promising companies. They will outline how pension capital and public markets can help build globally competitive firms, and set out the changes required in pensions governance, trustee mindset and risk methodologies to unlock the UK’s innovation potential and convert scientific and technological breakthroughs into both enduring national prosperity and greater pensions benefits.
Speakers in this Session

Amir Hegazi
Author – The UK Innovation Blueprint
Amir Hegazi
Author
The UK Innovation Blueprint
Amir Hegazi is Managing Director of CapitalDemocracy and author of The UK Innovation Blueprint: National Strategies for Economic Growth. He advises founders, institutional investors and policymakers on how capital, technology and innovation systems translate into long-term economic growth. He has spent more than two decades across venture capital, technology scaling and ecosystem development, supporting companies from early-stage growth through major exits and working with governments and institutional leaders on capital formation and market expansion.
His latest book examines one of the central questions facing UK investors and policymakers: how to convert world-class innovation into enduring companies, productive investment and long-term domestic economic value. It argues that Britain’s challenge is not the creation of innovation, but the ability to finance, scale and retain it. The book sets out a practical framework spanning growth capital, pension allocation, public markets, procurement, regulation and institutional design.
Amir played a key role in the growth of Souq.com, the Middle East’s largest e-commerce platform, which was acquired by Amazon, and previously co-founded intoMENA Group. He has advised ministers, policymakers and ecosystem leaders on innovation systems, market expansion and growth strategy, and serves as an advisor to the University of California, Berkeley on its global AI initiative.
The UK Innovation Blueprint has been endorsed by leading voices in economics, policy and technology, including Carlota Perez, former UK Foreign Secretary William Hague, and Financial Times Innovation Editor and Tech Columnist John Thornhill.
10:25 - 11:05
The Scale-Up Proposition for UK Pension Investors
Panel Discussion | Auditorium
The panel will explore how government-backed vehicles such as the UK Scale Up Fund can overcome barriers to private markets, enabling pension schemes to invest at scale in high-growth UK businesses through stronger governance, disciplined manager selection and innovative investment structures.
The Scale-Up Proposition for UK Pension Investors
Panel Discussion
Session Description
This panel will examine how the UK Scale up Fund and other government-backed vehicles can expand pension access to UK innovation and high-growth companies. Speakers will explore why private equity and venture have been difficult for UK schemes to access at scale – from wide return dispersion and trustee scepticism to governance bandwidth and ticket-size constraints – and will stress that any case for allocating to private assets must be grounded in clear evidence of outperformance against public markets and disciplined manager selection.
The panel will assess how the Scale Up Fund aggregates capital, expands ticket sizes and creates a viable private markets route for UK pension schemes. Speakers will consider how secondaries, specialist platforms and pooled innovation vehicles complement the Fund’s architecture, and what changes in pensions governance, trustee mindset and risk frameworks are required for confident participation. They will conclude by outlining how these vehicles can move the needle for pension investors, creating the conditions needed to unlock the “animal spirits” required for UK scale-ups to reach commercial maturity with domestic investors capturing more of the upside.
Speakers in this Session
Molly Handley
Brand Director
Independent
Robert Cochran
Innovation & Engagement Specialist
Scottish Widows
Robert Cochran is a senior leader in Workplace Savings at Scottish Widows, where he focuses on innovation, engagement and helping more people achieve better retirement outcomes.
A well-known voice across the UK pensions industry, Robert regularly hosts podcasts, speaks at conferences and leads discussions on topics ranging from financial wellbeing and pensions adequacy to artificial intelligence and the future of workplace savings.
Winner of the Pension Marketer of the Year award, he is known for making complex subjects accessible and engaging, combining industry expertise with a practical, member-focused perspective.
He is passionate about using technology, data and communication to improve financial confidence and retirement readiness.
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
11:05 - 11:30
Networking Break
Networking Activity | Foyer
11:30 - 12:10
Matching Capital to Opportunity Overcoming Scale, Plumbing & Governance Impediments
Roundtable Discussions | Auditorium
The roundtable session will explore practical ways to unlock greater UK private markets investment by overcoming scale, governance, market infrastructure and cultural barriers, with participants identifying the structural changes and behaviours needed to improve capital deployment.
Matching Capital to Opportunity Overcoming Scale, Plumbing & Governance Impediments
Roundtable discussions
Session Description
Following a scene‑setting introduction from the Facilitator, a Moderator at each table will lead a discussion on how participants can more effectively match capital to opportunity across UK private markets. The debate will focus on overcoming scale constraints, improving market plumbing, strengthening governance pathways and addressing cultural impediments that limit deployment.
Participants will examine how opportunities originate, how they can be aggregated or syndicated, where bottlenecks arise, and what practical steps schemes, pools, managers, advisers and government-backed financing bodies can take to unlock flow. The proof of the pudding: what specific solutions, behaviours and structural changes will each group identify as most critical to improving capital deployment?
Several of the Moderators will be called upon to summarise their conclusions to the overall 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.
Lissa McGown
Trustee Project Lead – DC
Lloyds Banking Group Pensions
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.
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
12:10 - 12:50
Focus on the LGPS – The Implications of Pooling for Private Markets Investing
Panel Discussion | Auditorium
The panel will examine how LGPS pooling is reshaping private markets investment, exploring whether greater scale can preserve access and flexibility while addressing the governance, operational, political and cultural challenges of Fit for the Future.
Focus on the LGPS - The Implications of Pooling for Private Markets Investing
Panel Discussion
Session Description
This panel will take a strategic look at how the private markets portfolios of the individual LGPS funds are transitioning into the pools, and the operational, cultural, governance and political challenges this shift creates.
Speakers will assess whether pools can match the flexibility, speed and opportunity access historically enjoyed by individual funds, how scale affects early‑stage and specialist investing in particular, and whether the number and variety of private investment opportunities can be maintained under pooling. They will examine the implications for Fit for the Future, the role of initiatives such as the Border to Coast UK Opportunities Fund, and how all pools are adapting their governance, resourcing and origination models.
The discussion will also consider how Government policy, including forced consolidation, is reshaping the landscape, and what structural, behavioural and market changes are needed to ensure pooling strengthens rather than constrains LGPS deployment into private assets.
Speakers in this Session
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
About Aviva
Aviva Investors is a leading global asset manager with over £272* billion of AUM, that combines the breadth of our multi-asset, private and public market capabilities in 9 countries.
As one of Europe’s largest investment managers in private assets with over £46* billion in AUM and 148 professionals across four locations, we have the scale to access the full depth and breadth of private market investment opportunities across a range of real estate, infrastructure, private debt, multi-asset real assets, natural capital and venture and strategic capital.
* Data as at 30 June 2026.
For more details, please visit Aviva’s website here.
Contact
About UBP
UBP Asset Management is the asset management division of Union Bancaire Privée (UBP), a Swiss leading family-owned private bank.
It provides a broad range of differentiated and active investment solutions for institutional investors, financial intermediaries and private clients worldwide.
The firm manages CHF 38.2 billion, serving more than 650 institutional clients across 14 offices worldwide.
It offers actively managed strategies across fixed income, equities, thematic investment, alternatives and private markets with a focus on delivering long-term risk adjusted returns.
Leveraging UBP’s entrepreneurial culture and international presence, the asset management division, constantly seeks more effective ways to invest in traditional asset classes while meeting its clients’ objectives. The organisation enables fast decision-making and high flexibility to provide clients focused solutions tailored to diverse investment objectives.
For more details, please visit UBP’s website here.
Contact
12:50 - 13:00
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.
13:00 - 13:50
Lunch
Devil’s Advocates Panel
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.
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.
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.
13:50 - 14:30
Can DC Schemes Invest in Private Markets at Meaningful Scale?
Panel Discussion | Auditorium
The panel will assess whether DC schemes can realistically scale private markets allocations towards 10%, examining the operational, liquidity, cost and governance challenges of integrating private assets into default funds while delivering strong member outcomes.
Can DC Schemes Invest in Private Markets at Meaningful Scale?
Panel Discussion
Session Description
This panel will provide a focused examination of the DC private markets challenge.
Our speakers will assess whether DC schemes – master trusts, single‑employer trusts and contract schemes alike – can realistically achieve sustainable 10% allocations to private markets, and what progress has been made against these Mansion House commitments. The discussion will explore the operational constraints, fee budgets, daily dealing considerations, and the practicalities of integrating private markets into default funds.
Practitioners will share real‑world experience on pipeline development, governance readiness, platform capabilities, and the emerging role of private equity, private credit, infrastructure and secondaries within DC portfolios. The panel will also address concerns surrounding member outcomes, liquidity management, and the need for scalable structures that allow DC schemes to participate meaningfully in private markets.
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
14:30 - 15:45
The Six Private Markets Investments That Will Matter Most
Rapid-Fire Presentations | Auditorium
The rapid-fire session will spotlight six high-potential private markets opportunities; from life sciences and social housing to infrastructure, private credit and impact investing — showing how UK pension schemes can access resilient, diversified returns while navigating evolving risks, governance and implementation challenges.
The Six Private Markets Investments That Will Matter Most
Presentation
Session Description
This high‑energy session showcases six private markets opportunities with particular relevance to UK pension investors, focusing on where the UK has genuine strengths and where demand is accelerating across LGPS, DC and DB schemes. Each presenter will make an evidence‑based case for why their opportunity deserves a clearer, more deliberate role in future pension portfolios, and what this means for how managers position, structure and deliver solutions to UK schemes.
Presenters will address:
- The structural forces shaping the opportunity, including supply, demand, regulation, innovation and UK competitive advantage
- How the investment behaves in an overall portfolio context – cashflow, diversification, resilience, liquidity pathways
- The key constraints for UK schemes, and what these mean for implementation, governance scale and access
Together, these presentations translate high‑level private markets strategy into practical building blocks, showing how managers are tailoring their offerings to meet the demands of investors across the UK pensions landscape.
Presentation 1: Life Sciences – The UK’s Deep-Tech Advantage
Life sciences remain one of the UK’s strongest innovation engines, with world‑class research institutions, proven commercialisation pathways and growing specialist capital. This session examines how life‑sciences investing behaves across venture, growth and specialist private‑markets strategies, where the UK’s competitive advantages lie, and how investors can access opportunities without taking binary scientific risk. Our speaker will explore the structural drivers of demand – ageing demographics, biotech platforms, AI‑enabled drug discovery – and outline how UK schemes can participate through secondaries, specialist funds and scaled platforms that convert scientific breakthroughs into resilient long‑term value.
Presentation 2: Social Housing – Resilient Cashflows and Real Economy Impact
Social housing has become a growing private‑markets allocation for UK schemes, offering inflation‑linked cashflows, long‑term resilience and alignment with real‑economy needs. This session examines the structural drivers – demographic pressure, supply shortages, regulatory evolution – and how these shape risk, return and governance. Our speaker will discuss the behaviour of social‑housing assets under different rate environments, the importance of operator quality and regulatory oversight, and how UK investors can access the sector through pooled vehicles, long‑lease structures and specialist managers. S/he will highlight where demand is growing and how schemes can position allocations responsibly and effectively.
Presentation 3: Blended Finance – Crowding in Capital For Scalable Solutions
Blended finance is emerging as a powerful mechanism for mobilising institutional capital into areas traditionally constrained by risk, scale or policy uncertainty. This session explores how first‑loss capital, guarantees and structured partnerships can unlock investable opportunities in climate, regeneration and social infrastructure. Our speaker will examine where blended finance has already delivered strong outcomes for leading UK schemes, how risk‑sharing structures behave in a total‑portfolio context, and what governance and due‑diligence frameworks are required. S/he will outline how managers are designing products that meet fiduciary standards while enabling schemes to access opportunities previously out of reach.
Presentation 4: Infrastructure 2.0 – Transition, Digital and Adaptation
Infrastructure is entering a new phase driven by the energy transition, digital networks and climate adaptation. This session outlines the characteristics of these next‑generation assets – inflation protection, long‑term cashflows, resilience to rate volatility – and how they behave in institutional portfolios. Our speaker will explore the UK’s competitive strengths in digital infrastructure, grid modernisation and transition platforms, and how schemes can access opportunities efficiently through pooled vehicles, co‑investment structures and specialist partnerships. S/he will highlight where demand is rising and how infrastructure can anchor long‑term private‑markets allocations.
Presentation 5: Private Credit – Turmoil, Re-pricing and the Case for Resilience
Recent turmoil in the private credit markets – including valuation pressures, liquidity stress, covenant erosion and uneven underwriting discipline – has raised legitimate concerns about sustainability and risk. Yet these disruptions have also created one of the most attractive entry points in years. This session assesses how repricing, tighter spreads, improved lender protections and more disciplined markets are reshaping the opportunity. Our speaker will examine where risks remain elevated, where resilience is strongest, and how private credit behaves under different macro regimes. S/he will outline how UK schemes should position allocations, which segments offer the most robust risk‑adjusted returns, and how managers are evolving products to meet governance, transparency and liquidity requirements.
Presentation 6: Impact Investing – When Impact IS the Return
Impact investing is evolving beyond niche allocations into a disciplined private markets strategy where measurable outcomes drive financial performance. This session examines the structural forces behind this shift – regulatory pressure, consumer behaviour, transition economics – and how impact assets behave in an overall portfolio context. Our speaker will discuss evidence for return persistence in climate, regeneration, local investment and social‑outcome strategies, the governance frameworks required to ensure integrity, and how UK schemes can access scalable, outcome‑driven opportunities. S/he will outline how managers are designing products where impact is not a trade‑off but a core driver of long‑term value.
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
15:45 - 16:10
Networking Break
Networking Activity | Foyer
16:10 - 16:30
The New DB Playbook – Demand Shifts in Private Assets
Presentation | Auditorium
The presentation will explore how corporate DB schemes are moving beyond decades of de-risking towards run-on, surplus management and long-term investment strategies, with private markets playing a growing role in delivering cashflow, resilience and value creation.
The New DB Playbook – Demand Shifts in Private Assets
Fireside Chat
Session Description
For 25 years corporate DB schemes were on a single, government‑endorsed trajectory of de‑risking, hedging and preparing for buyout, a path shaped by persistent mark‑to‑market underfunding and reinforced by regulatory pressure, accounting standards and market convention.
Today, with funding levels transformed, buyout capacity constrained and the Government pushing for growth, that long era of de‑risking has given way to a more strategic debate about run‑on, surplus extraction, long‑term capital and the role of private markets in supporting cashflow, resilience and value creation.
Our speaker will examine how corporate DB schemes are reassessing private markets exposure after decades of retrenchment, how platforms, brokers and managers are expanding access routes, and how governance and resourcing models must evolve to support these new strategies.
They will explore which private investments are best placed to support long‑term cashflow needs, even for schemes still targeting buyout, how run‑on and surplus‑management strategies are reshaping demand for private assets and the specific areas of the market DB schemes are beginning to favour.
Speakers in this Session
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.
16:30 - 17:10
Secondaries – The Fastest Growing Access Route to Private Markets
Panel Discussion | Auditorium
The closing panel will examine how secondaries are emerging as a flexible, governance-light route into private markets, offering faster deployment, greater diversification, reduced blind-pool risk and more predictable cashflows across DC, DB and LGPS portfolios.
Secondaries – The Fastest Growing Access Route to Private Markets
Panel Discussion
Session Description
This panel will conduct a deep dive into secondaries as a governance‑light, rapid‑deployment access route into private equity, venture and growth assets.
Speakers will examine the pricing dynamics of the secondary markets, GP‑led versus LP‑led transactions, continuation funds, and the expanding role of specialist managers across DC, DB and LGPS portfolios. They will discuss how secondaries provide immediate diversification, reduce blind‑pool risk, and offer more predictable cashflow profiles, how demand is evolving as markets deepen; and where the most attractive opportunities are emerging.
Finally the panel will explore how secondaries complement existing allocations, how they behave under different macro conditions, and why they are becoming a core building block of modern private markets strategies.
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
17:10 - 17:20
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.
17:20 - 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 - 19:00
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
Plaisterers' Hall
This event will be held at Plaisterers’ Hall in London.
Plan your journey via Transport for London.
Nearest Rail Stations
Underground: St Pauls, Barbican & Moorgate
Nat Rail: Moorgate, Farringdon & Liverpool Street




