For pension fund trustees and their investment consultants only. Not to be distributed to pension scheme members. Capital at risk.

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2025 could bring opportunities for change as the rate-cutting cycles in the US and Europe mature, and markets begin to digest the post-election changes of 2024. 
 
UK DB pension schemes have been taking stock since the gilt crisis and may now be looking to adapt their portfolios in light of the increased freedom that higher funding ratios grant them. With DB assets of c.£1.2 trillion and over a  third of schemes (by value) being in surplus on a buyout basis as at 31 March 20241., there is much to think about:
 
1. Firstly, schemes that benefitted from the increase in global yields  could increasingly be looking to maintain and manage their surplus,  as regulatory frameworks for run-on evolve. Others could look to continue to run on, while preparing to align portfolios for buyout opportunities.
 
2. Secondly, the continued low levels of credit spreads may present opportunities for those schemes that can position their portfolios towards short-dated credit for now, while being ready to invest more in longer-dated exposure if spreads widen.
 
3. Thirdly, the continuing theme of consolidation could yield benefits for those schemes looking to simplify their governance models and adapt according to their endgame objectives. 
 
We look forward to welcoming you to what promises to be an informative and engaging discussion.

1.Source: The Purple Book 2024

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.

Presenters

Jonathan Stapleton

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.

Tim Dougall

Tim Dougall

Head of Delegated Solutions, LGIM

Tim is Head of Delegated Solutions at LGIM, responsible for providing holistic portfolio management services to a range of institutional investors. He works with clients across a broad spectrum of investment issues - governance, strategy, portfolio construction and implementation. Tim joined LGIM in 2015 from Towers Watson, where he was Head of Investment Strategy for the UK Delegated Investment Services business, and a member of the Portfolio Construction Group. He worked at Towers Watson (formerly Watson Wyatt) for 11 years delivering advice and solutions to a range of pension funds and other institutional investors. Tim is a fellow of the Institute of Actuaries and graduated from Oxford University in 2002 with a Master’s degree in physics.
Sonja Laud

Sonja Laud

Chief Investment Officer, LGIM

Sonja joined LGIM in January 2019 from Fidelity International where she held the title Head of Equity, responsible for the Global, Equity Income and UK Portfolio Managers as well as the Investment Director team. Initially at DWS Group in Frankfurt, where she was an award-winning global equities portfolio manager, she then moved to Schroders in London where she managed several global, European and UK equity funds with a focus on high-dividend stocks. After eight successful years, she moved to Barings where she launched and managed global multi-asset portfolios and was a voting member of the asset allocation group before joining Fidelity International as Head of Equity. Sonja has completed a Global Executive MBA program at TRIUM (LSE, NYUStern, HEC) and has MSc, EMIM from ESCP Europe. She is a CFA Charter holder.
Mathew Webb

Mathew Webb

Head of Endgame Solutions, LGIM

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.

Anne-Marie Morris

Anne-Marie Morris

Head of DB Solutions Strategy, LGIM

Anne-Marie leads the team responsible for the strategy of objective-driven investment solutions, principally for Defined Benefit Pension Scheme clients. In partnership with the Solutions Portfolio Management team, her team structures and delivers strategies across LGIM’s derivative overlay, LDI and CDI strategies including Buy and Maintain credit. Anne-Marie joined LGIM in 2012, bringing industry experience from prior roles including investment strategy at BlackRock and senior fund manager in structured investments and solutions at Close Brothers Asset Management. Anne-Marie is a CFA charterholder, holds the Financial Derivatives paper from the CISI diploma and graduated from Cambridge University with a first class honours degree in Natural Sciences (theoretical physics).

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