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Pensions Conference 2018

04-05 June 2018

About this event

Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (4 June) giving you opportunity to develop your network. 

Topic’s at this year's conference will include:                   

  • Professional Skills / Changes to the Actuaries' Code        
  • Climate Risk
  • CDC Pension Schemes
  • DWP White Paper
  • Mortality Risk Pooling
  • Pensions Law Updates
  • Integrated Risk Management
  • DB Consolidation
  • Liability Driven Investments
  • Masterclass Business Skills
  • Pensions Dashboard
  • Transfer Values
  • Bulk annuities
  • Mortality

 

We are delighted to announce after dinner speaker and Professor of Gerontology at the University of Oxford, Professor Sarah Harper. 

Sarah is the co-director and founder of the Oxford Institute of Population Ageing and between 2014 and 2017, served on the Prime Minister’s Council for Science and Technology.

In 2017 she was appointed Director of the Royal Institution of Great Britain, and as a  Director and Trustee of the UK Research Integrity Office. and has chaired the UK government’s Foresight Review on Ageing Populations,(2014-2016)  and has chaired the  European Ageing Index Panel for the UNECE Population Unit since 2015.

She is a Governor of the Pensions Policy Institute.

Current research

Her current research on demographic change addresses the impact of falling fertility and increasing life expectancy, with a particular interest in Asia and Africa. Recent research has focused on women’s education and empowerment in sub-Saharan Africa and the impact of this on desired family size, older women's health in Africa, and European life course trajectories and late life female health. She is also currently directing two research projects looking at the ageing of farmers in Vietnam and Myanmar.

Publishing

Sarah is also the founding editor of the Journal of Population Ageing and editor of the Handbook of Ageing and Public Policy (Elgar 2014) and has just completed a monograph How Population Change will Transform our World  Oxford University Press (2016), and is working on her next book for Cambridge University Press  on Population,Technology and Environmental Change

Sarah has spoken at World Economic Forums in China and Australia, presented various TED and TED linked talks and presented her work at two Nobel Prize Dialogues, in Stockholm in 2014 and Seoul in 2017. She was invited to give the 2012 Oxford-London Lecture on the subject of population change. Therefore we are delighted that event attendees will be able to listen to this compelling after dinner speaker on the 4 June as part of the Pensions Conference 2018.

Registration Mon, 04/06/2018 - 16:30 - 17:00 Registration
Plenary session Mon, 04/06/2018 - 17:00 - 18:30 Plenary : Professional Skills

Using a variety of media, this session will provide the opportunity to think about, and discuss, some of the pressures faced by actuaries in today’s world, and how we can maintain the professional standards required.  Updates will also be provided on the recently published changes to the Actuaries Code (due to come into force on 18 May 2019), including -

  • Information about non-mandatory Guidance being developed to accompany the revised Code
  • The roll-out of the revised Code and plans for any training / education events 
  • Plans for the review of any IFoA standards and guidance as a result of the Code changes.

Speakers: Ben Kemp and Sally Calder Institute and Faculty of Actuaries and Malcolm Slee

Registration Mon, 04/06/2018 - 18:30 - 19:30 Registration reopens
Social Mon, 04/06/2018 - 19:30 - 20:00 Networking Drinks Reception
Dinner Mon, 04/06/2018 - 20:00 - 21:30 Dinner and After Dinner Speaker Professor Sarah Harper

We are delighted to announce after dinner speaker and Professor of Gerontology at the University of Oxford, Professor Sarah Harper. 

Sarah is the co-director and founder of the Oxford Institute of Population Ageing and between 2014 and 2017, served on the Prime Minister’s Council for Science and Technology.

In 2017 she was appointed Director of the Royal Institution of Great Britain, and as a  Director and Trustee of the UK Research Integrity Office. and has chaired the UK government’s Foresight Review on Ageing Populations,(2014-2016)  and has chaired the  European Ageing Index Panel for the UNECE Population Unit since 2015.

She is a Governor of the Pensions Policy Institute.

Current research

Her current research on demographic change addresses the impact of falling fertility and increasing life expectancy, with a particular interest in Asia and Africa. Recent research has focused on women’s education and empowerment in sub-Saharan Africa and the impact of this on desired family size, older women's health in Africa, and European life course trajectories and late life female health. She is also currently directing two research projects looking at the ageing of farmers in Vietnam and Myanmar.

Publishing

Sarah is also the founding editor of the Journal of Population Ageing and editor of the Handbook of Ageing and Public Policy (Elgar 2014) and has just completed a monograph How Population Change will Transform our World  Oxford University Press (2016), and is working on her next book for Cambridge University Press  on Population,Technology and Environmental Change. 

Sarah has spoken at World Economic Forums in China and Australia, presented various TED and TED linked talks and presented her work at two Nobel Prize Dialogues, in Stockholm in 2014 and Seoul in 2017. She was invited to give the 2012 Oxford-London Lecture on the subject of population change. Therefore we are delighted that event attendees will be able to listen to this compelling after dinner speaker on the 4 June as part of the Pensions Conference 2018.

Registration Tue, 05/06/2018 - 08:30 - 09:00 Registration
Plenary session Tue, 05/06/2018 - 09:00 - 10:00 Welcome and Plenary 1

Speakers: Andy Agathangelou, Transpancy Task Force and Henry Tapper, First Actuarial

Workshop Tue, 05/06/2018 - 10:10 - 11:00 Workshop Session A

 A1: Can modern tontines invigorate pensions? (ARC)

  •  With more and more people relying on DC pensions for their retirement income, avoiding running out of money in retirement will become increasingly important.
  •  The obvious answer is for them to buy life annuities in order to secure a guaranteed, lifelong income.
  •  However, they may not want to, as is seen in many countries where buying a life annuity is not compulsory.
  •  An alternative to the life annuity is the modern tontine.  They are an exciting development that offer potential to re-invigorate pension schemes.
  •  In the talk, one such tontine is outlined and how it might be structured is discussed.

Speaker: Catherine Donnelly, Heriot Watt University

 

 A2: Stop press: pensions law update

This session will update the audience on the latest changes in pensions law (including from legislation, the courts, Pensions Regulator and DWP). Delegates will get a commercial steer on what issues will be relevant to trustee and employer clients, including any practical actions to take to their next meeting. Delegates will be encouraged to ask questions.

Speaker: Anne-Marie Winton, ARC Pensions Law LLP

 

A3: A Blueprint for Integrated Risk Management

This talk proposes using a risk management model called a Risk Bowtie to develop a simple model to implement an Integrated Risk Management framework for UK pension schemes.

Speaker: Huw Davies, Mercer

 

A4: DB consolidation: Potential UK solutions and the Netherlands' lessons

We will look at the developing DB consolidation market in the UK and the pros and cons of the solutions available.  Then consider the latest DWP and tPR positions and the potential implications of these.

Speakers: Graham Jones and Martin Potter, Hymans Robertson

Refreshments Tue, 05/06/2018 - 11:00 - 11:20 Refreshment Break
Workshop Tue, 05/06/2018 - 11:20 - 12:10 Workshop Session B

B1: DWP White Paper: DB schemes - Security and Sustainability 

A combined GAD and DWP presentation on the outcome of the DWP White Paper and the possible implications for actuaries advising Trustees and sponsors of DB schemes. Please note this is a private session, neither the content nor who the comments are attributed can be discussed outside the meeting. 

Speaker: Mark Shaw, Government Actuary's Department

 

B2: The coming age of "Peak LDI"

Liability Driven Investment has been one of the dominant trends in UK DB pension investment in the past 15 years. But given the high level of hedging now in place, we present analysis suggesting that the current pace of new hedges can only continue until 2021 at the latest. We believe the UK is now transitioning into the Age of Peak LDI - where schemes will only increase hedging at the margin or in an opportunistic manner. What impact this abrupt change have on both gilt yields and scheme funding levels?

Speakers: Paul Fulcher and Richard Boardman, Nomura International plc and Alex Darsley, Hymans Robertson

 

B3: Business Development for Actuaries: Finding a way to sell that works for you

This session will dispel the common myths around selling and replace them with a practical and professional approach to building the relationships and having conversations that lead to business growth.

Speaker: John Scarrott, John Scarrott Training and Coaching

 

B4: Pensions Dashboard

This workshop will cover some background to the Pensions Dashboard – why it is being developed, what work has been done to date, who is responsible and the likely roll-out timetable – before looking at how actuaries may be able to input into its development and what we, as the ‘Future Pensions Landscape’ working party, have been up to.  We are keen to hear what people think are the essential characteristics and what are the ‘nice to haves’.

Speakers: Anika Nicholson and Glyn Bradley 

 

Refreshments Tue, 05/06/2018 - 12:10 - 12:55 Lunch
Plenary session Tue, 05/06/2018 - 12:55 - 13:55 Plenary 2 - The Pensions Solution at the Royal Mail

Royal Mail’s introduction of CDC pensions, if facilitated, would change the pensions landscape in the UK and has the potential to transform collective provision of pensions. Royal Mail, Communication Workers Union and their advisers explain their CDC proposal.

  •  Royal Mail and CWU: Why we are jointly developing a CDC pension scheme (plus DB lump sum scheme)
  • First Actuarial: How the negotiations led to the CDC proposal
  • WTW: Current thinking on Royal Mail’s CDC scheme design”

Speakers: Derek Benstead, First Actuarial, Terry Pullinger ,Communication Workers Union, Simon Eagle, Willis Towers Watson. Royal Mail Speaker TBC 

 

Workshop Tue, 05/06/2018 - 14:05 - 14:55 Workshop C

C1: Are transfer values too generous or too low?

This is will be an interactive session with participants being asked for their views on transfer values in today’s environment.

Transfer value activity in DB schemes has increased following the introduction of the pensions freedoms at a time when transfer values are historically high due to reduced investment risk and historically low interest rates. Against this background the IFoA has established a working party to review the approach to calculating transfer values.

At the workshop participants views will be sought on matters values including:
•What the purpose of a transfer value should be;
•Is the current methodology appropriate in today’s climate?
•What assumptions should be used; and
•When CETVs might be reduced.

Speaker: Robert Inglis and Helen Nicholas, Transfer Values Working Party

 

C2: How to do CDC

Break out session to supplement Plenary 2.
This session will outline alternatives for the management of a CDC scheme. It will explain how and why the approach to CDC can vary in the different contexts of with and without employer sponsorship. It will explain how to do CDC, and address some of the main concerns raised about CDC.

Speaker: Derek Benstead, First Actuarial

 

C3: Bulk annuities - Securing the best outcome for your client

Insurer capacity is in increasingly short supply – pension scheme funding is improving, more schemes are approaching the insurance market and there is competition from insurance back book transactions. In the current market how can you make your client more attractive to insurers and how can you secure the best outcome?

This session will look at how to prepare a scheme for the approach to market and discuss the latest transaction structures by considering case studies of pension schemes who have successfully met (or exceeded) their objectives by following an innovative approach.

Speaker: Dominic Moret and Adrian Somerfield, Legal & General 

 

C4: CMI “S3” Series Mortality Tables

The CMI SAPS Committee will describe mortality experience in its pension scheme dataset over the period 2009-2016 and present draft “S3” Series tables based on this.

  • differences between public and private sector mortality
  • a table for male pensioners with very high pensions
  • a new approach to extending mortality rates to high ages

The presentation will take place towards the start of a consultation period, with final tables to be published later in the year.

Speaker: Matthew Fletcher, CMI

Refreshments Tue, 05/06/2018 - 14:55 - 15:15 Refreshment Break
Plenary session Tue, 05/06/2018 - 15:15 - 16:15 Plenary 3 - Climate Risk - Practical Steps to Move Forward on an Informed Climate Strategy and Avoid Liability

Policymakers and regulators are lining up behind climate risk as relevant to those charged with pensions governance, emphasised by the February 2018 letter to the Chairs of Trustees of the country's largest pension schemes, along with reports from the Bank of England, Law Commission, TPR, DWP and others.
This plenary session is split into two apects:

  • Presentation covering the nature of the risk, as highlighted by the May 2017 IFOA risk alert and why it is relevant for pension schemes.
  • Panel discussion on practical steps to take with representatives from regulators, pension schemes and the legal profession.

Speakers: Nico Aspinall, Resource and Environment Board, Edward Baker, Principles for Responsible Investment Mark Thompson, HSBC and Joanne Etherton, Client Earth 

Plenary session Tue, 05/06/2018 - 16:15 - 16:20 Conference closing
Workshop Tue, 05/06/2018 - 16:20 - 17:10 Catch it again - DWP White Paper: DB schemes - Security and Sustainability

A combined GAD and DWP presentation on the outcome of the DWP White Paper and the possible implications for actuaries advising Trustees and sponsors of DB schemes. Please note this is a private session, neither the content nor who the comments are attributed can be discussed outside the meeting. 

Speaker: Mark Shaw, Government Actuary's Department

Papers where avalible to share are below. Your event paper reference can be found on the Joining Instructions