DC and Master Trust Symposium 2023

DC and Master Trust Symposium 2023

20 April 2023 | 08:30 - 17:30

DC and Master Trust Symposium

The DC and Master Trust Symposium draws on our expertise on topics related to DC governance, workplace pension provision, investment, the pension dashboard and more. It is a must-attend event for employers, trustees, DC pension fund members and any pension professional working within the DC pension market.

Please find our events cancellation policy here.

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    Fees

    Members: Free
    Non-members (pension scheme representatives & asset owners): Free
    Affiliate and Corporate members: £600 (+VAT)
    Non-members: £1200 (+VAT)
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    In-person

    event
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    10+

    speakers
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    CPD

    7 hours

Event Details

THE BASICS

Topics of discussion:
Who should attend:
  • Pension scheme managers
  • Trustees
  • Administrators
  • Policy advisers
  • Consultants 
  • Lawyers
  • Corporate IFAs
  • Investment managers 
  • Actuaries
  • Communication professionals
  • Scheme secretaries
  • Financial directors 
  • HR representatives
The venue

The Waldorf Hilton, Aldwych, London WC2B 4DD

Agenda

08:30 - 09:00
Registration and networking breakfast
09:00 - 09:05
Welcome
Michael Jones
Michael Jones
Eversheds Sutherland
Partner
09:05 - 09:40
Good customer relationships, how to build a brand and put customers at the heart of everything a business does
Emma Botton
Emma Botton
Tesco
Group Brand, Proposition and Marketing Director

For over 100 years Tesco has been at the forefront of bringing great value & service to a nation of shoppers. A laser-like, forensic focus on what makes its customers tick and putting the customer at the very heart of the decision making, has been critical to the sustained success. As Group Brand, Proposition and Communications Director at Tesco, Emma leads the marketing team in harnessing insight and analytics around customer behaviour to create to create strong and distinctive brand propositions and multi-channel communications for the Tesco Group. Emma will share some insight into how Tesco keeps close to customer shopping behaviours, both claimed and in-reality, how the ‘mood of the nation’ is changing and share some examples of how Tesco have applied this ‘customer intimacy’ to serve its customers, communities and planet a little better every day.

09:40 - 10:25
Legal obstacles to a satisfactory member journey
Gareth Craft
Gareth Craft
Linklaters
Managing Associate, London
Jack Gillions
Jack Gillions
Linklaters
Associate, London

Gareth Craft and Jack Gillions from the Linklaters Pensions team will discuss some of the key legal hurdles Trustees need to overcome, viewed through the lens of the member’s perspective and experience, on transfers to a DC master trust and when entering the decumulation phase. They will look at some of the key practical and regulatory issues faced by Trustees when giving guidance to help members navigate the options during the decumulation phase, along with the potential legal risks of introducing decumulation options into a scheme at retirement.

10:25 - 10:45
Coffee break
10:45 - 11:20
Solving the Pre-Retirement Conundrum
Jos North
Jos North
Ruffer LLP
Investment Director

2022 was the year inflation returned with a vengeance. This new regime is not just about higher average inflation, but also higher inflation volatility. There was nowhere to hide as equities and bonds fell together making traditional diversifying techniques redundant - particularly painful later in the lifecycle. We will explore what this means for DC portfolios, taking tangible lessons from 2022. 

11:20 - 11:55
“Teamwork Makes the Dream Work” – How TPR and the FCA are working together on pensions matters
Helen Ball
Helen Ball
Sackers
Partner
Adeline Chapman
Adeline Chapman
Sackers
Partner

The Pensions Regulator and the Financial Conduct Authority are close cousins. They are both regulators who deal with pensions but approach it from a different angle. Until recent years they have not been operating in the same territory but now the barrier between these territories is fading. How is this affecting providers, employers and pension scheme trustees right now? Will the new consumer duty mean that some mastertrusts find themselves being regulated by more than one regulator? What influence could this have on the development of the pensions industry in the future? This session will bring the various strands together to look at where the collaboration between the two regulators might be heading and what impact this could have on us all.

12:00 - 12:35
Breakout session: We’re all moving along the DC glidepath…. Mind the Carbon!
Henrietta Pacquement, CFA
Henrietta Pacquement, CFA
Allspring Global Investments
Senior Portfolio Manager, Head of Global Fixed Income
Katharina Lindmeier
Katharina Lindmeier
Nest
Senior Responsible Investment Manager
Martijn de Vree, CFA, FIA
Martijn de Vree, CFA, FIA
Allspring Global Investments
Head of Fixed Income Solutions, Global Fixed Income

The climate emergency is accelerating with the latest IPCC report highlighting the need for immediate and substantial action. In this session we will hear about the practicalities from an investment and investor perspective of highlights and challenges of achieving net zero in a fixed income context.

12:00 - 12:35
Breakout session: Income Adequacy Panel Discussion
Anish Rav, BA(Hons) FPMI
Anish Rav, BA(Hons) FPMI
Smart Pension
Director of Retirement
George Currie
George Currie
LCP
Consultant
Kim Gubler, BA(Hons) FPMI PTPMI (Accred)
Kim Gubler, BA(Hons) FPMI PTPMI (Accred)
KGC Associates
Director
Michael Jones
Michael Jones
Eversheds Sutherland
Partner

Despite saver contributions having increased since a decade ago, there is still a significant risk due to inflation and the cost of living crisis that savers may find that their pensions will be inadequate in retirement. This panel will consider what the pensions industry should be doing today to ensure that members receive an adequate income in retirement. The panel will consider Auto-enrolment, the adequacy of the state pension and the current industry initiatives in place to support under-pensioned groups.

12:35 - 13:35
Lunch
13:35 - 14:10
Breakout session: How can real estate help meet DC member needs in the short and long run?
Mary Cahani
Mary Cahani
Invesco
Director – UK pensions
Simon Redman
Simon Redman
Invesco
Managing Director, Client Portfolio Management, Invesco Real Estate

Threading the needle to provide options for DC investors is difficult – from meeting regulatory requirements, to solving for the operational constraints of DC platforms to fitting into master fund charge caps. An area where DC plans are under provided for in terms of options is real estate. It is the same across other private markets. Other institutional investors have a wide spectrum of real estate investment options in terms of geography (why limit yourself to the UK at only 5% of the universe), sector and risk return profile. Invesco has worked hard to address these challenges by providing investors with access to platform friendly offerings that meet the return, diversification, liquidity, and sustainability needs in a cost-effective manner.

In this session Simon Redman, Real Estate Managing Director and Mary Cahani, Director – UK institutional at Invesco will talk through the development of these real estate offerings and how they can help meet investor needs in the short and long run.

13:35 - 14:10
Breakout session: What does a good member journey look like to and through retirement?
Adrian Cooper
Adrian Cooper
HUB Financial Solutions
Business Development Director, Destination Retirement
Eve Read
Eve Read
Smart Pension
Senior Director of Strategic Delivery
Sara Cook, FPMI LLB
Sara Cook, FPMI LLB
PMI
President

In this session led by PMI President, Sara Cook, Eve and Adrian will look at the challenges facing schemes in the to and through retirement phase of the member journey. They will consider what we mean by a ‘Good’ member journey and consider issues relating to engagement and income adequacy as well as the difficulties of segmentation and personalisation to create good outcomes for members.

14:15 – 15:00
Panel Discussion: Accessing private markets for defined contribution schemes
Antony Esposito
Antony Esposito
Partners Group (UK) Limited
Head of UK Consultant Relations, Client Solutions
Joshun Sandhu
Joshun Sandhu
Mobius Life
Head of Investments
Steve Budge
Steve Budge
LCP
Partner
Andrew Warwick-Thompson, EPMI, PTPMI (Accred)
Andrew Warwick-Thompson, EPMI, PTPMI (Accred)
Capital Cranfield
Professional Trustee

This panel will discuss how DC schemes, both single employer and master trusts, can incorporate private markets investments into default portfolio allocations today. Conversation topics will include how to overcome challenges such as charge cap considerations, daily pricing, liquidity management and performance fees in a DC world. Lastly, this session will also address continued government encouragement by reducing barriers to access such private markets investments for DC investors.

15:00 – 15:20
Coffee break
15:20 – 16:10
How attitudes and relationships towards money have evolved through the cost of living crisis and the impact on member behaviour
Mark Hewitson
Mark Hewitson
WEALTH at work
Head of Client Development
Robert Cochran
Robert Cochran
Scottish Widows
Workplace Savings Engagement and Innovation Specialist
David Latham
David Latham
University of Lincoln
Senior Lecturer & specialist in behavioural finance
John Leavey
John Leavey
LSEG
Global DC Retirement Plan and Financial Education Manager
Marlianne Owen
Marlianne Owen
Landscape

The session will cover how we think differently about different sources of money including looking at how our relationships and attitudes to finance, wealth and value, may change as perceptions of money evolve. It will also explore the impact of this on member behaviour not only at retirement but throughout their career and what provisions can be put in place to support members.

16:10 – 16:45
Regulatory and market outlook for DC & master trusts
Louise Davey, APMI
Louise Davey, APMI
The Pensions Regulator
Interim Director of Regulatory Policy, Analysis and Advice
Mark Baker, DPMI
Mark Baker, DPMI
Pinsent Masons
Partner

In this session, Louise Davey from TPR will set out some of the regulators key priorities for 2023 and how this is likely to affect DC & Master Trusts. She will give an overview of the value for money framework proposals and what this means for schemes. She will also look at preparations for pensions dashboards and cover what is coming down the track in relation to DC decumulation and the gilts market.

16:45 – 17:45
Drinks reception

Speakers

Hear from the experts

Adeline Chapman
Adeline Chapman
Sackers
- Partner

Adeline is a partner at Sackers who advises a large occupational DC scheme that offers the full range of DC flexibilities, as well as advising employers and providers regarding their DC offerings. Adeline advises on bulk transfers to DC Master trusts, DC governance requirements, decumulation options and member communications. Following a secondment to the FSA, she has a particular interest in the role of and interaction between the FCA and TPR.

Adrian Cooper
Adrian Cooper
HUB Financial Solutions
- Business Development Director, Destination Retirement

Adrian is Business Development Director at HUB Financial Solutions, which is part of Just Group plc. He is passionate about delivering innovation in the retirement space to help people achieve a better later life. Prior to joining HUB Group, he held senior sales and marketing management roles at Barnett Waddingham, Sacker & Partners and Towers Perrin. He is Chair of the Central London Group PLSA Committee and a regular judge at industry awards.

Andrew Warwick-Thompson, EPMI, PTPMI (Accred)
Andrew Warwick-Thompson, EPMI, PTPMI (Accred)
Capital Cranfield
- Professional Trustee
Anish Rav, BA(Hons) FPMI
Anish Rav, BA(Hons) FPMI
Smart Pension
- Director of Retirement
Antony Esposito
Antony Esposito
Partners Group (UK) Limited
- Head of UK Consultant Relations, Client Solutions

Antony Esposito is Head UK DC Client Solutions and is part of the European Client Solutions business unit, based in London. He has been with Partners Group since 2012 and has 12 years of industry experience. Prior to joining Partners Group, he worked at Pictet and UBS. He holds a bachelor’s degree in management and strategy from Aston University, UK. He also holds the UK Society of Investment Professionals Investment Management Certificate. Antony also sits on Partners Group's Diversity & Inclusion committee.

David Latham
David Latham
University of Lincoln
- Senior Lecturer & specialist in behavioral finance
Emma Botton
Emma Botton
Tesco
- Group Brand, Proposition and Marketing Director
Eve Read
Eve Read
Smart Pension
- Senior Director of Strategic Delivery
Gareth Craft
Gareth Craft
Linklaters
- Managing Associate, London

Gareth is a managing associate in Linklaters’ pensions practice, with over 12 years' experience advising trustee and employer clients. Gareth has broad experience of all aspects of pensions law including benefit issues, scheme governance, the pensions aspects of corporate transactions, and advising on complex restructuring arrangements. Gareth has a particular interest in pension investment issues and liability management and has advised on a number of buy-in transactions over the past few years. Gareth is a member of Linklaters’ Pensions Investment Practice. He is also a full member of the Association of Pension Lawyers and sits on the investment committee of the Society of Pension Professionals.

George Currie
George Currie
LCP
- Consultant
Helen Ball
Helen Ball
Sackers
- Partner

Helen is a partner at Sackers advising trustees, employers and providers on all aspects of pensions law. She has a particular interest in new legislation, regulatory and policy development, particularly in relation to defined contribution pensions. Helen has acted for many DC schemes and master trusts over the years and is an expert on their particular design and governance issues. She contributes to various industry initiatives and monitors developments in defined contribution matters closely, most recently becoming chair of the new PASA CDC working group on member engagement and communications.

Henrietta Pacquement, CFA
Henrietta Pacquement, CFA
Allspring Global Investments
- Senior Portfolio Manager, Head of Global Fixed Income

Henrietta Pacquement is a senior portfolio manager and the head of the Global Fixed Income team at Allspring Global Investments. She joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Henrietta joined WFAM as a quantitative analyst before becoming a portfolio manager and, subsequently, the head of the European investment-grade business for the Global Fixed Income team in London. She has extensive buy-side experience in portfolio and risk management. Prior to joining WFAM, Henrietta was a quantitative analyst at Barclays Global Investors. Earlier, Henrietta spent four years in Paris working for AXA Investment Management in a similar role. She began her investment industry career in 2001. Henrietta earned a master’s degree in astrophysics from Cambridge University. She has earned the right to use the Chartered Financial Analyst® (CFA®) designation.

Jack Gillions
Jack Gillions
Linklaters
- Associate, London

Jack is an associate in Linklaters’ pensions practice. He has experience providing legal advice to trustees and employers of DB and DC pension schemes. He advises on a broad range of matters, including DC master trust bulk transfers, pensions investments issues (including ESG and TCFD), scheme mergers and day-to-day DB and DC general advisory matters. He is interested in pensions investment and DC governance requirements, including SIPs, implementation statements and chair’s statements. Jack has experience in funds and pensions investment work having previously worked as an in-house lawyer for both a major Australian infrastructure fund manager and UK property fund manager. He is also a full member of the Association of Pension Lawyers.

John Leavey
John Leavey
LSEG
- Global DC Retirement Plan and Financial Education Manager

John has over 34 years experience in the pensions and employee benefits industry across a wide range of roles from Consultancy to in-house Management. John joined the London Stock Exchange Group (LSEG) in January 2022 and has responsibility for oversight of LSEG’s global DC pension arrangements and development and delivery of LSEG’s global financial education programme.

Jos North
Jos North
Ruffer LLP
- Investment Director

Joined Ruffer in 2012, having graduated from Edinburgh University with an MA Honours in French and Spanish. He became a member of the Chartered Institute of Securities & Investment following completion of the CISI Diploma, receiving the highest mark in that year. He manages portfolios predominantly for institutional clients and is co-manager one of Ruffer’s flagship funds.

Joshun Sandhu
Joshun Sandhu
Mobius Life
- Head of Investments

Joshun joined Mobius Life in October 2013 as an LSE graduate and is a CFA Charterholder. He is responsible for identifying and developing innovative solutions. Joshun manages strategic relationships with asset managers and service providers, while also working closely with clients to understand their needs.

Katharina Lindmeier
Katharina Lindmeier
Nest
- Senior Responsible Investment Manager

Katharina is a Senior Responsible Investment Manager at Nest, leading the pension scheme's approach to managing climate change risks and opportunities within the £25 billion portfolio. She helped develop Nest’s climate change strategy and is responsible for evolving the strategy in line with policy developments and the latest available scientific data.
Prior to joining Nest Katharina worked at Railpen and Aberdeen Standard Investments. She holds an MA in Philosophy and Economics from the University of Edinburgh, and an MSc in Economics and Policy of Energy and the Environment from UCL. Katharina is also a CFA charterholder.

Kim Gubler, BA(Hons) FPMI PTPMI (Accred)
Kim Gubler, BA(Hons) FPMI PTPMI (Accred)
KGC Associates
- Director
Louise Davey, APMI
Louise Davey, APMI
The Pensions Regulator
- Interim Director of Regulatory Policy, Analysis and Advice

Louise is the Interim Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator. Louise has been with TPR for the past 15 years, with the majority of that time spent leading the development of regulatory policy across DB, DC and public service schemes. Before joining the Regulator, Louise held technical roles in the pensions industry ranging across personal and occupational pensions, third party pension administration, and TPAS (The Pensions Advisory Service). Louise has recently taken on the role of Interim Director, taking over from David Fairs.

Mark Baker, DPMI
Mark Baker, DPMI
Pinsent Masons
- Partner

Mark is a leading adviser to UK pension schemes, providers and sponsoring employers. He advises schemes of all shapes and sizes including a number of market-leading multi-billion pound trusts.

Mark Hewitson
Mark Hewitson
WEALTH at work
- Head of Client Development

Mark has many years of experience in financial services, including delivering service innovation and pension scheme member services for major FTSE companies.

He leads the team responsible for developing and implementing a range of financial education and guidance services for our existing clients and for companies and Trustee boards across the UK.

Mark also actively manages partnerships with major institutes for retirement savings professionals including the Pensions Management Institute and Pensions Policy Institute and leads the development of our at-retirement services for workplace pension schemes and pension scheme members.

Marlianne Owen
Marlianne Owen
Landscape
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Martijn de Vree, CFA, FIA
Martijn de Vree, CFA, FIA
Allspring Global Investments
- Head of Fixed Income Solutions, Global Fixed Income

Martijn de Vree is head of Fixed Income Solutions for the Global Fixed Income team at Allspring Global Investments. In this role, he is responsible for collaborating with global institutional investors to deliver appropriate fixed income strategies to meet their financial, sustainability, and climate objectives. Martijn is also part of the Allspring Climate Change Working Group, which provides a research engine to drive engagement on climate issues. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Prior to joining WFAM, he served as a senior solutions specialist at Insight Investments. Martijn began his investment industry career in 2006 as an investment consultant for Watson Wyatt. He is a member of the Board of Directors for the Allspring (Lux) Worldwide Fund and Allspring Global Investments Luxembourg, S.A. Martijn also serves on the Board of Examiners and as Chief Examiner Subject SP6 – Financial Derivatives for the Institute and Faculty of Actuaries in the U.K., where he achieved Fellowship. He earned a bachelor’s degree in business and economics and a Latin Legum Magister in financial law, both from the Erasmus University Rotterdam in the Netherlands, and a master’s degree in economics from the National University of Singapore, where he graduated top of his class. Martijn has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of the Global Association of Risk Professionals.

Mary Cahani
Mary Cahani
Invesco
- Director – UK pensions

Based in London, Mary is part of the UK Institutional team at Invesco, working closely with UK pension funds to promote Invesco’s full range of investment strategies across all asset classes.

Prior to joining Invesco in January 2022, Mary worked for Russell Investments in a variety of roles within the institutional business. She started off in the operations and quickly worked her way into the institutional team focusing on developing and maintaining relationships with UK pensions schemes with primary focus on Fiduciary Management. Previously she worked in Client communications, marketing, and products development teams for organisations like Henderson (now Janus Henderson), Premal Group and Advanced Real capital. Mary did not choose the conventional route to building her career in the asset management industry. She has also had a range of roles in retail and consultancy while raising her family.

Mary graduated from Bayes Business School in 2012 in BSc (Hons) in Investment and Financial Risk Management. and has passed levels 1 and 2 of the CFA.

Michael Jones
Michael Jones
Eversheds Sutherland
- Partner

Michael is a partner and leads the DC practice at Eversheds Sutherland. He advises trustees, employers and providers in relation to all types of DC pension arrangements, focussing on large commercial master trusts and pensions consolidation.

 

As part of his business, Michael advises clients on regulatory and legal issues relating to investment and ESG considerations, including unit-linked policies and permitted links, TCFD reporting, responsible investment and stewardship activity.

 

Michael sits on the DC/Investment Sub-Committee of the Association of Pension Lawyers and is involved in several PLSA initiatives.”

Robert Cochran
Robert Cochran
Scottish Widows
- Workplace Savings Engagement and Innovation Specialist

Robert has twenty plus years experience at Scottish Widows,  most of this in customer facing roles leading teams who get out and talk to workplace savers.  He has lead on many high profile engagement initiatives from Pensions Awareness Day to Pension Engagement Season and runs many of Scottish Widows Adviser and Employer Events.  He’s been at the forefront of digital innovations and activity in the pension world.

 

As part of Lloyds Banking Group, Scottish Widows have a unique insight into how the cost of living crisis is affecting scheme members finances right across their entire financial journey and Robert has been instrumental in sharing this data and insight with advisers and employers.

Sara Cook, FPMI LLB
Sara Cook, FPMI LLB
PMI
- President
Stephen Budge
Stephen Budge
LCP
- Partner

Stephen is a Partner in LCP’s DC team and leads the development of LCP’s DC investment proposition and research alongside client advisory.

Stephen has advised DC pensions schemes for over 20 years. During his career, he has had the pleasure of advising some of the largest sponsored DC pension schemes in the UK. His work on private markets with several of these schemes received two innovation awards from Professional Pensions in 2018. Stephen has also advised eight different master trust arrangements during this career, including NEST.

He is actively involved in a number of industry organisations and taskforces which share the same ambition of improving the opportunity for better member outcomes. This includes working with the DCIF on their Advisory Committee and he is currently leading a workstream for the Productive Finance Working Group.

 

Simon Redman
Simon Redman
Invesco
- Managing Director, Client Portfolio Management, Invesco Real Estate

Simon Redman is a Managing Director of Client Portfolio Management at Invesco Real Estate. Simon is responsible for developing the business with DC Pension Funds, HNW and Retail Investors.


Simon began his investment career in 1990 and joined Invesco Real Estate in 2007. Prior to joining Invesco Real Estate, he was a board director of RREEF Limited, head of business development and an investment committee member of its multi-manager business. He also spearheaded the development of RREEF's European and Middle East private client business. Previously, Simon also worked for Aberdeen Property Investors developing new funds and structuring debt. He was on the board of the Regent Residential Partnership. Before Aberdeen, Simon assisted in developing Grosvenor's fund management business through structuring, launching and managing its two largest funds. He has extensive experience in real estate fund management, capital markets, fund structuring and marketing.


Simon earned experience and educational include being a chartered surveyor, holding a Land Management Degree and a Master of Business Administration from the John Cass Business School, specialising in corporate finance and international business and being a lecturer. At Invesco Real Estate, Simon is a member of the Global Private Markets Leadership Group, European Executive Committee and the European Investment Committee. He is based in the London office.

Thank you to our sponsors and partners for their continued support

LinkLaters
LinkLaters
Gold sponsor
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Ruffer LLP
Ruffer LLP
Silver sponsor
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Partners Group (UK) Limited
Partners Group (UK) Limited
Silver sponsor
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Allspring Global Investments UK
Allspring Global Investments UK
Breakout sponsor
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Sackers
Sackers
Insight partner
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Invesco
Invesco
Insight partner
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WEALTH at work
WEALTH at work
Insight partner
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Scottish Widows
Scottish Widows
Insight Partner
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Aviva
Aviva
Sponsor
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Mercer
Mercer
Exhibitor
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HUB Financial Solutions Limited
HUB Financial Solutions Limited
Exhibitor
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CACEIS
CACEIS
Exhibitor
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Pensions Age
Pensions Age
Media Partner
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Portfolio Institutional
Portfolio Institutional
Media Partner
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Mallowstreet
Mallowstreet
Media Partner
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Savvy Investor
Savvy Investor
Media Partner
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Professional Pensions
Professional Pensions
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DC and Master Trust Symposium 2022

Highlights