Investment Strategies for Maturing Pension Funds


13 July 2017
London – Le Meridien Piccadilly Hotel



Investment Strategies for Maturing Pension Funds

08.30    :    Registration and Coffee


09.00    :    Welcome & Opening Remarks


TrevorTrevor Cook, Managing Director, Specialist Pension Services





09.10   :      Session 1:  Cash Flow Strategies


Robert Thomas Moderator: Robert Thomas, Director, LawDeb





Boris MikhailovBoris Mikhailov,  Investment Strategist, Aviva Investors


Using private assets in cash flow driven investment strategies: putting theory into practice

The private assets can help deliver predictable cash flows at attractive yields whilst diversifying away from public markets and taking advantage of illiquidity premia. These characteristics make private assets particularly useful as part of a cash flow driven investment (CDI) strategy where the focus is on cash flow management. In this presentation, we will discuss how pension schemes of all shapes and sizes can access and make the most of their allocations to private assets such as infrastructure, real estate financing, structured finance, private corporate debt and long-income real estate.



Sorca Kelly-ScholteSorca Kelly-Scholte, Managing Director, Head of EMEA Pensions Solutions & Advisory, J.P. Morgan Asset Management


From assets growing to cash outgoing: strategies to deliver cashflows for maturing pension funds

As pension funds become cashflow negative and enter the run-off phase, pension funds will need to place a greater focus on their ability to service those cashflows, structuring the assets to be able to pay cash outgo as it is required without becoming forced sellers.  In this presentation, we will illustrate how to build and manage multi-asset, cashflow-oriented strategies, structuring credit and income-oriented assets to deliver core cashflow requirements.  As pension funds evolve towards being more like the annuity books run by insurers, we consider the lessons that pension funds can learn from insurers, and where pension funds have more opportunities to exploit.


10.25     :    Coffee/Tea


10.55     :    Session 2:  Risk Management


Nick WheelerModerator: Nick Wheeler, Chair of Trustees, Volvo Group UK Limited Pension Schemes





Martin ThiesenMartin ThiesenDirector, Global Head of Liability Driven Solutions, Deutsche Asset Management


De-Risking strategies: Higher cash flow certainty enables superior risk management techniques

The more mature the pension scheme the less risk can be afforded and yet returns still need to be achieved so how can you best square the circle? What Risk Management techniques are likely to achieve the best outcomes.




James Mullins James Mullins, Partner and Head of Risk Transfer Team, Hymans Robertson 


Update on the Bulk Annuities and Longevity Swaps Market

An update on the activity, trends and pension scheme opportunities in the buy-in and longevity swap markets. 



12.10    :     Drinks and Lunch


13.20    :     Session 3:  Meeting the Challenges



HeadshotModerator:  tbc





Kerrin RosenbergKerrin Rosenberg, CEO, Cardano (UK)


The Crisis in DB

The DB industry is now in crisis, with 1,000 pension funds likely to enter the PPF. As the industry continues to age, there are calls for reform and the government are consulting on what, if anything, should be done. In this session, Kerrin will share 25 years of experience working with DB funds and give a candid perspective on what has gone wrong and what needs to change. Yes, regulatory and legislative reform is necessary, but even without it, there are simple, practical steps that most trustees can take to dramatically improve their chances of successfully paying their members the benefits that have been promised. This is especially the case for more mature schemes, where they have entered the decumulation phase. 





Speaker: tbc



Working with the PPF on the Access and Pay Programme.



14.35         Session 4:  Pension Fund Case-Studies




A panel of pension scheme executives and trustees will talk about their pension fund's investment strategies and experiences. Panellists to be confirmed.







15.15    :    Drinks Reception & Close of Conference


With many DB schemes closing altogether and even more closed to new members, pressure on DB pension
funds to manage their risk is immense. This conference aims to help maturing DB pension schemes – and
those that simply want to divest themselves of risk - to review their investment and de-risking options and to
address some of the main issues affecting their funds.


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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