Investment Strategies & Cash Flow Management for Maturing Pension Funds


11 July 2019
London – Le Meridien Piccadilly Hotel




Investment Strategies & Cash Flow Management for Maturing Pension Funds

08.45    :    Registration and Coffee


09.20    :    Welcome & Opening Remarks


                   Liz Doughty, Conference Director, Specialist Pension Services



09.25   :      Session 1:  Setting the Scene


Nigel Stapleton  Moderator: Nigel Stapleton, Chair of Trustees, National Grid






Greg PetersGregory Peters, Managing Director and Head of Multi-Sector and Strategy, PGIM Fixed Income


Dynamic Fixed Income Strategies for a Rapidly Evolving Market

In today’s market, opportunities to achieve alpha in fixed income are still abundant, but constraints of a benchmark may become more limiting. This presentation will highlight the changes in the market, identify potential alpha opportunities, and discuss how an unconstrained fixed income strategy can provide the flexibility to capture these opportunities.



Alban de FayAlban de Faÿ, Head of Fixed Income SRI Processes, Amundi (Paris)


Improving the ESG profile of Credit portfolios

Combine ESG and Credit Rating : Early systematic methodologies for evaluating ESG concerns and risks within the credit analysis process have been implemented (S&P and Moody’s) and Credit risk is no longer the only fundamental that triggers the assessment. ESG and Issuer selection: The integration of ESG criteria should help for a better differentiation among issuers and ESG ratings prove to be stable which is an important consideration for investors that are willing to contain excess turnover in managed portfolios. Integrating ESG analysis into the credit investment process: ESG analysis can be considered at the heart of the investment process alongside the financial analysis. Purpose-oriented Fixed Income solutions: Each investor can implement a different approach based on its credit investment strategy and ethical guidelines.  ESG portfolio construction: how to build a fixed-income ESG portfolio integrating ESG research and thematic From ESG to Thematic: integrating green bonds into existing portfolios. ESG and financial performance: Integrating ESG analysis does not detract performance. 



10.40     :    Coffee/Tea


11.10     :    Session 2: Fixed Income


Andrew HarrisonModerator: Andrew Harrison, Director, LawDeb Pension Trustees






Jay IonsJay Ions, Executive Director, Global Portfolio Solutions, Goldman Sachs Asset Management


Cash Flow Driven Portfolios: The Strategic Framework

Cash flow driven investing has gathered momentum among UK DB pension schemes in recent years, although the definition of CDI and how it is employed can vary by scheme and advisor.  As a result determining a CDI strategy requires careful consideration to balance the aims, practicalities and associated risks to ensure the final strategy is appropriate for a Scheme’s positions and goals.  This presentation will outline the framework of what we believe are the key steps involved when constructing a CDI strategy, including understanding the aims of the CDI portfolio as well as how to integrate CDI with existing LDI and growth allocations.



Martin FodenMartin Foden, Head of Credit Research, Royal London Asset Management and





Shalin Shah Shalin Shah, Senior Fund Manager, Royal London Asset Management


 Cash Flow Matching: Credit Dangers Ignored? 

With DB pension schemes facing an increasing cash flow management challenge, as they mature and become cash flow negative, there is a risk that an over-emphasis on the desired destination outweighs the importance of plotting the right path. As real signs emerge that credit investing is becoming too commoditised - where headline coupon considerations and assumed outputs dictate bond selection rather than cash flow sustainability - This session will question whether a one-eyed fixation on liabilities and cash strain may actually end up inconveniencing schemes in the long run. They will outline how understanding corporate bond fundamentals, exploiting market inefficiencies, and establishing effective diversification to deliver robust and compounding income has to remain at the heart of any credible solution.




John HamptonJohn HamptonSenior Investment Grade Insurance Portfolio Manager, Columbia Threadneedle Investments


CDI from a Liquid Fixed Income & Technology Perspective

Working with clients as part of an integrated risk management framework, alongside other advisors. Taking a holistic approach to cash-flow management in scheme journey planning and asset allocation. Focusing on liquid fixed income as a core component of a cash-flow management solution. Highlighting the role of technology in constructing robust portfolios to meet match cash-flows, ratings’ constraints, ESG objectives amongst others. 



12.50    :    Drinks and Lunch


14.00    :    Session 3:  Long Income Real Estate & LDI


George FinnieModerator: George Finnie, Senior Advisor, MJ Hudson Allenbridge




Hugo JamesHugo James, Partner and Head of CDI, Alpha Real Capital


Long Income Real Estate as a CDI Asset

The last 10 years have witnessed significant growth in capital allocated by pension funds and insurers to long income real estate. New structures and solutions have emerged which are experiencing increasing demand, such as commercial ground rents and income strips. We will look at the range of investment opportunities, consider their characteristics and fit as CDI assets, and set out a proposed approach to assess their risks and rewards through a consistent lens. In addition, we consider the challenges and opportunities of originating new investments in a competitive market. 




Ben Farmer Ben Farmer, Investment Consultant, Hymans Robertson



Evolution of LDI

Over the past 10 to 15 years, the use of LDI by DB pension schemes has grown rapidly and provided significant benefits, especially for early adopters. As schemes become increasingly cashflow negative, and interest rates start to rise, LDI mandates still have an important role to play as part of a scheme’s overall investment strategy. In this session, we will discuss how traditional LDI mandates can be evolved to provide schemes with additional flexibility to help them meet ongoing cashflow and liquidity needs, while maintaining an appropriate balance between growth and income assets to deliver required returns.



15.15    :    Coffee/Tea


15.35    :    Session 4: Practical Issues & Pension Fund Panel


Sean BernardModerator: Sean Bernard, Director, LawDeb Pension Trustees






hannah Lewis

Hannah Lewis, Founder, Behave London


Behavioural Insights

This session will look at the findings of a joint research project identifying trustees decision-making processes when focusing on long term investment strategies.


How should pension funds react to the major economic challenges that lie ahead? A panel of pension scheme executives and trustees will talk about their pension fund’s investment challenges and solutions.  Panellists to include:


Simon LeeSimon LeeHead & Chief Investment Officer, M&S Pension Scheme





Frank Oldham Frank Oldham, Trustee Director, MMC UK Pension Fund





Martin Mannion, head of Trustee Services, John Lewis Partnership Pensions Trust











16.50   :    Drinks Reception & Close of Conference


This conference aims to help pension fund managers and trustees to review the investment options available to them to help manage the complex challenges faced by their funds as they mature.  We will identify some of the key challenges facing maturing funds and review approaches designed to resolve these, such as defensive strategies, longevity risk management, cash flow and income management strategies and how to best make a portfolio be buy-out ready, taking into account practical issues such as transparency, implementation, liquidity requirements, costs and fees.


The conference is by invitation only for pension funds and other institutional investors. If you are not already receiving an invitation please contact us. A limited number of Complimentary invitations are usually available to genuine pension fund representatives (executives and trustees) and other approved institutional investors. However, to ensure we have room for as many funds as possible, we have to limit free places to 2 attendees per approved organisation thereafter a reduced rate fee is payable per delegate. Furthermore, SPS always reserves the right of admission (free or paid) and our decision is final.



Le Meridien Piccadilly Hotel, London

21 Piccadilly

London W1 0BH

Hotel Tel: 08700 400 8400

Hotel Fax: 020 7437 3574


The hotel is located on the north side of Piccadilly, close to Piccadilly Circus, only two minutes walk from Piccadilly Circus underground station.




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