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 - 09:15
Registration & Refreshments
Networking Activity | Foyer
Devil’s Advocates Panel

Nicolas Firzli
Director General
World Pensions Council
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
Sam Burden
Professional Trustee
Zedra Governance
Sam leads on DC and CDC at Zedra and has been a professional trustee for over 4 years. He has 28 years of experience overall in the pensions industry, gained as advisor with WTW & KPMG.
Sam has extensive experience of DC including current IGC and GAA appointments, and as a Trustee and Chair of Trustees for a range of DC schemes.
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.
Rob O'Carroll
Deputy Director – Private Pensions Policy
Department for Work & Pensions
Rob is Deputy Director of the Automatic Enrolment and Defined Contribution Pensions Policy Division at the Department for Work & Pensions (DWP). He is responsible for supporting Ministers with delivering financial security in retirement and boosting investment in private markets, including the UK.
Most recently, he has overseen development of major reforms, including Scale and Asset Allocation, the VFM Framework and Guided Retirement.
Since joining the civil service, Rob has undertaken a range of strategy and policy roles, including advising Ministers on reforms to state pensions and AE pensions policy.
Current priorities include implementing the DC reforms in the Pension Schemes Act 2026.
10:50 - 11:10
Stop being Shocked by "Shocks"
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.
Stop being Shocked by "Shocks"
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, 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.
About RBC BlueBay
RBC BlueBay Asset Management represents RBC Global Asset Management outside of North America and is an active asset manager with expertise across fixed income, equities and alternatives.
Our solutions-driven approach means we endeavour to empower our clients with the knowledge they need to help shape their investment decisions. We work and evolve with our clients, creating and customising investment products that meet their needs.
We operate with total transparency throughout the business, providing clients with direct access to our investment teams and fostering a culture that encourages opportunity, resulting in a thoughtful and inclusive organisation that puts people first and delivers for clients.
Responsible investment is not just an investment focus; it is deeply ingrained into client experience and our work to deliver solutions that support real-world impact.
For more details, please visit RBC’s website here.
Contact
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

Moderator:
Chris Hitchen
Chair
Nuclear Liabilities Fund
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.
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.
Thibault Colle
Head of Corporate Debt
Union Bancaire Privée
Thibault joined UBP’s Global Multi-Sector Credit Group in 2015.
He heads the Group’s corporate credit research team and co-manages its investment grade and income strategies. Thibault also chairs the Group’s Bottom-up Committee.
Previously, he spent four years at UBS in London working as a European Corporate Credit Strategist.
Thibault holds a BSc in Mathematics and Economics from the London School of Economics and a Master of Finance from the Massachusetts Institute of Technology. He has also attained the Certificate in ESG Investing from the CFA Institute.
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.
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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
12:40 - 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

Sophia Singleton
Head of DC
XPS Pensions Group
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.
13:55 - 14:15
CDC Comes of Age – Investment Implementation
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.
CDC Comes of Age – Investment Implementation
Fireside Chat
Session Description
CDC has the potential to deliver more stable and better retirement outcomes through pooled longevity and market risk.
This session will examine the investment drivers and investment governance frameworks needed for effective implementation
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.
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being.
As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.
For more details, please visit BlackRock’s website here.
Contact
14:15 - 14:35
Guided Income – Building Better Bridges Through Retirement
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 – Building Better Bridges Through Retirement
Presentation
Session Description
Sequencing risk is among the most important challenges facing retirees, but it is only one of several “cliff edges” that can undermine 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 schemes can replace these cliff edges with more gradual, well-designed retirement journeys.
Drawing on practical experience and global research, he will discuss approaches to managing sequencing risk, delivering sustainable retirement income, maintaining appropriate exposure to growth assets, and introducing longevity protection when it adds the greatest value.
By viewing retirement as a continuous investment journey rather than a single event, providers can help members navigate uncertainty with greater confidence while improving long-term retirement outcomes.
Speakers in this Session

David Hutchins
Portfolio Manager - Multi-Asset Solutions
AllianceBernstein
David Hutchins
Portfolio Manager - Multi-Asset Solutions
AllianceBernstein
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 AllianceBernstein
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

Helen Ball
Partner
Sackers

Robert Branagh
Non Executive Director
The Pensions Ombudsman

Mark Hedges
Trustee Director
Nationwide Pension Fund

Brian Henderson
Independent Trustee

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.

Sponsored by LCP
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.
Lissa McGown
Trustee Project Lead – DC
Lloyds Banking Group Pensions
Anne Sander
Client Director
Zedra Governance
Anne has worked in the pensions and investment industry for 30 years and brings extensive global actuarial, investment strategy, risk management, and governance experience. She is passionate about ensuring pension fund members get the benefits to which they are entitled.
In her previous role, Anne was a senior manager in internal audit at Aviva Investors overseeing the risk management controls across all asset classes in the UK, USA, and Europe.
Anne is currently the Chair of the Audit, Operations and Governance Committee for the Aviva Staff Pension Scheme, a £17 billion hybrid Defined Benefit (DB) and Defined Contribution (DC) scheme. In this role, she has gained experience in fund governance, buy ins, longevity swaps, DC default strategy design, and advisor selection activities.
Previously, Anne worked with three of the major actuarial consulting firms providing actuarial and investment advice across both defined benefit and defined contribution schemes in the private sector. This included pensions investment strategy, funding negotiations, liability management exercises, risk management, and investment manager recommendations.
She also has extensive experience in change management, risk and trading system implementation, ESG risks in financial services, and designing investment and hedging strategies for global insurance companies.
Anne has a diverse breadth of experience combined with strong technical skills and an excellent track record of successful project delivery.
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.
Tracy Weller
Trustee Director
Pi Partnership
Tracy is an Accredited Trustee with the Association of Professional Pension Trustees as well as a Prince2 qualified Project Manager and has 35 years pensions industry experience.
An operations expert, she has worked across DB, DC, Hybrid, workplace, retail and local government pension schemes from £25m to £10bn in assets and from a few members to 4 million members.
Tracy has held a number of executive and consultancy roles and been responsible for pension scheme operations including administration front and back office, IT, banking, cash management, client management and pension fund accounting.
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
Retirement is a Journey – Not a Date
Presentation | Auditorium
This session will explore how DC schemes can create seamless, guided pathways from accumulation into retirement by combining flexible income, continued investment growth and later-life security to meet diverse and changing member needs.
Retirement is a Journey – Not a Date
Presentation
Session Description
Traditional DC design often treats retirement as a single destination, separating the accumulation of savings from the generation of retirement income.
This session will explore how schemes can create a more continuous journey from accumulation into decumulation. It will consider how flexible income, continued investment growth, downside protection and secured later-life income can be combined within a clear, guided framework.
Rather than trying to predict one right outcome, the aim is to create resilient, cohort-based pathways that respond to different member needs, adapt as circumstances change and make the transition into retirement simpler and more manageable.
Speakers in this Session

Ray Fuller
Head of Partnership Solutions
UBS Asset Management
Ray Fuller
Head of Partnership Solutions
UBS Asset Management
Ray Fuller is Head of Partnership Solutions at UBS Asset Management, responsible for overseeing solutions strategists, advisory, and digital solutions experts who design and deliver client-centric solutions from across the firm.
Ray joined UBS AM in 2012 and held a variety of senior investment roles as Head of Multi-Asset Portfolio Engineering and as a Senior Portfolio Manager within the Systematic & Indexing team.
Ray holds the Investment Management Certificate (IMC) and is a Regular Member of the CFA Society of the UK and the CFA Institute.
About UBS Asset Management
For more details, please visit UBS’s website here.
Contact
16:00 - 16:40
Guided Retirement and the Future of Retirement Income
Panel Discussion | Auditorium
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 Insight Investment

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.
Ruari Grant
Head of Policy & External Affairs
TPT Retirement Solutions
Ruari is responsible for defining and leading TPT’s policy direction and supporting the Executive Board in delivering its policy objectives. He works to develop TPT’s perspective on pensions industry issues and the regulatory landscape through formal engagement with government bodies and influential pensions organisations, looking after external engagement on policy issues across DB, DC and CDC.
Ruari has a wealth of experience in pensions, having spent over 11 years working in pensions policy and strategy. He joined TPT from Pensions UK in October 2025, where he was most recently Head of DC & Master Trust, leading the policy team’s work on topics including decumulation, value for money, scale/consolidation and DC investment.
Prior to his work at Pensions UK, Ruari spent seven years at Standard Life Aberdeen, working as a public affairs associate and digital strategy consultant.
Terry Pullinger
Former Deputy General Secretary (Postal)
Communication Workers Union
Terry was the Deputy General Secretary (Postal) of the Communication Workers Union (CWU) in the UK, a position he held from July 2015 to 2022. He started his career with a tool-making apprenticeship and worked various manual jobs before joining Royal Mail as a postman in 1985.
Over nearly four decades, he was a prominent figure in the CWU, serving as union representative at local, area, divisional and national levels. He was elected as a National Officer in 2001 and re-elected unopposed multiple times, representing workers in Royal Mail’s Parcelforce, Mail Centres, Network & Area Distribution, and other sectors, negotiating on operational changes, pay, and pensions. In 2015, he was elected to the position of Deputy General Secretary (Postal), responsible for over 100,000 postal workers.
Terry is known for his passionate advocacy for workers’ rights and pensions, particularly his push for Collective Defined Contribution (CDC) and Wage in Retirement pension schemes. In 2024, he delivered an inspiring speech at the Institute and Faculty of Actuaries (IFOA), emphasizing the need for innovative pension solutions and open schemes to support past, current, and future workers. He was very vocal in disputes with Royal Mail, notably during strikes in 2022, where he criticized business leaders and defended workers’ employment, standard of living and retirement security, and the Great British Postal Service.
Pullinger has also appeared on media platforms like BBC Breakfast and Sky News to discuss labor issues.
He is active on social media, with an official Facebook page.
Paul Richmond
Deputy Head of Solution Design
Insight Investment
Paul is Deputy Head of Solution Design in the Client Solutions Group.
Paul helps lead the team in the design and delivery of investment solutions tailored to address the specific risk and return objectives of Insight’s clients.
Prior to joining Insight in September 2010, Paul spent five years at Hewitt Associates as an investment consultant and also four years at PwC.
Paul graduated with an MA in Mathematical Sciences from Lady Margaret Hall, Oxford University in 2001. He holds the Investment Management Certificate from the CFA Society of the UK.
Elena Zhmurova
Investment Consultant
The Pensions Regulator
Elena is an Investment Consultant at The Pensions Regulator.
She is a senior investment and DC strategist with more than 15 years of experience spanning investment strategy and asset class research across public and private asset classes in DC pensions.
Previously, Elena led DC investment research at Hymans Robertson, prior to that held senior roles at Invesco, Janus, and gained her capital markets experience at Citigroup and McKinsey and Co.
Elena holds an MBA from Columbia Business School and is a CFA charterholder.
About Just Group
For more details, please visit Just Group’s website here.
Contact
16:40 - 17:05
From Vision to Reality – The Future of DC Delivery
Presentation | AUDITORIUM

Angela Staral
Chief Operating Officer
People's Pension
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.
From Vision to Reality – The Future of DC Delivery
Closing Keynote 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
Angela Staral
Chief Operating Officer
People's Pension
Angela has over 20 years of experience in the financial services industry and has previously held senior positions at companies such as Goldman Sachs, HSBC and ING.
Angela is passionate about delivering operational excellence and driving the continued improvement of the service People’s Partnership offers to its growing membership
17:05 - 17:15
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.
17:15 - 17:20
Chair's Summary
Closing Remarks | AUDITORIUM
The Chair will conclude the day’s proceedings and reflect on the various opinions discussed throughout the day.
17:20 - 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
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)

