Preparing for a Brighter Outlook
Existing DC savers are not currently achieving a sufficient wage in retirement and strategies needed to evolve to maximise savings outcomes.
At this Masterclass, delegates will explore how this can practically be achieved in light of hard savings numbers and retirement demographics. This includes redefining long-term investment needs as well as reimagining policy and regulation, pot consolidation, the transition into retirement, the advice issue and the impact of generation rent on living standards.
Of vital importance will be the development of robust savings and investment products focused on the member. Expert practitioners and their key advisers, representing DC stakeholders across the board, will debate these issues in depth with a view to revealing a practical, realistic and clear path to the future.
In common with all SGPE Masterclasses, the event will be highly interactive, with participants encouraged to engage and contribute proactively throughout.
Chair
David Porter
DC Solutions Specialist
Independent
Keynote Speaker
Emma Watkins
Managing Director – Retirement & Longstanding
Scottish Widows
Agenda
Devil's Advocates
Jason Fletcher, Former CIO, London CIV
Ian McKinlay, Senior Adviser, Avida International
Sofia Perkonigg, Trustee Director, UBS Pension Fund
A panel of Devil’s Advocates will be on duty for the course of the afternoon.
They will be available to pose challenging questions to any of the conference speakers when invited to do so by the Moderator of each session. They will provide an end of day summary of the main learning and action points from the conference.
12.15 – 12.35
Meet & Greet
12.35 – 12.50
Welcome & Introduction
Masterclass Chair:
David Porter
DC Solutions Specialist
Independent
Programme Director:
Stephen Glover
Director
SG Pensions Enterprise
12.50 – 13.20
Keynote Presentation: The "State of the Union" Retirement Address
Emma Watkins
Managing Director – Retirement & Longstanding
Scottish Widows
Our speaker, representing a leading workplace provider, will set the scene by addressing the following key issues:
- The challenge: providing adequate retirement product design for future generations of UK workers.
- The status quo: members expectations versus the “reality gap”, insufficient savings adequacy, the nature of current product solutions, the need to consider retirement default strategies, managing longevity risks, in-retirement sequencing hurdles, and the looming impact of “generation rent” and equity release considerations.
- The future: optimal solutions for both advised and non-advised members, shifting the focus from pot sufficiency to the “wage gap” in retirement, to-and-through investing, default solutions to prevent total run down of members’ savings and the development of efficient simple retirement plans for the mass market.
13.20 – 14.05
Panel Discussion: Creating an Efficient Retirement Market for All
Moderator:
David Porter
DC Solutions Specialist
Independent
Andy Cheseldine
Chair of the Trustee Board
Smart Pension
Matthew Hall
Head of Product Development
Railpen
Kavi Myladoor
Retirement Income Director
Just Group
Keillian Tai
Principal Investment Consultant
The Pensions Regulator
Rob Yuille
Head of Long-Term Savings Policy
Association of British Insurers
Our speakers, from among a large pension trust, a master trust, an insurer, an investment manager and a consultant, will discuss the building blocks needed to achieve the vision for a future retirement market described above.
These include the necessary policy and regulatory support, greater contribution rates, provider consolidation, investing at scale, improved investment performance to and through investment, solving for in-retirement sequencing risks, optimal governance strategies, product relevance, default drawdown vs annuity plans, and the potential for universal provision.
14.05 – 14.30
Presentation: Building a "To-And-Thru" Investment Proposition
Dominic Byrne
Head of DC Strategy EMEA
BlackRock
The use of a number of investment strategies and products to de-risk portfolios of growth assets by the point of retirement has been the approach that most DC plans have taken, especially since the overwhelming majority of them do not provide their own default retirement solution.
However, a combination of people living longer, savings inadequacy and the need to keep up with inflation suggests the maintenance of the growth portfolio well into the decumulation stage.
Our speaker, representing a leading investment manager, will discuss the key considerations in building a “to-and-through” investment proposition, and the resulting benefits for savers.
14.30 – 14.50
Coffee Break & Online Networking
14.50 – 15.15
Presentation: The Best of All Worlds - Security and Growth in a Retirement Plan
Georgina Taylor
Head of Multi-Asset Strategies
Invesco Asset Management
Since the introduction of the Pensions Freedoms nearly a decade ago, the annuity market has plummeted while the drawdown market has soared.
Arguably both trends have been overdone. Rate rises have resulted in much more attractive annuity rates, enabling savers to lock in a higher level of secure income and mitigating the risk of running out of money in retirement.
Our speaker will discuss the evolution of retirement products which combine both secure income and continuing growth potential, and how these can be customised to the circumstances of individual savers.
15.15 – 15.55
Panel Discussion: Communicating with Savers and Employers
Moderator:
Phillip Brown
Director of Policy & External Affairs
NEST Corporation
Fiona Brown
Group Head of Pensions & Benefits
Rolls-Royce Group
Tegs Harding
Chair of Investment Committee
L&G Master Trust
Julie Richards
Group Director of Pensions
Walgreens Boots Alliance
Janette Weir
Managing Director
Ignition House
Our expert panel will debate the challenge of convincing both employers and members of the merits of the decumulation strategies presented this afternoon, reflecting the fact there is no point having the best product that delivers the best outcome if no one understands or wants it.
Among other innovations, these strategies involve the development of “to-and-thru” investment approaches that embrace security, growth and housing, while accounting for the impact of cognitive decline over the retirement period.
Speakers will discuss how to rethink engagement with both savers and employers to ensure the best retirement outcomes for the greatest number.
15.55 – 16.05
Devil's Advocates' Summary
The Devil’s Advocates will offer their summary and main takeaways from the afternoon’s proceedings.
16.05 – 16.20
Final Thoughts & Closing Remarks
Speakers
Fiona Brown
Group Head of Pensions & Benefits
Rolls-Royce
Philip Brown
Director of Policy
NEST Corporation
Dominic Byrne
Head of DC Strategy EMEA
BlackRock
Andy Cheseldine
Chair of the Trustee Board
Smart Pension
Jason Fletcher
Former CIO
London CIV
Matthew Hall
Head of Product Development
Railpen
Tegs Harding
Chair - Investment Committee
L&G Master Trust
Ian McKinlay
Senior Adviser
Avida International
Kavi Myladoor
Retirement Income Director
Just Group
Sofia Perkonigg
Trustee Director
UBS Pension Fund
Julie Richards
Director of Pensions
Walgreens Boots Alliance
Keillian Tai
Principal Investment Consultant
The Pensions Regulator
Georgina Taylor
Head of Multi-Asset Strategies
Invesco
Janette Weir
Managing Director
Ignition House
Rob Yuille
Head of Long Term Savings Policy
Association of British Insurers
Sponsors
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