In partnership with:
For professional investors only. Capital at risk
The government is making it easier for well-funded DB schemes to release surplus, when ‘safe to do so’, and trustees will need to set out their proposed approach to surplus extraction as part of their statement of strategy.
While we wait for further legislation and guidance to implement these proposals, trustees can start to plan now, to prepare to ‘invest like an insurer’ to preserve their low-dependency funding level and seek to grow a surplus, while retaining flexibility to pivot to insurance if you choose to in the future.
Please join our latest webinar where our industry experts will discuss:-
- Learnings from the insurance industry in constructing low dependency portfolios
- Integrating surplus considerations into investment strategy
- The role of private markets in endgame planning
Key Risks
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, and the investor may get back less than the
original amount invested. Past performance is not a guide to future performance. The details contained here are for information purposes only and do not constitute investment advice or a recommendation or offer to buy or sell any security. The information above is provided on a general basis and does not take into account any individual investor’s circumstances. Any views expressed are those of L&G as at the date of publication. Not for distribution to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation. Please refer to the fund offering documents which can be found at https://fundcentres.landg.com/.
This financial promotion is issued by Legal & General Investment Management Ltd. Registered in England and Wales No. 02091894. Registered office: One Coleman Street, London EC2R 5AA. Authorised and regulated by the Financial Conduct Authority.
Presenters
Jonathan Stapleton
Editor, Professional Pensions
Jonathan is editor of Professional Pensions and has been reporting on UK occupational pensions since 2001. He has won a number of awards during his career, most recently the SPP Trade Journalist of the Year Award in 2019. He is also holder of the PMI's Retirement Provision Certificate.
Mathew Webb
Head of Endgame Solutions, L&G
Mathew is Head of Endgame Solutions within LGIM's Solutions business and specialises in helping pension schemes achieve their endgame objectives, whether that is buyout (pension risk transfer to an insurer), run-on (investing like an insurer in a credit and LDI portfolio, together with a portfolio focused on surplus growth), or both (run-on for now with the option of buyout later). Mathew has over 25 years' experience in pensions, insurance and banking markets, having previously worked in pensions advisory, longevity risk transfer and structured products. Mathew is a qualified solicitor (non-practising), holds an MA in Natural Sciences from Downing College, Cambridge University and a Certificate in Quantitative Finance.
Lara Edmonstone-West
Head of Solutions Distribution L&G
Lara is responsible for L&G’s Solutions Distribution, leading the development and delivery of a sales strategy to drive L&G’s global solutions business for institutional clients. Lara joined L&G in 2025 from BlackRock where she held the title Head of UK DB Pensions Outsourcing Partnerships, growing BlackRock’s UK OCIO business in DB markets, and across CDC and endowment investors. Prior to BlackRock, Lara was Head of UK FM Business Development for DB Schemes at Van Lanschot Kempen, leading the growth of their UK fiduciary business through the UK CMA retender period. At River and Mercantile Solutions (now part of Schroders Solutions), Lara was Head of Business Development overseeing significant new business flows and working as lead advisor to several clients. Lara graduated from Imperial College London with a PhD in microbiology, a masters of research in infectious disease and a masters in chemistry. Lara is a CFA Charterholder and in 2021 obtained her CAIA designation.
Martin Dietz
Head of Diversified Strategies, Asset Allocation, L&G
Martin is a fund manager and asset allocator in L&G Asset Management's Multi-Asset Funds team and has over 15 years of experience with alternative asset classes and the management of fund-of-funds. At L&G, he is currently responsible for the Private Market Access fund – a semi-liquid global private market fund designed for UK pension investors – as well as a range of DC-focused diversified growth funds. Prior to joining LGIM in September 2012, Martin was a senior investment consultant at Towers Watson where he was a member of its Global Investment Committee and UK Portfolio Construction Group. At TW, his responsibilities included asset class and manager research on liquid and illiquid alternatives. Martin previously worked as a manager at Ernst & Young in its Financial Services Risk Management. He has a PhD (summa cum laude) in economics and finance from the University of St Gallen, graduated from the doctoral programme of the Swiss National Bank at Gerzensee and was a visiting PhD student in economics at UC Berkeley.
Victoria Myers
Head of Investment Advisory, L&G
Victoria has responsibility for the investment advisory services that L&G’s Asset Management division delivers to clients as part of its fiduciary management and OCIO service. She is also directly responsible for the advice and discretionary management of a portfolio of clients.
Victoria joined L&G in August 2017 from Willis Towers Watson, where she was a senior investment consultant. She has significant experience having worked with defined benefit pension schemes in the UK of all sizes since 2006.
Her advisory background spans the full range of investment advisory services from investment beliefs and objectives setting to implementation for clients ranging from sub-£10m to over £4bn. She also has experience of advising common investment funds and charities. Victoria is a CFA Charterholder, and holds a degree in Economics from the University of Bristol.