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Pensions and Savings Conference 2024

December 18, 2024

Watch the highlight video of our flagship event, featuring leading experts discussing current issues in the pensions and savings landscape.
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      Pensions and Savings Conference 2024

      Watch the highlight video of our flagship event, featuring leading experts discussing current issues in the pensions and savings landscape.

      In November 2024, our annual Pensions and Savings Conference was held at 8 Northumberland Avenue London, attended by over 300 senior pensions professionals and trustees.

      During the conference, we featured a variety of sessions, including an overview of the current UK pensions and savings landscape from an economic and policy perspective, innovative solutions related pension adequacy, the pension industry's role in climate change, a comparison of various trustee models, strategies for successfully implementing defined benefit endgame run-on strategies and insights into the evolving risk transfer market with perspectives from insurers.

      We had a great line-up of speakers from Abrdn, Capital Cranfield, DWP, HSBC Bank (UK) Pension Fund, Law Debenture, Royal London and Rothesay, who shared their valuable insights.

      Video transcript

      Pensions and Savings Conference 2024

      [MUSIC PLAYING]

      BINA MISTRY: We're going to split our conference into two halves. The first half is going to look at making a difference. So this is looking at some real big picture issues and things that affect our economy and society. We're then going to turn to our theme of doing things better. So this is getting much more down to a practical level on some key pension topics.

      [MUSIC PLAYING]

      ADAM BOYES: And obviously, there's been a huge shift over the last couple of decades from DB to DC. So back in 2006, there were just over 3.5 million active members of private sector DB schemes. And today that's around 750,000 active members. Obviously, the bulk of the assets in the private sector pension system are within DB at 1.25 trillion, and DC represents about half that today. But it's catching up fast and we'll close that gap significantly over the rest of this decade.

      [MUSIC PLAYING]

      BINA MISTRY: Chancellor's Mansion House speech, where it claims to have made the biggest pension reforms in decades by doing so in merging 86 LGPS schemes into eight, and to consolidate DC schemes into DC mega funds by 2030.

      [MUSIC PLAYING]

      DAVID HOILE: What do we think the impact of the Budget is going to be? What does the Bank of England think? So in November, it cut its policy rate down to 4.75%, as you know, but it also updated its forecasts. So you can see that by 2027, it's expecting inflation to fall below its target level of 2%. So Bank of England thinks it can cut interest rates, and inflation will still come down to below its target, albeit gradually.

      RICHARD CAMPBELL: Beginning of this year, the regulator released the new general code and trustee bodies are working through those particular requirements. And there's lots of activity in order to try and make sure that schemes are compliant.

      [MUSIC PLAYING]

      JULIAN BARKER: I think the fact that we're here all today talking about this and that this work's been going on here, it shows that there is ways of doing DC better.

      SOPHIE TENNISON: So as schemes go into-- one of the first things we want to make sure is that investment risk hasn't been reduced to an extent, that it compromises overall risk management.

      [MUSIC PLAYING]

      SALLY MINCHELLA: It's really the breadth of diversity that's really important. It isn't just what your board looks like, it's about how you bring different experiences, knowledge, and perspectives to the decision making process.

      SAMMY COOPER-SMITH: I can't quite see what the systemic risk is that affects insurers that doesn't affect pension schemes. What is it that's going to impact Rothesay that doesn't impact Royal London, which would have made the decision the wrong decision? You have to go through all of that thinking in making your decision as to whether or not insurance is the right route.

      [MUSIC PLAYING]

      JAMES WINTLE: Ultimately, the climate crisis is too big to be solved alone. But maybe, just maybe, there's a beacon of hope that if we can all pull together and harness the power of society, we can foster the positive change that we need to see.

      RASH BHABRA: We can make a difference to people's lives, we can make a difference to people's living standards in retirement with a great people we have, with the appetite there is in government today to bring about change, it might be a once in a lifetime opportunity. Let's absolutely commit and go for it.

      [AUDIO LOGO]

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