Defined Benefit Pensions Conference 2025

Defined Benefit Pensions Conference 2025

25 February 2025 | 08:30 - 18:00

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Defined Benefit Pensions Conference 2025

Securing the future: Innovations and strategies in defined benefit pensions

This popular PMI event is focused on navigating the complexities and challenges within defined benefit schemes. Set against the backdrop of an ever-evolving financial landscape, the conference will provide a comprehensive exploration of critical topics shaping the pensions industry.

Industry experts and thought leaders will meet to discuss strategies for managing risks, optimising investment portfolios, and ensuring the sustainability of defined benefit pension schemes. Attendees can expect insightful sessions on regulatory updates, technological advancements and innovative solutions that impact pension fund management.

This conference is the ideal place to network and collaborate with peers to share best practices. With a keen emphasis on practical insights, the event also offers the opportunity for pension scheme trustees, investment managers, and advisers to stay abreast of the latest trends, exchange ideas, and gain a deeper understanding of the challenges and opportunities associated with defined benefit schemes.

Why attend?

  • Industry Insights: gain valuable knowledge about industry trends, regulatory updates, and emerging challenges in the DB pension space.
  • Networking: connect with pension professionals, fund managers, regulators and legal experts to share best practices and build professional relationships.
  • Expert speakers: learn from leading industry experts, thought leaders and policymakers who provide deep dives into relevant topics.
  • Risk Management: understand evolving strategies to manage funding deficits, longevity risk and investment volatility in defined benefit plans.
  • Professional Development: enhance your knowledge and skills, staying ahead in a rapidly evolving regulatory and financial landscape. Plus you can claim up to 7 CPD points.

Important notice: Please note that booking for this event is now closed. If you have any questions, please contact us at events@pensions-pmi.org.uk.

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    Fees

    Members: Free
    Affiliate and Corporate members: £600 (+VAT)
    Non-members: £1200 (+VAT)
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    In person

    event
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    Speakers

    10+
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    CPD

    7
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    Booking information

    Your place at this event will be confirmed by the PMI in a separate email following your registration via the booking link.

Event Details

THE BASICS

Topics of discussion:
  • Trends and Challenges in DB Agendas for 2025
  • Navigating DB Scheme Endgame
  • Leveraging Third-Party Capital for DB Scheme Support
  • Mansion House Reforms
  • Data and Dashboards
  • Economic Winds of Change: Assessing the Macro Impact on DB Schemes
Who should attend:
  • Pension scheme managers
  • Trustees
  • Administrators
  • Policy advisers
  • Consultants 
  • Lawyers
  • Corporate IFAs
  • Investment managers 
  • Actuaries
  • Financial directors 
The venue

In person - City of London

Agenda

08:30 - 09:00
Arrivals, Registration & Breakfast
09:00 - 09:05
Welcome From The Chair
Bobby Riddaway
Bobby Riddaway
HS Trustees
Managing Director and Professional Trustee
9:05 - 9:40
The Market Landscape Today: What it Means for Building End Game Investment Strategy
Gerard Francis
Gerard Francis
Schroders Solutions
Head of UK Design & Strategic Risk

In January 2025 UK gilt yields rose to their highest levels since the Global Financial Crisis. At the same time, the difference between the yields on gilts and the yields on corporate credit are at some of their lowest levels we’ve seen in recent years. What does this market environment mean for DB pension schemes looking to adapt their investment strategies to align to their end-game? In this session, we explore the implications for schemes on the glide path to buy-out and those deciding to run-on.

09:40 - 10:20
A toolkit for navigating an evolving DB landscape
Andrew Reid
Andrew Reid
BlackRock
Managing Director and Head, Defined Benefit Relationship Management

From refunding surpluses to new consolidators - 2025 is set to present a number of opportunities, as well as challenges, within the DB pensions landscape.

Explore key insights from 2024, understand how different sized schemes can equip themselves to solve aa variety of problems, and discover how you can benefit from currently unused tools amid market uncertainty.

10:20 - 10:55
Connecting The Dots Between BPA And ESG Factors
Valeria Piani
Valeria Piani
Phoenix Group
Head of Stewardship
Alex Oakley
Alex Oakley
Standard Life
BPA Transaction Manager

As sustainability becomes an increasingly important consideration for pension schemes, Alex Oakley and Valeria Piani from Standard Life, part of Phoenix Group, explore the role of bulk purchase annuities (BPA) in this evolving landscape. In this discussion, they examine key decisions in the BPA process – from selecting the right provider to understanding the long-term impact on members after buyout. This talk connects the dots between BPA and Environmental, Social, and Governance (ESG) factors, shedding light on how pension schemes can integrate sustainability goals throughout the buyout journey.

10:55 - 11:25
Networking Break
11:25 - 12:00
Where Have The Surpluses Gone? Implications For End Games
Richard Jones
Richard Jones
Punter Southall
Principal

The Gilts crisis in the autumn of 2022 had a significant impact on the funding levels of DB pension schemes, heralding in the era of surpluses. But recent revisions of industry numbers have highlighted inaccuracies of funding level data reported over that period. In this session we will look at the impact of the revisions and how they are reflected across the funding levels of the industry. Finally, we will discuss how capital backed journey plans are ideally placed to support schemes in all stages of their journey to their end games.

12:05 - 12:40
Breakout Session: Data Preparation For Endgame – The Impact Of Poor Member Data
Dr Tim Drye
Dr Tim Drye
Mortality Manifest
Chief Data Officer
Sam Drye
Sam Drye
Mortality Manifest
Managing Director

In this session we discuss the importance of accurate member and spousal information during bulk risk transfers. When preparing DB member data, there are some quick wins which can have tangible impact on scheme valuation and member engagement.

12:05 - 12:40
Breakout Session: How might the Chancellor's ambitious plans for DB schemes impact scheme strategies?
Steve Hodder
Steve Hodder
LCP
Partner
Helen Forrest Hall
Helen Forrest Hall
PMI
Chief Strategy Officer

Join us to explore the potential impact of the Government's new ambitious plans for DB pension schemes, announced in January 2025. The Government has stated that up to £160bn could be released from DB schemes to support UK economic growth, and highlighted potential benefits for UK businesses, members of schemes and the wider UK economy. This session will look at key policy intentions behind the recent announcements, and what options policymakers will now be considering to drive such significant level of impact. Our expert speaker will also assess the implications for scheme funding, asset allocation, and risk management. Join this session to gain valuable perspectives to help navigate this new era of pension strategy with confidence and clarity.

12:40 - 13:40
Lunch And Networking
13:40 - 14:15
DB Funding Code
Andrew Dodd
Andrew Dodd
TPR
Head of Supervision (Interim)

The Pensions Regulator (TPR) will provide an overview of the upcoming DB Funding Code, outlining key principles and expectations for scheme funding and risk management. This session will explore the evolving regulatory landscape and its implications for trustees, sponsors, and investment strategies.

 

 

 

14:20 - 14:55
Breakout Session: The DB Endgame Landscape – Innovation, Consolidation, And Efficiency
Ellie Mckinnon
Ellie Mckinnon
Cheviot
Chief Executive

Looking at future trends of DB end game. Pension scheme consolidation to create efficiency and spread risk; emphasis on innovative products and solutions for deccumulation and digital tools that will help in the process of managing a run on.

14:20 - 14:55
Breakout Session: Dashboards And DB Schemes: Opportunities, Challenges And Benefits
Richard Smith
Richard Smith
Pensions Professional
Helen Forrest Hall
Helen Forrest Hall
PMI
Chief Strategy Officer

With the advent of pension dashboards, consumers like Richard—who has three deferred DB pensions—will soon have unprecedented access to revalued information about their DB pensions. But what does this mean for schemes?

Join this breakout session to gain insights into how dashboards will impact DB schemes, enabling trustees to help their deferred and active members leveraging the challenges ahead to benefit many millions of UK consumers.

14:55 - 15:25
Networking Break
15:20 - 15:55
The Unsung Heroes: The Vital Role Of Pension Administrators
John Shotton
John Shotton
Capita Pension Solutions Ltd
Director

In this insightful session we will explore the vital role administrators play in the successful operation of pension schemes, how their responsibilities have evolved, and why they are critical in meeting both Trustee and member objectives. We’ll also discuss the future of pension administration and the transformative impact of technology in driving better outcomes.

15:55 - 16:30
Panel discussion: Harnessing DB Surpluses for Economic Growth
Ali Tayyebi
Ali Tayyebi
Barnett Waddingham
Partner
Bobby Riddaway
Bobby Riddaway
HS Trustees
Managing Director and Professional Trustee
Mark Baker
Mark Baker
Pinsent Masons
Partner and Head of the London Pensions Team

With Chancellor Rachel Reeves's announcement of plans to "unlock" DB pension scheme surpluses as part of a broader strategy to boost the UK economy, this panel discussion explores the implications of this bold policy initiative. Our panel will dissect the potential economic benefits of redirecting DB surpluses, the challenges posed by balancing long-term member security with economic ambitions, and the role of trustees, sponsors, and policymakers in this evolving landscape.

16:30 - 17:00
The Future Of DB Pensions In 2025 And Beyond
Bobby Riddaway
Bobby Riddaway
HS Trustees
Managing Director and Professional Trustee
Mike Clark
Mike Clark
Founder Director
Ario Advisory

In this closing keynote, Bobby Riddaway, Chair of the Trustee Sustainability Working Group and Mike Clark, co-author of “No Time To Lose”, the USS/Exeter narrative climate scenarios report, will be giving a call to action to Trustees to keep Climate Change top of their Agenda. They will also give tips on how to maximise impact in 2025, for all Schemes, whilst dealing with all the other challenges facing DB schemes, including funding pressures, regulatory shifts, dashboards, and the future of DB provision. Go away armed with the tools to make positive steps to improve society for your members.

17:00 - 18:00
Networking Drinks Reception

Speakers

More information to follow.

Alex Oakley
Alex Oakley
Standard Life
- BPA Transaction Manager

Alex is a BPA Transaction Manager at Standard Life, managing the pricing and submission of bids for buy-ins, and then navigating execution. Alex has a particular focus on articulating Standard Life’s sustainability strategy for BPA clients. Previously, he was a pricing actuary, supporting a number of Standard Life’s biggest and most complex transactions. Prior to joining Standard Life in early 2021, he was a pensions risk transfer consultant at a leading EBC.

Andrew Reid
Andrew Reid
BlackRock
- Managing Director and Head, Defined Benefit Relationship Management

Andrew Reid, Managing Director, is Head of BlackRock's Defined Benefit Relationship Management Team. The RM team is responsible for understanding the objectives of our pension scheme clients and ensuring the firm delivers solutions to enable clients to meet those objectives. Mr. Reid has over three decades of experience working in UK pensions in global markets, asset management and pension consulting. In previous roles, Mr. Reid was Head of Corporate Consulting at Watson Wyatt (now WTW) and has held global leadership roles on a longevity structuring desk at Credit Suisse and a pensions sales desk at Deutsche Bank. He has held non-executive roles as chairman of a pension scheme’s investment committee and on a longevity swap platform. Most recently, Mr. Reid was the UK head of business development at Insight Investment. Mr. Reid is a Fellow of the Institute and Faculty of Actuaries. He holds an MA in Mathematics from the University of Oxford.

Andrew Dodd
Andrew Dodd
TPR
- Head of Supervision (Interim)

Andrew Dodd, Interim Head of Supervision, TPR, will provide a high-level overview of the new DB Funding Code, outlining its key principles and what TPR is planning next. The session will explore what the changes mean for those submitting valuations and how TPR will regulate against the new code in a proportionate, risk-based way. The session will conclude with an opportunity to put your questions directly to Andrew.

Ali Tayyebi
Ali Tayyebi
Barnett Waddingham
- Partner

Ali is a highly experienced scheme actuary with a particular focus on providing trustee advice to large complex clients. Prior to joining Barnett Waddingham, Ali has been scheme actuary to pension schemes with assets ranging from £1bn to £60bn including a number of FTSE 100 pension schemes.
Ali is passionate about making complex issues easy to understand for trustees with all levels of technical experience and expertise to help with engagement and participation of the full Trustee Board. He strives to help trustees to develop clear long-term objectives, with a key focus on the outcomes and benefit security for the membership.

His support helps trustees in establishing effective criteria for all their decision-making and working effectively with their sponsoring employers. He also sits on the PLSA's Defined Benefit Committee, to which he contributes regular subject expertise.

Bobby Riddaway
Bobby Riddaway
HS Trustees
- Managing Director and Professional Trustee

Bobby is Managing Director of HS Trustees and a Professional with over 30 years’ experience in pensions and investments. He is currently Chair of Trustees on the DB Scheme of a London based firm of Lawyers. He is also Chair of the recently launched Trustee Sustainability Working Group. He is a regular speaker on DB, DC and ESG/ Stewardship issues and is looking to assist both the industry and his Pension Schemes develop in these areas. He is also currently an asset owner member of the AIMSE Europe council and past Chair of the ACA Investment Committee.
During his career Bobby has worked with some of the largest and smallest pension schemes in the UK across all areas. He is an actuary by profession and has worked as both an Investment Consultant and a With-Profit Actuary.

Dr Tim Drye
Dr Tim Drye
Mortality Manifest
- Chief Data Officer

Tim is a major shareholder and has a PhD in theoretical statistical physics. He was also a research associate at the University of Cambridge and is recognised as a force in data science, data quality and statistical analysis which is confirmed by the Data IQ top 100. Tim is recognised as one of the most influential individuals in the country.
His knowledge and expertise has resulted in the development of all of MM.’s key range of products.
His responsibilities continue to include the development of all products, manage the delivery team and be responsible for all new client implementation.
In addition, his knowledge of client data and associated issues are second to none and he is a trusted advisor to all our key clients.

Ellie Mckinnon
Ellie Mckinnon
Cheviot
- Chief Executive

Ellie has worked in the pensions industry for more than 30 years.  She is responsible for the strategic direction of the Cheviot Trust and is also a trustee.  An authorised DC Master Trust, Cheviot also runs a DB master trust under the same governance structure.  With a background in the legal sector, Ellie has a strong focus on governance issues.  She is passionate about clear, focussed and accessible communications across the board: from advisers and trustees to employers and members.

Gerard Francis
Gerard Francis
Schroders Solutions
- Head of UK Design & Strategic Risk
Helen Forrest Hall
Helen Forrest Hall
PMI
- Chief Strategy Officer
John Shotton
John Shotton
Capita Pension Solutions Ltd
- Director

Having secured a scholarship at the University of California, John traded it in for a career as a professional footballer with Manchester United.

Unfortunately, injury cut short John’s football career, leading him to seek an equally thrilling and exciting career, similar to that enjoyed in elite football, and naturally John found that working in the Pension & Insurance industry, was just that.

Consequently, John has over 30 years’ experience in Pensions Administration, across both Public and Private Sector, as well as Defined Benefit and Defined Contribution arrangements.

This experience includes over 15 years working with the Pensions Risk Transfer (PRT) market, where he has helped to develop innovative administration solutions, for both established and new PRT providers, across a range of transaction sizes, and including some of the largest PRT transactions completed to date.

Mark Baker
Mark Baker
Pinsent Masons
- Partner and Head of the London Pensions Team
Mike Clark
Mike Clark
Founder Director
- Ario Advisory

Mike Clark is Founder Director of Ario Advisory, a responsible investment advisory firm, working with asset owners, investment managers, regulators, policymakers and others. An actuary, his work has a strong focus on climate change. He is a Visiting Fellow at the Global Systems Institute, University of Exeter. He was one of the authors of the USS/Exeter “No Time To Lose” report which brought narrative climate scenarios to the pensions sector. Through Ario Advisory, Mike is a member of the Advisory Board to Vyzrd, an industry-leading climate intelligence platform. He was Special Adviser to the UK’s parliamentary Environmental Audit Committee for their Green Finance inquiry and continues to engage with Select Committees on climate and other systemic risk issues. He was a NED at Brunel (LGPS), and contributed to building what became GFANZ. As GFANZ pivots, NZAM restructures, and with NZIA failing, there is much rethinking to do in net zero land.

Richard Jones
Richard Jones
Punter Southall
- Principal

Richard Jones is the Managing Director of Punter Southall Pensions Solutions. He is a qualified actuary with almost 25 years industry experience, including over a decade heading up Punter Southall’s specialist employer consulting division, prior to the sale of all the pension consulting businesses in 2018. His particular specialism is the interaction of employer covenant with funding and investment, helping schemes to understand and navigate to the best long-term outcome for their specific circumstances. He has led over 300 complex pension projects during his career.

Richard Smith
Richard Smith
- Pensions Professional

Richard is a career pensions professional, starting in 1987.

In 2020 he lead the UK Government’s development of data standards for pensions dashboards (originally published in December 2020). He then went on to support PASA and PLSA, as well as PensionFusion and Moneyhub, on the topic of pensions dashboards.

He is now also the Volunteer Chair of the (Pensions) Dashboard Operators Coalition.

Steve Hodder
Steve Hodder
LCP
- Partner
Sam Drye
Sam Drye
Mortality Manifest
- Managing Director

Sam is a principal shareholder of MM. and brings with him a range of data quality, leadership and commercial experience. Sam has worked with some of the world’s largest data and credit reference agencies. At Experian his responsibilities included sales leadership, customer management and business development.
He brings with him a rare skill of understanding customer requirements and provisioning critical solutions which enhance the profitability of clients.
His ambition is to develop the business into a trusted data partner in the financial industry.

Valeria Piani
Valeria Piani
Phoenix Group
- Head of Stewardship

Valeria Piani is Head of Stewardship at Phoenix Group. She joined the firm in September 2021 to lead the in-house stewardship team and collaborate with Phoenix’s Asset Management partners to influence ESG performance by investee companies. She has over 17 years of experience in the industry and has held a number of senior positions at different firms. She joined UBS Asset Management in 2017 as Strategic Engagement Lead responsible for the manager’s climate change engagement programme, stewardship reporting and integration research in the industrial sector. Prior to this, Valeria worked for nine years as Associate Director at the UN-backed Principles for Responsible Investment (PRI) where she managed a team of 11 members responsible for coordinating investor collaborative engagement activities with companies on a range of ESG issues. When at the PRI, she supported over 30 investors coalitions involving more than 200 asset owners and investment managers. Topics included among others director nomination, gender diversity, emissions reduction and human rights. Her recent publications include reports on engaging on climate change and the added value of stewardship more broadly. Her research on the effectiveness of shareholders’ collaborative engagement activities with companies on ESG issues has been published by the Business & Society Journal and Emerald Group Publishing and was selected by the editors as an Outstanding Author Contribution in the Emerald Literati Network Awards for Excellence. In addition to being a member of the CA100+ Global Steering Committee, Valeria is also a member of the IIGCC Advisory Group of Corporate Programme and the PRI Advisory Committee of Advance.

Thank you to our sponsors and partners for their support

BlackRock
BlackRock
Sponsor
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Pinsent Masons
Pinsent Masons
Silver Sponsor
-
Capita
Capita
Silver Sponsor
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Mortality Manifest
Mortality Manifest
Insight Partner
-
Schroders Solutions
Schroders Solutions
Insight Partner
-
EY
EY
Exhibitor
-
Standard Life
Standard Life
Sponsor
-
Punter Southall
Punter Southall
Silver Sponsor
-
Portfolio Institutional
Portfolio Institutional
Media Partner
-