Trustee Workbench

Trustee Workbench

29 September 2022 | 08:30 - 18:00

Trustee Workbench

The Trustee Workbench conference is designed for all pension trustees, including professional, member and employer-nominated trustees. This event builds on our expertise in helping trustees succeed in their roles and draws on the current issues and challenges.

  • icon

    In-person Fees

    Members free
    Affiliate and Corporate members £300 (+VAT)
    Non-members £600 (+VAT)
  • icon

    In person

    event
  • icon

    Virtual Fees

    Trustees free
    Non-Trustees £50 (+VAT)
  • icon

    CPD

    5 hours
  • icon

    Speakers

    10+

Event Details

THE BASICS

Topics of discussion:
  • Discretionary Pensions Increases
  • GMP Equalisation
  • Buy-outs
  • Dashboards
  • Gender Pensions Gap
  • Investment & Portfolio Management
Who should attend:
  • Pension Scheme Managers
  • Trustees
  • Administrators
  • Policy advisers
  • Consultants
  • Lawyers
  • Corporate IFAs
  • Investment managers
  • Actuaries
  • Comunication professionals
The venue

Schroders Solutions Head Office, 1 London Wall Place, London, EC2Y 5AU

Agenda

08:30 - 09:00
Registration & networking breakfast
09:00 - 09:05
Chair's welcome
Amanda Latham
Amanda Latham
Barnett Waddingham
Policy and Strategy Lead
09:05 - 9:40
The push and pull factors on pension scheme assets, large and small
Ajeet Manjrekar
Ajeet Manjrekar
Schroders Solutions
Head of UK Client Solutions
Chetan Ghosh
Chetan Ghosh
Schroders Solutions
Head of Group Pensions and Investments

Pension scheme assets are migrating - driven by a host of "push" and "pull" factors. Regulation is a "push" into more sustainable investments and lower risk strategies. In turn, schemes feel the "pull" of better relative opportunities in private assets and the governance benefits of Fiduciary Management. These longer-term factors sit in the near-term context of heightened volatility and a weakening economic environment. Many schemes have been "pushed" to sell assets at inopportune times to meet liquidity needs, skewing their portfolios. In this session our speakers illuminate the challenges faced by schemes today, large and small.

AVAILABLE FOR LIVE-STREAM

9:40 - 10:25
Building better Buy and Maintain credit portfolios: Optimisation for both now and in the future
James Briggs, ACA, CFA
James Briggs, ACA, CFA
Janus Henderson Investors
Portfolio Manager
Anil Shenoy
Anil Shenoy
Janus Henderson Investors
Head of UK Institutional

Demand for Buy and Maintain credit strategies is rising as a growing number of DB schemes approach their endgame.

Along with de-risking, schemes are taking advantage of the flexibility offered by Buy and Maintain to build portfolios tailor-suited to their specific needs. Whether capturing yield enhancement, matching cashflows to meet liabilities, or making sure the carbon profile of the investments reflects a scheme’s ESG strategy; successfully implementing a custom Buy and Maintain strategy requires an open dialogue between trustees and fund managers to agree on a strategy.

This session will focus on the questions that schemes need to ask Buy and Maintain managers to ensure their Buy and Maintain credit investments are best aligned to their needs and values ­– at implementation and in the future.

AVAILABLE FOR LIVE-STREAM

10:25 - 10:45
Coffee break
10:45 - 11:30
Inflation or ESG — which is more urgent for pension trustees with a limited governance budget?
Arif Saad
Arif Saad
Kempen
Head of Investment Strategy UK
Jon Walters
Jon Walters
PAN Trustees
Partner

Governance is an ever increasing issue for DB pension schemes. So at a time when market conditions are volatile and trustees are facing growing pressure from the regulator, should schemes be spending their limited governance budget focusing on high inflation (and higher rates) or responsible investment? Join Kempen's Arif Saad and a professional trustee for a lively debate on which is more urgent.

AVAILABLE FOR LIVE-STREAM

11:30 - 12:15
Gender pension gap, DE&I, and member engagement
Robert Baker
Robert Baker
Potentia Talent Consulting Limited
CEO
Karina Klimaszewski
Karina Klimaszewski
Aon
Partner
Stuart Fairbairn
Stuart Fairbairn
HSBC Retirement Services Limited
Head of Proposition
Tannaz Rastegar
Tannaz Rastegar
WEALTH at work
National Business Development Manager
  • It’s estimated the gender pension gap is 17% at the beginning of women’s careers reaching as high as 56% at retirement compared to men.
  • Auto-enrolment has seen a dramatic change in the pensions industry; more people, including more women, people from ethnic minority backgrounds, young people, disabled people, and people on low incomes, are saving into pensions.
  • Cost of living worries risk some members reducing or ceasing pension contributions with potentially significant long term impacts

How can employers and Trustees deal with these challenges to ensure we get the best outcomes for all workplace savers? Our panel will explore these areas in more detail and how engagement can help raise awareness. 

AVAILABLE FOR LIVE-STREAM

12:15 - 13:20
Lunch
13:20 - 14:00
Discretionary pensions increases debate
Lynda Whitney
Lynda Whitney
Aon
Partner
Matthew de Ferrars
Matthew de Ferrars
Pinsent Masons
Partner
Amanda Latham
Amanda Latham
Barnett Waddingham
Policy and Strategy Lead

This session will see Lynda and Matthew giving a legal and actuarial perspective on the discretionary pensions increases debate. Between them they will give an overview of the current inflationary landscape and examine how trustees should be addressing any legal questions and considerations relating to discretionary increases. They will also examine the impact of trustee decisions on scheme funding and how this might affect long term strategies. They will also consider issues of intergenerational pensions fairness raised by the cost of living crisis.

14:00 - 14:35
Getting Ready for the Dashboard
Angela Bell
Angela Bell
The Pensions Regulator (TPR)
Industry Outreach Lead, Regulatory Policy, Analysis and Advice
Paul Noone
Paul Noone
Pensions Dashboards Project
Head of Onboarding

In this session Angela and Paul will consider what trustees should be doing now to prepare for the arrival of the Dashboard. They will discuss TPRs role and their approach to driving scheme compliance through guidance, communications, and industry engagement.

The Pensions Dashboards Project will also talk about their role in terms of how the ecosystem will work and the role they will play in the onboarding of schemes.

14:35 - 14:50
Coffee break
14:50 – 15:35
Dragons Den - Real Estate Edition! – Invesco Real Estate’s team of Fund managers go head-to-head in this “game show” session pitching 3 real estate strategies popular with UK pension schemes today. You pick who wins the capital!
Team CPM - Doug Rowlands
Team CPM - Doug Rowlands
Invesco
Director, Client Portfolio Management
Team Debt - Andrew Gordon
Team Debt - Andrew Gordon
Invesco
Managing Director, Fund Management
Team Residential - John German
Team Residential - John German
Invesco
Managing Director, Residential Investments
Team Global - Simon Redman
Team Global - Simon Redman
Invesco
Managing Director, Client Portfolio Management
Sachin Bhatia
Sachin Bhatia
Invesco
Head UK Core Pensions & Consultants

Following a short introduction to Real Estate markets globally, current trends and outlook, Invesco Real Estate’s team of Fund managers go head-to-head in this “game show” session pitching 3 real estate strategies popular with UK pension schemes today.

We will hear from managers representing strategies in global real estate, Pan European real estate debt and the UK build to rent residential market.

All offer benefits to pension scheme portfolios but who will walk away victorious? You pick who wins the capital!

AVAILABLE FOR LIVE-STREAM

15:35 - 16:15
Adapting for an end game that is changing in an evolving market
Rob Mechem
Rob Mechem
Just Group
Director of Business Development

Recent performance of assets and sharply increasing risk free yields have combined to bring scheme’s end games (including bulk annuity insurance) into the reach of many more schemes. The result has been an acceleration of schemes coming to market targeting a buyout.

Whilst pricing is relatively attractive, we expect demand to remain high or even increase. Forearmed is forewarned and this session will look at the issues that trustees need to consider if they have yet to define their end game or are planning on approaching the bulk annuity market.

AVAILABLE FOR LIVE-STREAM

16:15 - 17:00
Panel Discussion GMP Equalisation Conversion Bill
Tim Middleton
Tim Middleton
PMI
Director of Policy and External Affairs
Mark Williams
Mark Williams
Buck
Principal & London Retirement Practice Lead
Sonya Fraser
Sonya Fraser
Sackers
Associate Director
Judith Fish
Judith Fish
Dalriada Trustees
Accredited Professional Trustee

On 28 April, the Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 was given Royal Assent. Margaret Ferrier’s Private Member’s Bill will finally end nearly 32 years of uncertainty as to how pension schemes should equalise Guaranteed Minimum Pensions (GMPs) following the European Court of Justice’s judgment of 17 May 1990 concerning the Barber case. This development will be particularly welcome to schemes seeking buy-out as it at last provides trustees with a legally binding solution to a long-term solution.

To discuss the full implications of this new development, PMI’s Tim Middleton will be joined by an expert panel of a trustee, a lawyer and an actuary. This session will be of particular interest to trustees, consultants and anyone who has followed the legacy of the Barber Judgment.

17:00 - 17:05
Closing remarks
Sara Cook
Sara Cook
Pensions Management Institute
President
17:05 - 18:00
Drinks reception

Speakers

Hear from the experts

Ajeet Manjrekar
Ajeet Manjrekar
Schroders Solutions
- Head of UK Client Solutions

Ajeet focusses on working with trustees to understand their specific investment and governance needs in order to design innovative solutions to achieve their funding objectives.
As a qualified actuary with extensive experience in both investment consulting and asset management, Ajeet is part of the senior management team with responsibility for the quality and evolution of our client-driven services.


He re-joined Schroders Solutions in 2016 having spent the last few years in Deutsche Bank’s asset management businesses. Prior to that, he was a lead investment consultant advising several of our defined benefit and defined contribution clients.

Andrew Gordon
Andrew Gordon
Invesco
- Managing Director, Fund Management

Andrew Gordon is a Managing Director and Head of Real Estate Debt Europe at Invesco Real Estate. Andrew is responsible for growing and managing the European debt business and developing and executing real estate debt strategies.
Andrew began his investment career in 1998 and joined Invesco Real Estate in 2020. Prior to joining Invesco Real Estate, Andrew managed GAM investments European debt business for five years. Before this, Andrew was a partner at Renshaw Bay, an alternative asset management and advisory firm. Before that he held roles at Lloyds Banking Group, Royal Mail Group, Barclays Bank and Ernst & Young’s, acquiring years of experience in real estate finance, including lending, securitisation, structured finance, distressed debt and M&A. Andrew has experience of working as an adviser, lender and principal across a range of transactions.
Andrew earned a Bachelor of Arts degree in Economics from Manchester University and is a chartered accountant. Andrew is based in the London office.

Angela Bell
Angela Bell
The Pensions Regulator (TPR)
- Industry Outreach Lead, Pensions Dashboards

Angela’s role focuses on working collaboratively with pension schemes, trustees and those who will provide support as they prepare to comply with their dashboard duties. To understand and resolve issues they encounter, and to identify gaps in awareness and understanding of what’s required, by when, and where to go for guidance and support.

Anil Shenoy
Anil Shenoy
Janus Henderson Investors
- Head of UK Institutional

Anil Shenoy is Head of UK Institutional at Janus Henderson Investors, a position he has held since 2017. Anil joined Henderson in 2007 as an associate director within institutional business. Prior to Henderson, he was a life insurance consultant on a variety of life insurance projects and audits at PricewaterhouseCoopers’ actuarial and insurance management solutions practice from 2004. He started his career in 1998 as a graduate trainee with Standard Life, where he worked in a wide range of roles, including marketing, product development, investments and sales.

Anil has a BSc degree (Hons) in actuarial mathematics and statistics from Heriot-Watt University and holds the Investment Management Certificate (IMC). He has 24 years of financial industry experience.

Arif Saad
Arif Saad
Kempen
- Head of Investment Strategy UK
Chetan Ghosh
Chetan Ghosh
Schroders Solutions
- Head of Group Pensions and Investments

Chetan is the Chief Investment Officer for Centrica’s pension scheme arrangements within a Common Investment Fund and has held this role for over 12 years. He is responsible for providing support to the Directors of the Investment Committee. His role covers investment strategy considerations, asset class and manager research, and the liaison with the investment advisers.


He has over 26 years industry experience, primarily from the consultancy side, where he spent 5 years as a pensions actuary and 10 years on the investment side, a large part of which was at Aon. Immediately prior to joining Centrica, he developed the Fiduciary Management offering at an asset manager where he was able to gain valuable experience on improving investment decision making governance structures. Chetan joined Schroders Solutions in 2022 when Centrica appointed Schroders Solutions as the outsourced chief investment officer (OCIO) for its £10bn of assets.

Doug Rowlands
Doug Rowlands
Invesco
- Director, Client Portfolio Management

Doug Rowlands is a Director of Client Portfolio Management at Invesco Real Estate. Doug is responsible for developing and managing client relationships. Primarily focused on growing the non-institutional client base within Wealth Managers and Financial Institutions he also covers UK Institutional investors.
Doug began his investment career in 2004 and joined Invesco Real Estate in 2019. Prior to joining Invesco Real Estate, Doug was at AEW Real Estate where he headed the UK Investor Relations team, raising capital for investment into Real Estate products. Doug has a deep level of real estate experience both in Europe and North America having spent 12 years with MSCI (formerly IPD) in Europe, US and Canada focusing on real estate analysis, performance and client management with large global Institutional investors, Sovereign Wealth Funds and UK Fund Management houses.
Doug earned Bachelor of Science in Investment and Finance in Real Estate and is based in the London office.

Gary Soar
Gary Soar
Isio
- Head of LDI Manager Research

Gary has been with Isio, formerly KPMG’s Pensions and Investment Consulting division, since 2011 and is currently Head of LDI Manager Research as well as leading Isio’s Manchester investment team. Gary has been instrumental in driving Isio’s thinking around LDI arrangements for all sizes of schemes, pioneering Isio’s “Integrated LDI” concept and working with investment managers to develop products in this space. Gary holds an MSci in Theoretical Physics from Durham University and a PhD in Theoretical Physics from the University of Liverpool. Gary is also a Fellow of the Institute of Actuaries, qualifying in 2017.

James Briggs, ACA, CFA
James Briggs, ACA, CFA
Janus Henderson Investors
- Portfolio Manager

James Briggs is a Corporate Credit Portfolio Manager at Janus Henderson Investors responsible for the Global Investment Grade, Sterling Investment Grade, Buy and Maintain and UK Cautious Managed strategies. James joined Henderson in 2005 as a credit analyst and was named a portfolio manager in 2010. Prior to this, he was a credit analyst with BlueBay Asset Management and a high-yield analyst with Invesco Asset Management.

James graduated with a BA degree (Hons) in philosophy from University College London. He is a member of the Institute of Chartered Accountants in England and Wales and holds the Chartered Financial Analyst designation. He has 25 years of financial industry experience.

Joanna Howley
Joanna Howley
Insight Investment
- Head of Pooled Solutions

Joanna joined Insight in June 2014 and is Head of Pooled Solutions in the Client Solutions Group. Joanna joined from Ignis Asset Management where she was a product specialist responsible for LDI and absolute return products. Prior to this, she was a Managing Director at BlackRock where she had spent fifteen years as an LDI solutions and fixed income investment specialist. Joanna holds a BA in Natural Sciences from Cambridge University and has completed the Investment Management Certificate from the CFA Society of the UK. She is also a CFA charterholder.

John German
John German
Invesco
- Managing Director, Residential Investments

John German is a Managing Director of Residential Investments at Invesco Real Estate (IRE). John is responsible for spearheading the firm’s European residential expertise and investments in Europe for global institutional investors.
Since his arrival at Invesco Real Estate, the firm has concluded several European residential investments in the UK, Germany, Spain, Netherlands, France, Ireland, Denmark and the Czech Republic. This is building on IRE’s existing expertise in the multi-family sector in the US and Asia where IRE has over 30 years’ experience. It is one of few real estate managers able to offer global residential expertise.
John began his investment career in 1987 and joined Invesco Real Estate in 2013. Prior to joining Invesco, he spent 12 years at Grosvenor, where he was the head of residential strategy and was previously at Aberdeen Property Investors as director of residential fund management. In these roles, John raised, invested and managed c.€200m in two residential funds on behalf of UK and European institutional investors. John has over 34 years’ residential industry experience covering transactions, developments, valuations as well as asset and property management on behalf of institutional investors. He is also skilled in investment in the wider universe of the student and serviced apartment sectors.
John earned a Bachelor of Science (Hons) in Rural Land Management and is a member of the British Property Federation (BPF) Residential Committee. At Invesco Real Estate, John is a member of the Investment Strategy Group. He is based in London.

Jon Walters
Jon Walters
PAN Trustees
- Partner

Jon is a partner at PAN Trustees. He qualified as a solicitor and spent almost 20 years at a global law firm prior to joining PAN. During his 18 years as a pensions lawyer, Jon gained extensive experience of working with trustees, sponsors and providers in relation to the full range of defined benefit and defined contribution arrangements (including master trusts).


As a trustee, Jon has a real focus on scheme governance and ensuring the right structures are in place to enable robust and effective decision making. He enjoys tackling, and solving, complex pensions issues and has helped many schemes deliver positive outcomes across the full range of situations spanning scheme funding and investment, regulatory compliance and supervision, benefit changes, corporate activity and restructurings and third-party advisor reviews.


Jon is based in the North West and works with schemes across the UK.

Judith Fish
Judith Fish
Dalriada Trustees
- Accredited Professional Trustee

Judith is a qualified actuary with over 20 years post qualification experience. She is an Accredited Professional Trustee, based in the London office, who works on a range of different schemes. She believes that good governance and collaborative working results in good outcomes for all stakeholders.
Judith joined us in July 2019 having previously worked in house on a multi-billion pound pension scheme. Prior to this, she worked at a number of large consultancies acting as both a Scheme Actuary and corporate adviser, advising on triennial valuations, scheme design, corporate transactions, buy-ins, member option exercises as well as looking at defined contribution schemes and, in particular, working on a project to implement a replacement defined contribution offering for a large company. She has also acted as the chair of trustees for a scheme with an overseas sponsor, navigating the additional difficulties this brings.
Judith is Accredited as a Professional Trustee by the Association of Professional Pension Trustees.
Judith enjoys spending time in the garden although the weeds seem to be winning. This year she attempted to grow black pumpkins for Halloween. She also enjoys baking cakes.

Karina Klimaszewski
Karina Klimaszewski
Aon
- Partner
Lynda Whitney
Lynda Whitney
Aon
- Partner
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 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.

Matthew de Ferrars
Matthew de Ferrars
Pinsent Masons
- Partner
Paul Noone
Paul Noone
The Pensions Regulator (TPR)
- Head of Onboarding, Pensions Dashboards Project

Paul is Head of Onboarding for the Pensions Dashboards Programme and is responsible for ensuring that pension schemes and integrated service providers are safely connected to the pensions dashboards ecosystem. Paul reports into the Programme Director for the Pensions Dashboards Programme.

Paul brings over 30 years’ experience in the pensions and employee benefits industry. He was formerly a Director and Chief Operating Officer for the Broadstone Group. He has also held a number of senior roles within the industry including Head of Operations at Mercer and Operations Director at Aon Consulting, where he also sat on the UK Executive leadership team.

Paul has an MBA from the Open University and is also a Fellow of the Pensions Management Institute.

Robert Baker
Robert Baker
Potentia Talent Consulting Limited
- CEO
Rob Mechem
Rob Mechem
Just Group
-

Rob joined the DB solutions team in 2014. He cares about finding the right solutions when trustees are preparing to buy-in or buyout. His team supports trustees and their administration partners from enquiry, through transaction and onwards to transition. He is a qualified life insurance actuary which helps ensure the right questions get asked to maximise value for trustees. Before joining Just, he spent 12 years at Aviva. He is a regular contributor to the pensions press.

Sachin Bhatia
Sachin Bhatia
Invesco
- Head UK Core Pensions & Consultants

Based in London Sachin Bhatia, CFA, is Head of UK Core Institutional Clients and Consultants at Invesco. Within this role, he leads relationships with UK Investment Consultants and manages the Sales and Client team focused on mid-tier UK Institutional Clients. Prior to joining Invesco in March 2016 Sachin has worked in a number of firms including Barings and BlueCrest Asset Management in various Sales and Consultant Relations roles, before which he was an Investment Consultant at Hewitt Associates.


Sachin studied BSc Economics at Queen Mary University of London and is a CFA Charterholder. Sachin is also one of the founding members and Co-Chair of the Race & Ethnicity workstream within the Diversity Project.

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

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.

Stuart Fairbairn
Stuart Fairbairn
HSBC Retirement Services Limited
- Head of Proposition
Tannaz Rastegar
Tannaz Rastegar
WEALTH at work
- National Business Development Manager

Tannaz started her career within the pensions industry at the Pensions Management Institute, thereafter the London Pensions Fund Authority before joining WEALTH at Work. Her background uniquely combines strategic marketing planning, communication, media relations, business development, events and hands on tactical execution. In her current role, she supports companies in helping their employees become more financially resilient through providing engaging financial wellbeing programmes both in the UK and globally. Given her ethnicity and background she is extremely passionate about Diversity, Equity & Inclusion (“DE&I”), and in particular cultural diversity. She has a keen interest in responsible investment including climate related topics and stewardship. Tannaz is the Chair of the Events Committee at NextGen and a member of The Pension Regulator’s DE&I working party.

Thank you to our sponsors and insight partners for their continued support

Schroders Solutions
Schroders Solutions
Host
-
Janus Henderson
Janus Henderson
Gold Sponsor
-
Insight Investment
Insight Investment
Silver Sponsor
-
Just Group
Just Group
Silver Sponsor
-
Kempen
Kempen
Silver Sponsor
-
Capita
Capita
Sponsor
-
Wealth at Work
Wealth at Work
Breakout Sponsor
-
Invesco
Invesco
Breakout Sponsor
-
mallowstreet
mallowstreet
-
Pensions Age
Pensions Age
Media Partner
-
Savvy Investor
Savvy Investor
Media Partner
-