Changing World, New Opportunities

In this episode of the DCIF’s podcast, hosts Louise Farrand and Dave Whitehair sit down with James Monk, investment director at Fidelity’s FutureWise. James explains why the FutureWise team is embracing private markets – but hasn’t signed the Mansion House Accord. We dive into how FutureWise is using LTAFs and peer beneath the bonnet at its private markets allocations, plus hear more about James and the team’s future plans for using these assets in members’ later lives. James also talks about other asset classes, sharing why he’s keen on gold. We hear more about several other big industry discussions and how James and his team are adapting, from FutureWise’s approach to sustainability, stewardship and net zero to how industry consolidation may accelerate private market adoption.It’s a wide-ranging discussion – we hope you enjoy it.

In this episode of Changing World, New Opportunities, hosts Louise and Dave sit down with Liz Fernando, chief investment officer at Nest. Liz explains how Nest is reshaping DC investing, moving beyond pot size to focus on retirement income and member outcomes. She shares her reflections on why investors could be in the midst of a regime change and what this may mean for asset allocation. Liz also discusses how the scheme blends multiple portfolios across different risk and return profiles, and how private markets, including timberland and private credit, play a growing role in driving diversification and long-term returns. Liz also discusses Nest’s ESG and Net Zero strategy and the importance of real-world impact, and how technology and data could enable more personalised investment journeys tailored to members’ unique circumstances. This episode offers an insightful look at the innovations transforming the DC world and the future of retirement planning.

In this latest episode of Changing World, New Opportunities, hosts Louise Farrand and Dave Whitehair sit down with James Lawrence, director of investment proposition at Smart Pension. Smart Pension has made headlines for its forward-thinking approach, combining bold investment ideas with a strong focus on member outcomes. As a tech-led disruptor in the DC market, it is innovating on multiple fronts, from synthetic equities to private markets integration, and user-centric retirement solutions. James explains why Smart Pension has leaned into private markets, what is behind their use of synthetic equities to free up capital for higher-return assets, and how their ‘four-pot’ retirement model could change the way members experience flexibility in later life. He also shares Smart Pension’s progress on ESG integration, their Net Zero 2040 goal, and thoughts on how technology and tokenisation could shape the next generation of pension investing. This episode offers a deep dive into how modern pensions are adapting to a complex, uncertain, and opportunity-rich landscape.

In this season of the DCIF’s podcast, Dave and Louise are chatting to master trust chief investment officers. And who better to start us off with a bang than Dan Mikulsis?! As well as being CIO of People’s Partnership, Dan is a podcast veteran; in a former role, he hosted LCP’s own podcast, a top listen. In this week’s episode, we cover a huge amount of ground. But just a few highlights: Dan tells us why People’s Partnership signed the Mansion House Accord (when they hadn’t signed the compact), what private markets he’s most excited about, why he thinks fears about master trust herding are overstated, and what he hopes for from the Pensions Bill. We hope you enjoy listening.

May we be so bold as to suggest that if you listen to one of our international episodes, it should be this one. Mark and Louise reflect on the key lessons they’ve learnt from their series of conversations with international pensions policymakers. What should UK policymakers take from the season? The episode is interspersed with nuggets of wisdoms from all our fantastic guests from all over the world. This is the final episode in this season and Mark and Louise give a preview of what to expect from season four – look out for that in a few weeks.

How do you solve a problem like giving pension savers a lifelong income? It’s a topic at the top of the pensions industry’s mind – and Nest has been thinking hard about how to solve the conundrum. In this week’s bonus episode of the DCIF’s podcast, Nest’s Gareth Turner talks to Mark and Louise about how it is approaching retirement. Nest has developed the Retirement Blueprint, which Gareth outlines in the episode, kindly fielding questions about the finer details. The blueprint is a work in progress, and we discuss how Nest is keen to hear the industry’s feedback. So, we’d love to hear what you think about the ideas we discuss in this special bonus episode – and we hope that, as ever, you enjoy the show.Download Nest's retirement income blueprint - https://dcif.co.uk/wp-content/uploads/2025/06/DCIF-Nest-retirement-income-blueprint-overview.pptx

Iceland’s pension system has been following us around. Rated an impressive number two in the latest Melbourne Mercer Pension Index and name-dropped by several previous guests on the show this season, nevertheless Iceland has flown beneath the radar in terms of global recognition. We put that right in this week’s episode of the podcast! Mark and Louise chat to Bjorn Asgrimsson, analyst at Iceland’s Financial Supervisory Authority. Bjorn explains how Iceland became a strong pension system and what others can learn. Bjorn and his colleagues are not resting on their laurels; what’s next on their agenda?

This week on the podcast, we were lucky enough to be joined by pensions royalty! Keith Ambachtsheer tells Mark and Louise all about Canada's system.This episode contains all the wisdom and deep expertise you'd expect from someone like Keith, who over the years rubbed shoulders with economists like Harry Markowitz and William Sharpe.Keith tells us about his dramatic entry into the pensions world - and what he's learned from the Nobel prizewinners over the years since then.He tells us about his 40-year mission to define the characteristics of a well thought out pension system. Right up the street from this podcast! We talk about how close we are to achieving pensions nirvana.

This week’s podcast is out now! In it, we take a fascinating dive into Sweden’s DC system with Mats Langensjö. First off, we find out how Sweden’s AP funds work. Mats describes one highly unusual feature of the Swedish DC system: a government-run fund selection agency which has the job of hiring and firing fund managers. How did this come about? And what criteria does it use? Mats explains all.Mats gives us a rundown of the best features of the Swedish system – and confides what worries him most about the future. He explains some of the system’s downfalls – complexity, fragmentation and adequacy fears loom large – and tells us what he would change if he could.One key point we take away from this episode is how pension systems are often born out of adversity. Mats tells us how the Swedish pension system faced great pressure to move – fast – from DB to DC in the early 1990s, when the Swedish economy was in very bad shape. Thankfully, thanks to Sweden’s collective culture, there wasn’t a backlash. But the move did create some adverse effects.Mats worries about the adequacy of the system when DC savers reach retirement age, and when there’s a rush to move quickly, there isn’t always time to think everything through – which Mats thinks could have created some of the fragmentation and complexity which is apparent in the system today.It's a great episode – enjoy!

In this episode, the Godfather of auto-enrolment, Mark Iwry, tells us the story of how it was introduced in the USA. We peek inside the doors of the US government and find out how Mark and his colleagues helped employers to shape both their investment strategies and the wider DC system. The US’ auto-enrolment journey wasn’t without its tricky moments. Mark tells us of a memorable encounter with the police, and why Bill Clinton still owes him $75. We also find out how the US’ experience of auto-enrolment influenced the UK’s direction of travel – and the lessons Mark passed on to the DWP. Why does Mark think the UK improved on the US’ version of auto-enrolment? With the benefit of hindsight, Mark tells us what he’d go back in a time machine to change. We also find out what advice he would give to other regulators about building a great DC system. Finally, we explore how the US is faring on its journey to introduce more alternative and non-traditional investments into its DC system.

In this week’s episode, former pensions minister Steve Webb talks to us about defined ambition, the lessons he’s learned from international pensions systems, and why pendulums tend to swing back.  Steve reflects on some subjects which are dear to our heart, including lessons he learnt from overseas, reflects on what he’s proud of and what he would go back in time to change, if he could. He tells us one important lesson he took from the Netherlands’ experience, which echoes a point last week’s guest Hans van Meerten made (spoiler alert: it’s about communication). We also talk about what’s going on in UK pensions today. Steve explains why he thinks post-retirement CDC could happen sooner than we think. He tells us where flex now, fix later came from and how it could work. Finally, we hear Steve’s verdict on the Pensions Investment Review. Many thanks!

This week, Mark and Louise speak to Professor Hans van Meerten about the Netherlands’ pension system. Hans is a lawyer and academic, specializing in EU and Dutch pensions law. We find out why the Netherlands is going through some big pension reforms, despite being top of the international league tables. From his legal perspective, Hans explains why he’s a critic of the current Dutch CDC model, the biggest problems in the system, and why he expects a lot of court cases down the line.  We also dive into China’s pension system briefly and Hans shares some fascinating insights into how that is developing. EU Pensions Law, edited by Professor Hans van Meerten and Professor Philip Bennett, is available here: https://www.e-elgar.com/shop/gbp/eu-pensions-law-9781802200218.html#:~:text='EU%20Pensions%20Law%20is%20an,pension%20novices%20and%20pension%20experts. It’s a great episode – hope you enjoy listening!

Jerry Moriarty is the outgoing CEO of the Irish Association of Pension Funds. In this episode, we chat about how Ireland’s pensions system is evolving, the similarities and differences between the Irish and UK pension systems, and the feature of the Irish pensions system that Mark and Louise most envy. We hear an update on how auto-enrolment is going in Ireland and the consolidation which is happening as a result. What did Ireland learn from the UK’s recent experience? How are members’ pension contributions being invested? What aspect of Ireland’s pension system is Jerry proudest of? And if he had a time machine, what would he go back and change?

This week on the podcast, we chat to Paul Watson about the Australian superannuation system. Paul has spent years as a senior executive in the superannuation fund world, most recently at Hostplus, one of Australia’s largest supers.We learn how the value for money debate has been ‘run and won’ in Australia, how Aussie superfunds got to grips with investing in private markets and why the Aussies are moving in the opposite direction to the Brits when it comes to retirement decision-making. Paul also offers his advice to UK policymakers as the Pensions Investment Review moves forward. Paul stresses to us that Australia’s pension system isn’t perfect, either. He tells us the one thing he would change if he were pensions minister for a day, why the Brits are arguably doing engagement better than the Aussies and offers us some great advice. We so enjoyed exchanging notes with Paul – and we hope you learn as much as we did from the conversation.

Welcome to a brand new season of Changing World, New Opportunities! This season, we’re chatting to international policymakers and pensions experts about their DC systems. What are the challenges? What would they change about it? And – crucially – what can we learn in the UK?Diane Maxwell kicks off the season with a bang. The former retirement commissioner for New Zealand gives us the lowdown on the country’s pensions system, the flipside of consumer engagement, how retirement works and the crucial differences between the UK and New Zealand’s tax systems – as well as the key lessons she’d pass on to UK policymakers.

This week’s guest is Tim Orton, CIO at Aegon. We enjoyed chatting about how making the world better for his grandchildren feeds into Tim’s passion for combatting climate change. 2022 caused him to think differently about diversification, risk and members’ journeys. Plus, Tim tells us why Aegon signed the Mansion House Compact. Enjoy the episode!

This week, Lorna and Louise really enjoyed talking to Naomi Clark, head of investment product management at USS. We find out about Naomi's long and winding road into pensions - from an English degree, via a start in shipping, to where she is today.Naomi tells us about a bumpy start to USS' private markets journey and shares the reason why USS hasn't signed the Mansion House Compact.Please note these are Naomi’s personal framings of USS’ formal positions.

This week, we had a great chat with Liz Fernando, CIO of Nest. We learn about why her time as a smaller companies analyst was a great training ground, why shorthand can be dangerous in investment, and what keeps Liz awake at night - where she gives us possibly the most poignant answer of the series so far. Happy listening!

This week, Lorna and Louise chat to James Lawrence, head of investment proposition at Smart Pension. James shares a snapshot of what's on his agenda, as well as what he thinks the secret to engagement might be.We overcame numerous technology failures to record this episode - and we hope you agree that it's a great one!

On the podcast this week, we chat to Emma Matthews, head of investment at NOW: Pensions. We find out about Emma's career path and how it's given her a different perspective on the member experience of investment. Plus, what's on NOW: Pensions' agenda right now? And what's keeping Emma awake at night?