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Edition 50 | August 2023www.pensions-pmi.org.uk‘Talking ’bout DC generation’Are you currently recruiting? Advertise your jobs withwww.pensioncareers.co.ukIn the hot seat with Gareth TancredEngagement in a DC worldThe biggest DB announcement of the decade

Trustee Spotlight In the hot seat with Gareth Tancred2ISSUE 50with Gareth TancredIn the

Trustee SpotlightIn the hot seat with Gareth TancredJason King: How did you find yourself in the pensions industry?“I'm an accountant by profession, with a typical accountancy background. I got my qualifications, became a department manager, then a financial controller, then I got my first FD role when I was in my mid-thirties. Gareth Tancred: The organisation I was in at the time had a Defined Benefit problem, so my introduction to pensions was essentially a realisation that they weren't as easy as they should be. A bit later I also held a short role as a trustee, and I always found myself thinking, ‘how do we solve this issue?’ That was quite dicult for me because I was the new kid on the block. A lot of the things that came up in meetings were just going way over my head. But that role gave me a far greater insight into how the industry worked.One day, the phone rang with an opportunity to join a professional body. I went in as Chief Operating Ocer, which I did for a couple of years. Then, the Chief Executive left, and the board asked me if I’d like to take over, so I did. After five years, I’d delivered my strategic plan, the institute was in a lot better shape, and I decided it was time to consider what was next. So, seven years ago, I joined the PMI.With summer around the corner, PMI CEO Gareth Tancred delivers some early heat in this special extended edition of in the hot seatJK: Tell us a bit about Gareth TancredGT: I’ve been married for 37 years this year, I have three grown up children, one of whom has their own child, so I’m a grandfather as well. I mentioned my traditional accountancy background, but I was never happy with just being an accountant, I’ve always thought to myself ‘how can I get behind that, how can I help the organisation improve?’ “I was that annoying child who was always taking things apart trying to improve them. I was modifying the spokes of my bike, trying to make it sound like a racing car or motorbike, for example. That mentality followed me into my career. In some of the organisations I worked with I got a great deal of satisfaction from just walking around and talking to people in factories and such, trying to identify what challenges people face in real-time and working out how to solve them.I’ve found that mindset of looking for constant improvement has really helped me get to where I am today.I think a big part of me is just looking for new angles on things. I’m a little bit of a geek if I’m honest; I have a drone, and ‘ve been doing a home automation project for the past 2 years, trying to automate pretty much everything.I had a phase where I was into photography, and I guess the drone was an extension of that. I suppose my hobbies also reflect that sense of trying to see things from another perspective and get them to work better.h t seat3ISSUE 50

JK: What do you think is the biggest challenge the industry faces today?GT: It’s dicult to pick one single challenge, because there are so many. Clearly, a big one is getting the Dashboard across the line.In many respects, the pensions industry is a little bit behind the curve in comparison to other areas in financial services. Banking and investment apps have made information such as balance and transaction history immediately accessible to consumers for some time. The pensions industry really should have got to grips with oering that level of access by now, but we’re getting there.Even when we do get the dashboard to this first phase, you still won’t really be able to do that much with it. It’s really the next phase on from that where possibilities will truly start to open up.JK: So, it will still be advisor driven, rather than being fully automated?GT: Yes, exactly. And whilst you can find out what your pensions are worth, you’ve either got to go through emails or various bits of paper to try and work it all out yourself. The majority of people in the industry are financially literate and able to do that.But the general population are less likely to, even though keeping track of your balance is extremely important. As an industry, we’re only just getting to the stage where we’re able to give people that information in a clearer, more accessible way.Another challenge is that the industry is changing less quickly than society. Nowadays, where there are two spouses, both are typically earning an income, but they have childcare costs to consider. More people are self-employed or freelancing, particularly after the rise of the gig economy.People also stay at jobs for much shorter periods, so you’ve got lots of little pots everywhere. Pensions provision must try to combine all of that. JK: Would you say that dashboards can be part of that solution?GT: I think so, “dashboards should help to open up a more sensible dialogue about pensions, providing a gateway to improving financial literacy and engagement. As a society we don’t like paying for advice. We think that we know the answers, which is one of the reasons why people get into all sorts of trouble, because they don’t want to pay a solicitor or similar. But we do now have more flexibility of choices, and more diverse retirement outlooks, and we need to make sure that people are aware that they can lose a lot very quickly if they don’t know what they’re doing.The dashboard can also help us to communicate these kinds of messages.JK: Do you see PMI as being in a position to push the industry into keeping up with society?GT: I think there is a role for organisations like ours, working with other, similar bodies to help the industry. We do that through some of our thought leadership and conference agendas, and the insights we provide.We pride ourselves in championing the collaborative energy that provides the right solutions for consumers. Realistically, we’ll never have enough scale as a professional body to be able to be consumer facing, but we can help those firms who are consumer facing cope with the everyday issues, concerns and changes in society as they come along.4Trustee Spotlight In the hot seat with Gareth TancredISSUE 50

JK: As a self-professed tech geek, are you excited and/or worried about the emergence of AI?GT: It’s a little bit of both. We have used it within the organisation in strategic planning sessions. We were looking at market demographics and stu like that, and we found it very helpful as a research tool.It does currently come with a few health warnings. For example, the dataset isn’t always up to date. But if you work around some of those health warnings, I think AI could really help, and our organisation could definitely use it more.Having said that, “with every invention, somebody will find a nefarious use for it. Scams in the pensions industry are already huge, so AI worries us in that respect. If you can get ChatGPT to write a script, and another sophisticated AI to put a realistic face and voice to it, you could very easily create a very convincing scam. And, as the pots are so big in pensions, scammers would only need to succeed a few times.We’re also concerned about the implications it could have on jobs. Automation has been around for a while – the motor industry has had robots for decades – but we're now at a stage where artificial intelligence is able to think for itself, make decisions by itself, which makes jobs in the financial services more precarious. We also have to make sure people aren't using AI to get an unfair advantage over other students in exams, as the answers it generates can be pretty convincing. We put this to the test by having our Director of Lifelong Learning, Keith Hoodless write questions, and our policy director and tutor, Tim Middleton, come up with a model answer. Then we asked ChatGPT to come up with an answer, and it would have scored highly. That's a problem, because we're trying to test someone’s application of knowledge, not their ability to go to a machine and find the answer.JK: In terms of the modernisation, you’ve already moved the PMI brand on so far. What’s next?GT: Well, we have a five-pillar strategy. The first pillar is taking what we already have and simplifying it for growth. Historically, we've had quite a complicated and convoluted exam structure and more membership grades than most professional bodies. Some of those grades were related to the exams you took, meaning you'd find yourself at a dead end. We've re-engineered all of that, launching what we call Pathways in April. Pathways doesn't just favour one particular section of the industry, so regardless of where you are or what you want to do there will now be a far more inclusive way to get to your associateship or fellowship.Our member grade structure has also been simplified to make it easier for people to follow, and there’s still more simplification that we plan to do.Pillars two and three are about new products and services, and we'll be making some announcements on those later in the year. What I can tell you now is that we’ve got some new ideas that will help learners, members and corporate partners.The fourth pillar is about markets. We've been looking at geographical and demographical markets, and we want to do more to try and help people come into the profession.Lastly, pillar five is about understanding who we are, what our purpose is now, and redefining our purpose for the future, and that will come with a bit of a new look and feel as well.Simultaneously, we need to look at our governance, how we operate, and make sure that we're working as eectively as possible. Continued on page 26.5Trustee SpotlightIn the hot seat with Gareth TancredISSUE 50

Contents August 2023Contents Issue 50 | August 2023 6ISSUE 50Insight Partner Articles16Bridging the Gap: Navigating Post-Retirement Challenges in Defined Contribution (“DC”) SchemesSchroder Solutions’ Britt Homan-Jones sheds light on the consequences of September 2022’s movements in gilt yields for DC members.24What role can language play in helping Generation DC pension scheme members contribute the right amount for them?Mary Cahani and Stephen Messenger ponder the power language can have in ensuring appropriate contributions.18Pension communications: is it plain sailing or leaving members all at sea?Barnett Waddingham’s Steph Gold assesses how better communication can lead to deeper pensions engagement.22Engagement in a DC worldSharon Bellingham, Master Trust Lead at Scottish Widows, interrogates the challenges posed by diering engagement needs.EPMI Column44Belonging in the Pensions industryDalrida Trustees Limited’s Sarah Brennan describes her 20-year journey in the pensions industry.45The journey continuesPaul Jayson EPMI explains why he’s always considered himself an unusual actuary, and describes the power of untangling complex problems.20Financial guidance for the DC GenerationSackers associate Andrew Harper navigates the myriad of dierent decisions today’s generation of pension savers are faced with.PMI News PMI Activities14PMI Student essay winnerRead Quantum Advisory LLP Senior Pensions Administrator James Turner’s competition winning essay.28Summary of the first Pulse survey 2023PMI’s Tim Middleton dives into the data and discoveries from our first ever Pulse survey.02In the hot seat with Gareth TancredPMI CEO Gareth Tancred takes his place in the heat for this feature length edition of In the hot seat.

ContentsAugust 20237ISSUE 5032The biggest defined benefit (DB) announcement of the decadeACMCA Ltd director Allan Martin follows the Ministerial Statement made in March 2023.34How Collective Defined Contribution schemes can work for individuals and the economyNdapt partner Matthew Eyton-Jones places the complicated future of DC schemes under the microscope.36A new agepathy: to adopt a retireeDr. Nickolai Slavchev asks what more society, and pensions, could be doing to protect the elderly.38DB Scheme Funding: Some Empirical Results and ConsiderationsIain Clacher and Con Keating report on the collected funding ratios of DB schemes since December 2022.EPMI Column4413PMI EventsListing the latest upcoming PMI Events.50Pension ConundrumOur regular pensions puzzle.52Service ProvidersA comprehensive directory of PMI services.56AppointmentsAn overview of openings and career opportunities in the pensions industry.ContactsHead oceDevonshire House, 6th Floor, 9 Appold Street, London, EC2A 2APMembership: +44 (0) 20 7247 1452membership@pensions-pmi.org.ukLearning and qualifications: +44 (0) 20 7247 1452PMIQualifications@pensions-pmi.org.ukCommercial development: +44 (0) 20 7247 1452sales@pensions-pmi.org.ukFinance: +44 (0) 20 7247 1452accounts@pensions-pmi.org.ukEditorial: +44 (0) 20 7247 1452marketing@pensions-pmi.org.ukFeature ArticlesPMI Update11Regional newsA breakdown of the latest news and notifications from across the PMI’s regional groups.08Membership updateA comprehensive breakdown of PMI Membership grades and programmes.

8Membership updateMembership RenewalYour 2023-2024 membership becomes due on 1st September 2023. Renewal notifications have been sent out to all student, professional (ProfPMI), Associate (APMI), and Fellow (FPMI) members. If you have not received your invoice please contact us at membership@pensions-pmi.org.ukPMI Membership Fees 23/24Continuing Professional Development (CPD) non-completersFellows and Associates are reminded that their 2022 CPD becomes due on 1st January 2023. Meeting the PMI CPD requirement is compulsory (except where retired/non-working). Under our CPD Scheme, PMI members are required to record at least 25 hours during the year. Please log on to your member portal and update your CPD record.Failure to have completed the required CPD for three consecutive years (without having notified the PMI of any extenuating circumstances) will result in your membership being downgraded and you will lose your entitlement to exclusive APMI and FPMI member benefits such as the use of your designations, voting rights and opportunity to be elected to PMI’s governing structures. We strongly urge all our APMI and FPMI members to use our online CPD recording tool available through the My PMI member portal. If you wish to record a self-declaration for CPD completed under the auspices of another professional institute, please download the self-declaration form from here and return this to membership@pensions-pmi.org.ukCIPP Affiliate MembershipKnow of a colleague with both Pension and Payroll-specific duties? We have partnered with the Chartered Institute of Payroll Professionals (CIPP) to deliver enhanced value for members from both institutes. The partnership will support those with payroll and pension functions in their role and help those wishing to expand their own professional understanding of both these areas.PMI benefits include:- • Digital copy of Pensions Aspects (PMI bi-monthly magazine)• PMI Technical News (technical supplements)• Pension-specific collateral• Discounted rates for PMI training courses and events. See here for a full list. • Access to PMI webinars• Access to PMI Regional groups• Opportunity to join PMI’s Mentoring and Development Programme• HMCA member discounts• Access to Pension Careers – Online job board Your membership,what's happening?Membership Category Fees 2023/24Student £178Professional £255Associate £385Fellow £475Retired/Non-Working £75Membership update Your membership, what's happening?ISSUE 50

Membership updateYour membership, what's happening?9CIPP benefits include:-• Access to CIPP Advisory Service – 12 enquiries per year• Online Professional in Payroll, Pensions and Reward magazine• Discounted rates on CIPP events. See here for a full list.• Discounted rates on CIPP training courses. See here for a full list. • Payroll-specific collateral• Networking opportunities on CIPP’s Specialist Interest Group• Access to CIPP’s payroll jobs board• Free attendance at online BeKnowledgeable webinarsGet in touch with the membership team for more details at membership@pensions-pmi.org.ukCongratulations to all our recent upgraders We are pleased to announce that the following members are now entitled to use the designatory initials “ProfPMI”.We are pleased to announce that the following member has been upgraded to Associate and can use the designatory initial “APMI”.Robert JenkinsonStefanie IvesGareth OrrKimiya FarjadifarEmily CainesPhillip ShurmerCatherine Laycock Nilesh HiraniTroy FinchDaniel CurtisVeneta PetrovaParesh PandyaCharlotte Hart Rachael IleyZoe ChengRebecca FearnleyCatherine FitzgeraldAnna GrinNicola NeversLauren NealPaula KingLorraine GoodisonJayne SandersonClaire GoddardEmma GeorgeCarl HaguePorsche McLaughlanISSUE 50

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London Regional Group UpdateThe PMI London Group hopes all our members are having an enjoyable summer!We held a successful business meeting in May, where we were delighted to welcome Kerrin Rosenberg (CEO, Cardano Investment), Alasdair Macdonald (Head of Investment Strategy UK, WTW) and Donny Hay (Director, IC Select) to discuss the LDI liquidity crisis. Jonathan Gilmour (Partner, Travers Smith LLP) chaired an interesting and thought-provoking debate. The London Group would like to thank our guests for their insights and Travers Smith LLP for their hospitality in hosting the event. It was really nice to see so many of our members after the business meeting for networking over drinks and nibbles!At the time of writing we’re busy preparing for our Annual General Meeting in June. We’re really looking forward to welcoming Sir Steve Webb (Partner, LCP) who will be speaking with Amanda Burden (Board Director, Pi Partnership Group) for a "fireside chat" that will delve into the many challenges that currently face the pensions industry and opportunities for the future. The London Group would like to thank Aon for their hospitality in hosting our AGM.Remember to keep an eye out for details of our upcoming social events and business meetings via the PMI London Group LinkedIn Group.Martin Lacey Communications, PMI London Regional Group11PMI Regional Group NewsISSUE 50Regional NewsLondon Regional Group Update

Regional News Southwest Regional Group12The PMI Southwest Regional Dinner will be held on Thursday 7 September, Harbour Hotel, 53-55 Corn Street, Bristol, BS1 1HT.Tickets cost £60 and a £5 donation will be made to Age UK, our chosen charity, for each ticket sold. Please book your individual place, half table of 5 or table of 10 via Eventbrite: https://pmi-south-west-dinner-2023.eventbrite.co.ukISSUE 50Katie Lambert Communications, PMI Southwest Regional GroupPMI Regional Group NewsSouthwest Regional Group Update

The view ahead for PMI Events 2023PMI is hosting a range of pensions-industry-leading events for 2023. With industry specialists delivering the best insights and knowledge to flagship events such as The Pinnacle Awards, excellent networking opportunities and extensive partner exhibition and sponsorship packages. For further details please select from the list below or see pensions-pmi.org.uk/events for the full programme.4 October 2023 PensTech & Admin Summit (virtual)12 Oct 2023 Retirement Matters Training Taster Session2 Nov 2023 Trustee Workbench23 Nov 2023 The Pinnacle Awards7 Dec 2023 ESG and Climate Summit18 - 19 Sept 2023 Introduction to Pensions (Basic)20 - 21 Sept 2023 Introduction to Pensions (Advanced)25 - 27 Sept 2023 Secretary to the Trustee (Basic)28 - 29 Sept 2023 Secretary to the Trustee (Advanced)PMI EventsEventsPMI EventsISSUE 5013

PMI 9th student essay competition winner14PMI NewsIn addition to policy mandated by government, what can the pensions industry do to make a real difference in the battle against climate change?James Turner Senior Pensions Administrator, Quantum Advisory LLPIntroductionClimate change! The threat to our way of life and perhaps very existence. The greatest danger to humanity (with the possible exception of the war in Ukraine) since the end of hostilities in 1945. It is something that none of us can escape or ignore, both personally and professionally. In fact, it can be argued that the pensions industry is aected by climate change more than most, both in the potential impact but also in the ability to tackle the problem.Pensions are all about the future, and the impact of climate change is likely to only get worse as time goes on if we do not step up to stop it. However, the largest asset that most people own is their pension (with the possible exception of their property) and thus the industry as a whole has a unique amount of power to aect policy and outcome, given the enormous assets for which it is custodian. The following explores just a few of the ways in which this change could be brought about.Pension industry working practicesThe first and perhaps most obvious way the pensions industry can help to tackle climate change is to adapt its working practices towards greener policies. This is by no means limited to the pensions industry, but for pension-orientated companies that tend to hire a medium to large-scale workforce (with some of the larger insurance firms employing thousands of sta), their contribution can make a dierence.COVID-19 started a trend of moving towards a less oce-based working environment, which has almost certainly had large positive environmental impacts. Working from home means fewer journeys to and from the workplace, less need to heat or, in the much less likely scenario of the UK having warm weather, keep cool large oce spaces and a move to paperless working (i.e. almost everything being kept on internal computer systems without the need to print forests of paper) are just a few examples of this positive environmental change. If pension firms can continue with the change and even improve on it (for example by encouraging cycle-to-work schemes or car-sharing arrangements when it is necessary to travel to the oce) an important step towards fighting climate change will have been taken.Also, there is an opportunity for the pensions industry to alter the way it meets disclosure requirements when it comes to scheme member communications. Many communications are still sent as bulk postal deliveries, simply because this is how it has always been done. However, if the method of sending was switched to electronic communication via email or the internet, it would save not only the paper/printing environmental cost but also the pollution produced from the delivery vehicles needed to send physical copies. Changes can also be made by greater use of electronic signatures (for example for investment instructions) and removing the need for scheme members to sign forms when possible. Naturally, a balance must be struck between environmental concerns and member security. It would also be necessary to ensure members who could not access electronic communications could still receive postal copies. However, with technology’s ever increaseing reach into our lives, fewer and fewer people are dependent on such communication methods.1Sponsored BySponsored By1 Forbes website: https://www.forbes.com/sites/forbestechcouncil/2021/05/11/the-sustainable-impact-of-a-paperless-oce/?sh=71b33a5910952 ONS website: https://www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/fundedoccupationalpensionschemesintheuk/julytoseptember20223Pension Age website: https://www.pensionsage.com/pa/Green-pension-21x-more-eective-than-common-climate-eorts-combined.php4 FCA website: https://www.fca.org.uk/data/retirement-income-market-data-2021-22#keyISSUE 50PMI 9th student essay competition winnerITM Student EssayCompetition 2023

15ESG investing (part 1) – greater use of positive screeningEnvironmental, social and governance (ESG) has been a cornerstone of the pension industry (especially the investment aspect) for quite some time. In 2019, scheme trustees were first required to state their ESG considerations in their statement of investment principles, and the ESG consideration requirements have only increased since. This is of particular importance, as according to the ONS the market value of defined benefit and hybrid pension scheme was c.£1.45 trillion on 30 June 2022. This is a sizable market share in itself, but when it is considered that these types of pension scheme now account for less of the total industry share than in the past (with defined contribution pension schemes becoming the norm for most occupational and all private pensions), the assets under the management of the whole pensions industry are enormous and growing. As such, the pensions industry can command considerable influence in this area.There is a considerable push towards ‘negative’ screening when it comes to investment opportunities (i.e. taking steps to remove shares in companies, for example that actively do harm and fail ESG criteria by causing too much pollution, from portfolios). However, a greater impact could be achieved by encouraging more ‘positive’ screening, whereby scheme trustees and their investment advisers actively seek ESG-friendly investment opportunities.The positive environmental impact of such a strategy could be limitless. Greater investment in companies that promote action against climate change would naturally help the environmental cause by increasing the assets/funding available to such companies. In itself this would be useful but money has a way of attracting money. As such, initial investments by scheme trustees adopting ‘positive’ screening will surely encourage other investors to put their money in such assets. All that is needed are a few trend-setters to start.2ESG investment (part 2) – invest where it will make a differenceIt is sometimes perhaps a forgotten fact when it comes to pension investments, where the main goal is (and should be of course) the achievement of strong and sustainable growth for scheme members, that there is huge potential for the recipients of the investments (i.e. the companies into which pension investments purchase shares/stakes).Many pension investment strategies are centred around medium to large companies in developed economies such as the US or Europe. However, there could be massive benefits if scheme members had more opportunity to invest in smaller and developing economies to allow some of the capital to help meet their growth needs. Pension investments used to build cleaner power stations (as one example) in the developing world would have obvious environmental advantages and could potentially lead to larger returns given the increased perceived risk of the investment.Once started, the process would have a compounding eect, as these countries would become richer and naturally move towards greener policies and practices. This has been the trend ever since the industrial revolution; as a nation increases its wealth, it becomes more environmentally friendly both because it can better aord to do so and because its population demands it to improve their standard of living. In addition, there is strong evidence that ESG and sustainable investing practices are what scheme members want and expect.3Annuity providers and annuitant lifestyle choicesAlthough the annuity has somewhat fallen in popularity since the introduction of Pension Freedoms in 2015, a large number of annuities continue to be purchased, with over 68,500 being secured in 2021/22. This may well increase in the short term due to favourable market factors (such as higher interest rates).It is well established that annuity providers will oer better rates based on lifestyle choices but these have traditionally been based on poor health/lifestyle circumstances. If annuity providers could be persuaded to oer higher income for a person who makes positive environmental choices (such as opting for walking over driving when possible), then Adam Smith’s ‘invisible hand’ could gently guide retirees into helping combat climate change. The diculty with this policy would be making it worthwhile and profitable for the annuity providers. However, many companies make decisions based on environmental considerations, so they benefit from positive public perception of these actions. This might be possible in the annuity sector and might be a key deciding factor in a person’s decision to purchase an annuity with one particular provider over another.4ConclusionClimate change is a problem that aects us all, and the pensions industry is no exception. There are many ways in which the industry can make a dierence to the fight against climate change, of which only a few have been explored here. They vary from basic changes in the way companies involved in the industry operate and communicate with their scheme members, to larger changes in the industry’s arguably most powerful tool when it comes to influencing policy: the investment market.The key to eecting large-scale change in the medium to long term will be to gently nudge people’s behaviours and attitudes and to educate them in the positives that their pension (particularly its investments) can have for the environment. The industry as a whole will also need to learn these lessons and take actions in addition to those that government and regulatory bodies mandate. Otherwise, it may well soon be too late and the fight against climate change could be lost forever.PMI NewsPMI 9th student essay competition winnerISSUE 50

16Insight Partner ArticleBridging the Gap: Navigating Post-Retirement Challenges in Defined Contribution (“DC”) SchemesBritt Hoffman-Jones Head of Master Trust, Schroders SolutionsInsight Partner Article Bridging the Gap: Navigating Post-Retirement Challenges in Defined Contribution (“DC”) SchemesSeptember 2022 will go down etched in memory given the significant movements in gilt yields. There was a great deal of attention on the impact this had on Defined Benefit (“DB”) schemes, and in particular a focus on Liability Driven Investments (“LDI”). Following these events several industry bodies have been lobbying to receive a complete picture of the types of investments used in DB schemes. The consequences for DC members during this period, however, has not garnered similar attention, nor has it resulted in the same level of industry ’call to action’. A member retiring from a DC scheme in early October 2022 will have experienced significant volatility and potentially crystalised a loss at the point of retirement. This emphasises the need to better align the retirement journey, creating a stronger bridge that connects members from pre-retirement to post-retirement.The impact of crystallisation at retirementIn DC schemes, the single most important decision is still made by members when their pot is at its largest, and seemingly where they may have the least support – at the point of retirement. The point of crystallisation involves converting accumulated pension savings into a retirement income stream. A member typically achieves this by taking a cash lump sum, purchasing an annuity, or entering some form of drawdown arrangement. One key risk associated with crystallisation is the timing of the decision. Pension savings can be subject to market volatility, and if individuals are forced to crystallise their pots during a market downturn, it can have a detrimental eect on their retirement income. 1 Source: Schroders Solutions. For illustrative purposes only.ISSUE 50

Insight Partner Article17ISSUE 49Bridging the Gap: Navigating Post-Retirement Challenges in Defined Contribution (“DC”) SchemesISSUE 50Aligning the pre-retirement strategy with a post-retirement bolt-onAligning the pre-retirement strategy with a post-retirement bolt-on addresses the challenges and risks associated with crystallisation at retirement. This approach oers several benefits:1 Re-registration of units to remove out of market risk: As the strategies are fully aligned, it does not require the need to “sell and buy units” and instead a process can be adopted that removes all out of market exposure, and importantly the “cli edge” point of crystallisation. 2 Comprehensive retirement planning: By incorporating the post-retirement solution into the overall retirement strategy, individuals can engage in comprehensive retirement planning. This involves considering both the accumulation and decumulation phases of their pension savings, allowing them to make informed decisions about contributions, investment choices and risk. 3 Access to enhanced benefits: Integrating a post-retirement bolt-on within a Master Trust oers access to a broader range of benefits and services beyond traditional retirement income solutions. These benefits can include engagement apps, interactive tools, and educational resources that empower individuals to make more informed decisions. 4 Cost eciency: Aligning the pre-retirement strategy with a post-retirement bolt-on allows individuals to benefit from cost eciencies and economies of scale. Members can continue to benefit from cost savings received in pre-retirement into their post-retirement strategy. This cost eciency maximises the value of individuals' retirement savings and has the potential to improve retirement outcomes.5 Improved member engagement: The alignment of pre-retirement and post-retirement strategies oers an opportunity to enhance member engagement throughout the retirement journey, allowing members to better recognise and understand their investments. This can be built on further by utilising technology-enabled solutions, which can encourage greater personalisation, encouraging active participation, promoting financial education, and empowering individuals to take control of their financial wellbeing.Removing the ’cli edge’ of crystallisation associated with DC at the point of retirement is crucial for better serving the aspirations of DC scheme members. By bridging the gap and addressing post-retirement challenges, members can achieve a more secure and fulfilling journey, laying great foundations to build on personalisation. The industry must focus on providing innovative solutions, supported by regulatory changes, to empower individuals to navigate the complexities of managing their accumulated wealth, of which workplace DC will be a significant contributor.Important noticeThe material is not intended to provide, and should not be relied on for accounting, legal or tax advice, or investment recommendations. Any reference to sectors/ countries/ stocks/ securities are for illustrative purposes only and not a recommendation to buy or sell any financial instrument/ securities or adopt any investment strategy. The views and opinions contained herein are those of the individual to whom it is attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. No Schroders entity accepts any liability for any error or omission in this material or for any resulting loss or damage (whether direct, indirect, consequential or otherwise). The value of investments and any income generated may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested. Past performance is not a guide to future performance. Changes in exchange rates may have an adverse eect on the value, price, or income of investments.This document has been issued in June 2023 by Schroders Solutions, a division of Schroders IS Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (Firm Reference No. 195028; registered in England and Wales No. 03359127) and is a subsidiary of Schroders PLC (registered in England and Wales No. 03909886), with its registered oce at 1 London Wall Place, London, England, EC2Y 5AU.For illustration, let’s consider a member with a c.£300,000 retirement pot as of 30 June 2022 invested 30% in equities, 35% in fixed income and 25% in cash. If this member crystallised their pension pot on 11 October 2022, they would have incurred a loss of c.£15,000. Whereas if the same member remained invested until February 2023, they would have achieved a gain of c.£10,000 from their 30 June 2022 value. The impact of this timing would have resulted in a dierence of £25,000 for the member.1 This further highlights the impact decisions at-retirement can have on member outcomes, particularly when volatile market events can lead to little time for members to make up losses. Of course, there are alternative options available to members, such as purchasing an annuity. Whilst providing a guaranteed income for life, this may not oer the flexibility or potential for growth that some retirees desire. This, combined with rates being unattractive over the past decade, created a perception that annuity rates oered poor value, causing individuals to be cautious about committing to this option. Although annuity rates have significantly improved over the last 18 months, the perception of poor value remains well-established with members.To address this challenge, at Schroders Solutions we are working closely with several pension schemes to create a post-retirement solution through a Master Trust. This solution removes the point of crystallisation for members at retirement. To achieve this, we align the pre-and post investment strategy, creating a mirror of the investment strategy that members invest in as they approach their target retirement age within the Master Trust.

18Pension communications: is it plain sailing or leaving members all at sea?Getting members on boardMember engagement - it’s a phrase we’re hearing more and more when it comes to communicating about pensions. This is probably because a communication shouldn’t just be telling members important information we think they should hear, it should be about increasing their interaction and gaining feedback so they feel involved. No longer can the industry simply throw members in at the deep end and hope they can swim. We need to give them the tools to navigate their journey to retirement, keeping them informed and engaged along the way. It’s a two-way process, not a one-way channel. So, what does eective engagement look like? First and foremost, it should lead to members taking positive action. Whether that’s a member making decisions for their here and now or planning for their future, eective engagement doesn’t just happen. Secondly, it needs to be accessible for everyone, accommodating all member’s needs. This includes (but isn’t exclusive to) members with low levels of numeracy or literacy skills, those who are visually impaired and those deemed vulnerable by the Financial Conduct Authority’s (FCA) new Consumer Duty. All hands on deckPensions are essentially a long-term investment vessel and must be treated accordingly. But those involved in the industry know how challenging it is to make sure members understand and value their pension, and are engaged in planning for their retirement. We need to have clear, pro-active and involving communications throughout each stage of a member’s journey to retirement, providing relevant information they can actually understand.At DrumRoll, we believe eective communication starts with a seamless marriage of engaging copy and design. It must be straightforward and you guessed it - accessible and inclusive to everyone.. It’s simple - well-informed and engaged members take responsibility and make better decisions.Consideration needs to be given to a variety of mediums including written materials (generic and personalised), webinars, videos, face-to-face communications and digital solutions, such as email alerts and an online member/employee portal. Maintaining a balance between the digital world and the human touch is paramount. Steph Gold Principal and DrumRoll Lead Consultant, Barnett WaddinghamInsight Partner ArticleInsight Partner Article Pension communications: is it plain sailing or leaving members all at sea?ISSUE 50

19So how do we do this? • Make it really clear what the purpose of the communication is, with the key message front and centre on the first page.• Keep the introduction short, friendly and reassuring so the member is more likely to read on!• Provide clear instruction on what the member needs to do next, with navigation (signposting) on where to get more help. • More detailed information is separated out in guides so they can cherry-pick the relevant information they need, with more generic information in simple, well-designed flyers. • Incorporate a range of design elements to complement these principles including clear visual signposting, wider margins for device readers, single columns where possible, left-aligned justified text and carefully chosen font styles to name a few.Communications should be designed to be adaptable, so if there are specific requirements for larger fonts, colour theme changes or alternative formats this can be accommodated. Include various means for members to provide feedback, actively encouraging and promoting it. Finding out what works and what doesn’t only aids in further driving engagement.Rocking the boatWe need to be aware that dierent individuals have vastly dierent approaches to retirement planning. For each member that takes a proactive and curious approach to their pension, there will be many others who are uncertain, uninterested or completely unaware of their benefits. It’s entirely possible that without encouragement, members will only consider their pension needs at the very brink of retirement – too close to the storm, when it might be too late to make the necessary provision required for a secure and happy retirement. Think more desert island than island paradise.Providing eective messaging to a diverse group of individuals can only be accomplished by a high standard of accessible and inclusive communications. These individuals will be at dierent stages in their lives and will have diering interest levels in pensions, so we need to tailor our messaging accordingly. You can do this by identifying members by age cohort, gender and occupation, and then use the most appropriate tone/language and means of communication for that audience.It’s the duty of the trustees, working together with their ‘crew’ - administrators and other stakeholders - to make sure the information provided cements itself in a member’s consciousness. This will give them the greatest opportunity to understand the options available to them and, if necessary, take action going forwards.Sink or swimEvery member should know when and how they can access their pension and be suciently engaged throughout their journey. They should be well informed about which course might be best for them to navigate and, in line with the Stronger Nudge introduced by the Government and FCA, should know where to go if they need some guidance or advice. They should also be given opportunities to provide feedback, which in turn enables the industry to evolve and meet changing demands. Eective and engaging retirement journeys should be for everyone. Otherwise we risk leaving members high and dry, having received communications which are anything but shipshape.Find out more about Barnett Waddingham’s award-winning creative communications constultancy team, DrumRoll, at https://drumrollcreative.comInsight Partner ArticlePension communications: is it plain sailing or leaving members all at sea?ISSUE 50

20Insight Partner Article Financial guidance for the DC GenerationFinancial guidance for the DC GenerationQuestions like “how much should I contribute?”, “what funds should I invest in?”, “how should I withdraw my money in retirement?” and “do I need advice, and if so from whom?” weigh on the minds of those who want to achieve good retirement outcomes. Or worse – savers don’t know that these questions need to be thought about at all! Savers need help in understanding the issues they face when planning for retirement. Getting these questions right can have a substantial impact on someone’s financial wellbeing in retirement, and the consequences of getting it wrong land squarely on the individual. Despite increasing demand to do so, pensions and retirement planning are not yet taught in schools, and there is an overall dearth of mainstream education on pensions. At the same time, relying on pensions knowledge being passed down from family or shared in a social setting is an exercise in pot-luck, and taking independent advice can be expensive. This gap in knowledge has been acknowledged by regulators in recent years, but many people are still not armed with the knowledge they need to properly tackle these pension decisions. So what can employers, trustees and providers do to help their employees and members? Worried about “giving advice”?There is often a concern shared by trustees and employers that providing some kind of guidance might cause them to be inadvertently providing “advice” and fall foul of FCA regulations. This is not an un-warranted concern, as performing a regulated activity like providing regulated advice without FCA authorisation is a criminal oence.The FCA has acknowledged concerns around providing support to savers, without crossing into advice, and has committed to a review of the boundary between advice and guidance. However, in the meantime, there is a relatively clear line between the “advice” which cannot be provided, and “guidance” which any organisation can oer. The key is not to provide personalised recommendations, or any information which is tailored to an individual’s own circumstances and financial aims. Certain options should not be put forward as ”the right one”, nor should any particular product be promoted over others. Instead, the focus should be on giving factual information about general principles, like explaining dierent types of investments or dierent ways of accessing pension benefits. TPR and the FCA have issued joint guidance in recent years relating to how employers or trustees can provide support without crossing into giving advice. This guidance is a helpful starting point and indicates that these bodies consider that trustees and employers can be doing more to help. Defined contribution pensions are a minefield for savers. Today’s generation of pension savers are faced with myriad different decisions to make, often without any support. Andrew Harper Associate, SackersInsight Partner ArticleISSUE 50

21What about the risk of not doing anything at all?Whilst the provision of guidance rather than advice is a line to tread carefully, and there is no clear legal duty for trustees or employers to provide guidance, there are good reasons why employers / trustees might decide not to rest on their laurels. The legislative landscape has changed substantially towards a more paternalistic regime, with the introduction of automatic enrolment, the protective transfer conditions regime, and initiatives like the nudge to guidance. TPR is taking a similar stance, expecting DC trustees to provide additional context and materials with annual benefit statements. Looking at this path of change, there is a risk that simply oering access to pension saving may not be enough going forwards. From an employer perspective, the view could be taken that by not providing support they are allowing employees to sleep-walk into poor decisions. This could lead to reputational damage or complaints being raised which then have to be dealt with, particularly given the increased focus now on employee wellbeing, which includes their financial wellbeing. Start small and work from thereIn terms of what support to oer, a starting point is to simply signpost individuals to other forms of guidance which is already available, like the free and impartial services of Pension Wise or MaPS. Communications to pension scheme members, such as annual benefit statements, or employer communications like an employee-benefits website, could be updated to highlight these resources. Doing more than this can be a little more complex to put in place, requiring a process of due diligence, as well as a consideration of costs, and may require legal advice to ensure you don’t stray into giving advice. However, there remains a menu of dierent options, so organisations can pick what would be suitable for them. A step up from signposting guidance is to engage with a financial education provider who can provide slightly more targeted education. This could range from workshops for those still accumulating, robo-advice on an on-going basis, to one-to-one sessions at retirement. Other options include pointing people to a list of regulated advisers who can provide personalised advice, or selecting a regulated adviser, or a panel of them, to provide personalised advice. So, a range of options exist for helping employees and members to make better financial decisions about their futures, without going as far as giving “advice”. Providing a degree of additional guidance may require a little bit of bravery, but could make a big dierence to the DC generation.ISSUE 50Insight Partner ArticleFinancial guidance for the DC Generation

Engagement in a DC worldLiving in a household of three young digital native “Zoomers” (or “Gen Z”), I have hands-on experience of the challenges around engaging with an audience who see more of their phone screens than they do their family. My three Zoomers are already very dierent when it comes to attitudes to money and savings, with the spectrum ranging from frivolous spending all the way through to frugality. The influence of personality type is already apparent, as is the preferred method for receiving information – some of us prefer to use our mobile phones whilst others might prefer speaking to someone. This tells us that hyper-personalisation is key and inclusive design is at the heart of engagement and ensures diverse needs are met. Understanding Different Engagement Needs In our most recent Master Trust member survey, we found that 40% of our members have three or more pension pots, and 42% of our members think an online platform with all their pensions in one place would stimulate greater engagement. With the recent Pensions Dashboards update confirming a new connection deadline, we’re poised and ready for action and are excited by the opportunity dashboards provide through showing clear, simple and secure information about every type of pension in one place – this will rapidly transform retirement planning and overall pension engagement. Our survey also told us that for Gen Z and Millennial members seeing everything in one place was the most important thing to help them better connect with their pension, and will help them feel a greater sense of pension ownership.1 Being part of Lloyds Banking Group means that Lloyds, Halifax and Bank of Scotland customers can see their Scottish Widows pension alongside their bank account, and our data tells us that most of us look at our bank accounts twenty-six times a month (which is almost every day). So, this provides a significant opportunity to reimagine retirement savings as a ‘current account for your future’, alongside other financial products. 22Insight Partner ArticleInsight Partner Article Engagement in a DC worldSharon Bellingham Master Trust Lead, Scottish WidowsISSUE 501 According to research from Scottish Widows, Scottish Widows Master Trust Member Survey 2023.

Engagement in a DC worldAs a natural progression from Open Banking and the development of Dashboards, Open Finance will further revolutionise how people engage with their finances. AI will play a significant role in enhancing engagement by anticipating members’ needs and providing personalised communication and behavioural nudges, helping members make informed decisions and encourage thinking about long-term savings. And as people’s needs evolve throughout their lifetime, these solutions will naturally flex and adapt around their changing priorities. Consumer Duty, with its mandate for driving better understanding and outcomes for consumers, will also be a catalyst for positive change. There is, however, also a risk that it creates an engagement disparity in the industry and a two-tier pension communication landscape; not all pension products and schemes are in scope and even just considering the Master Trust market, some providers (such as Scottish Widows) are implementing the higher and clearer standards that Consumer Duty requires, whilst others are not required to. The Engagement Journey It’s important that employers, trustees and pension providers adapt to Generation DC’s needs in order to ensure the right balance when engaging with members about their retirement savings. Sensitively educating to enable savers to manage finances using new technology is key to helping members make informed decisions on what matters now, as well as future financial resilience. There remains, however, a significant place for in-person support, often delivered in the workplace; in our experience this continues to be incredibly popular and highly valued by members. We also have a fantastic opportunity to support younger generations, to help them to learn about finances – embedding a positive savings culture at an early age is an important early intervention and will help influence financial outcomes. My youngest Zoomer once posed a question to me, asking, “At school, why don’t they teach you how to pay for life?”, and it’s certainly a key point and something that’s even obvious to a much younger generation.The Money and Pensions Service (MaPS) have funded financial education in schools programmes. This, and other industry initiatives, including our own Lloyds Bank Academy, are examples of how we can empower young people with financial skills. But it’s clear that more is needed to integrate and firmly embed financial education across national curriculums. Helping people grasp the basic building blocks of pensions and investing is key – and to achieve this, we need a system that leaves nobody behind and supports people to be money-confident and prepare suciently for retirement. It’s clear that we have a considerable pensions engagement gap, where fear and detachment is the sentiment that many people have towards their retirement savings. But we have a huge opportunity, through data science and personalisation, to bring the ‘current account for your future’ to where people already are. We can connect using simple and inclusive language, that reflects where people are in their retirement journey.Engagement, however, is only step one. Once we have people’s attention, we need a laser focus on providing the seamless help members need to make informed decisions and to make the changes now that will be life-altering to their financial future.23Insight Partner ArticleEngagement in a DC worldISSUE 50

What role can language play in helping Generation DC pension scheme members contribute the right amount for them?Research conducted by Invesco, Nest Insight and language strategy experts maslansky + partners has helped identify some of the barriers to engagement with pensions, and understand howsimple changes to the language used to talk about saving could help scheme members overcome them. One of the reasons why pensions auto-enrolment has been successful is because at its heart it harnesses people’s inertia. Yet this same inertia is the thing that’s standing in the way of people engaging with their levels of saving.In our research, we looked at whether better use of language can help overcome some of the barriers that stand in people’s way when they try to consider their savings choices. We reviewed the language the industry uses to talk about the money people save, and the actions they can take, and tested dierent forms oflanguage that might help them navigate around these blocks and barriers. The aim of this is to identify practical approaches that can deliver positive behavioural outcomes for DC scheme members. The research questions we set out to answer were: 1. How do DC members understand pension contributions currently – what are the comprehension and awareness barriers toengagement and action? 2. How can language and message framing around contributions be better used to help improve the success of interventions designed to help people to save the right amount for them in retirement? We combined three dierent research methods - expert interviews, qualitative and quantitative research - and applied innovative methodologies including the use of Emotional Response dial technology.24Insight Partner ArticleStephen Messenger Head of UK Strategic Institutions, InvescoMary Cahani Director, UK Institutional, InvescoDC pension scheme language research – how we did itindustry expert interviews to identify perceived barriers to engagement, best practices and desirable outcomes8UK pension savers in four focus groups, to gauge responses to barriers and evolve the language that helps to overcome them33more UK pension savers surveyed to validate and quantify our learnings1,500The UK’s auto enrolment system is now well established. Millions more employees are contributing to workplace pensions. Yet engagement in retirement saving isas low as ever. For Generation DC, few have moved beyond thedefault contribution levels that were set for them by the government. To achieve financial security in later life many will need to contribute more than the minimum.Insight Partner Article What role can language play in helping Generation DC pension scheme members contribute the right amount for them?ISSUE 50

Plausible It might be tempting to try to motivate people to save by painting a picture of an aspirational future. Yet employees are resolutely pragmatic about retirement saving. Credible framing of the benefits of saving is more likely to connect than visions of a ‘dream’ retirement. ‘Financial security’ is more motivating than ‘financial independence’. The idea of ‘security’ is known to be an important part of financial wellbeing. It may also be particularly salient in a time of great uncertainty. Plain spokenTechnical language creates barriers to engagement. Plain-spoken alternatives attract more interest amongst pension scheme members. That said, the word ‘contribution’ seems to work for them, in spite of some negative connotations. Still, they need clear, plain-language explanations to understand what contributions are and how they work. Generation DC are also more interested in hearing about what they will get out than what they put in. And when it comes to retirement outcomes, it’s important to present these in terms of pounds-and-pence income, rather than talking about final pot values or percentages.Finally, we explored whether certain moments or methods of communication are more eective in boosting engagement and nudging people beyond the defaults. We found that milestones in the workplace and in personal finances appear to be more relevant than personal milestones. It was also noted that the pension provider is most expected and trusted to provide information to people. However, a significant proportion of employees seethis as the employer’s role, particularly younger workers.Next, we identified some foundational messages that can help fill common shortfalls inpeople’s knowledge and understanding: 1. ‘You can contribute more to your pension’ 2. ‘You can make a dierence to your financial security in later life by rethinking the amount you contribute to your pension’ 3. ‘Contributions you make when you are younger work harder for you’ We then explored a range of dierent versions of keymessages about contributing to a pension. By making granular comparisons between dierent approaches we were able to see big dierences in the level of comprehension and engagement that can be achieved by saying the same thing in adierent way. Our findings fit within a framework where communications should be Positive, Plausible, Plain spoken and Personal:Positive Positivity is a powerful tool in building engagement. It is also, perhaps, an under-used approach in communications about retirement saving. Too often, these can focus on what people are not doing or how they are missing out. For instance, messages about gains resonate more than those about avoiding loss. A ‘you can’ is more likely to engage than a ‘you should’. And messages that highlight the benefits of ‘free money’ and ‘growth’ are more powerful than those about contributing the right amount or taking responsibility. Personal Messages should be framed from the individual’s point of view, rather than the scheme’s or employer’s perspective. Messages that used the words ‘you’ and ‘yours’ are more engaging than messages that used the words ‘our’, ‘company’ or ‘members’. Language can be more powerful if it helps people recognise they are on a ‘default setting’ – and suggests they move from this by customising their retirement savings around their personal situations. 2 out of 5 didn’t know they can choose how much they pay into their pension1 in 3 think minimum contribution rates are a recommended level of savings2 in 3 said they have left their contributions at the default savings rate1 in 3 weren’t aware that their employer also pays into their pensionWhat are the barriers to engagement?POSITIVEIf you take action, you could be on track for a comfortable retirementPLAUSIBLEFinancial securityPLAIN SPOKENContributionsPERSONALCreate a personalised savings plan that fits with your vision of retirementIf you do not take action, you could be at risk of outliving your moneyFinancial independenceRetirement salary Investments SavingsCreate a savings plan that stays in line with how peers your age are savingMessages for changeIn line with the framework set out above, our research identifies that messaging around pensions should be ‘Positive, Plausible, Plain spoken and Personal’. For example:Key themes and findings We began by looking at the significant barriers DC scheme members face when they try to engage with their contributions. The automatic nature of enrolment, and the default contribution settings, have set up powerful anchors that bind people to the status quo. On the flip side, there is much that is o-putting about the nature of pensions information, including too much use of technical language and dicult concepts like percentages. The industry has also not always been good at answering the question ‘what’s in it for me?’ aroundengaging with contributions.Investment risksThe value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.Important informationThis press article is for Pensions Aspect Magazine only. Views and opinions are those of the authors and are based on current market conditions and are subject to change.Issued by Invesco Asset Management Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK. Authorised and regulated by the Financial Conduct Authority.25ISSUE 50Insight Partner ArticleWhat role can language play in helping Generation DC pension scheme members contribute the right amount for them?

JK: More generally, how would you describe your time as CEO of PMI?GT: “There's never a dull moment.Sometimes switching from one particular issue to another to another several times a day can be dicult, but that's part of the excitement.I suppose one of the challenges in professional bodies is having a very wide stakeholder base. You’re talking to many people on a day-to-day basis: your team, boards, committees, the council. There’s a journey that you all have to go on together. Then you've got your external stakeholders. There's a big industry out there with lots of organisations to talk to, and, of course, Westminster and the media. When I came to PMI, I could see a lot of opportunities, but bringing everyone along on that journey has taken a while. We're only just beginning to do some of the things that I would have wanted to do earlier.An example of that is the Pinnacle Awards, which is something that I wanted to do from day one. We weren't ready for it as an organisation at the time, but I'm glad that we're in the stage now where we were able to create something so special. It's very dierent from the other awards ceremonies in the industry, and we designed it that way, so it has that educational, informative, and prestigious.JK: Which of your achievements are you most proud of?GT: I'm really proud of the fact that we responded very quickly for our members and learners in COVID.There was a report recently that 2/3 of professional bodies like ours have lower income now than they did before COVID. 1/4 of them are facing going concern issues. We aren't.26with Gareth Tancredh t seatIn theContinued from page 5Trustee Spotlight In the hot seat with Gareth TancredISSUE 50

Like most companies, we had a bad year during the early part of the COVID pandemic. When the initial lockdown happened, we faced losing the Spring exams and a season of face-to-face events. Our strategy was to look at when members and learners needed, and how we could help them.“We had already been looking at putting our exams online, so we accelerated that. Within six weeks of the first lockdown, all our students were able to take their exams at home. From the first lockdown until the end of 2020, we also held around 120 webinars, providing plenty of opportunities for our members to get CPD, and some great channels for our corporate partners to get their insights out. We’d also lessened the requirements to get CPD, so it was a win-win for everybody. Post-pandemic, our membership has grown, we’re back to pre-pandemic student levels, and we have a much stronger balance sheet than we did even before COVID.“We bucked the trend to the point where organisations are asking us “how did you do that?” We’ve had regulators like OFQUAL – we're OFQUAL regulated – looking at us as a good example of how to come through COVID. The other point I'm really proud of is our Pathways programme. It's a very significant change to what we've done for the last 47 years. Before, people would come up to me at a conference and say “I just did this particular exam, what should I do next?” It would be so hard to answer that question because you'd have to understand all they’d done so far before you could give any advice as to what to do next. You'd have to say “well what is it that you're doing, what is the career path you've chosen and what are you hoping to get out of it?”It's now so much easier for people to follow a particular path. If they change their career, let's say they moved to a dierent company, that's fine. You can move from one pathway to another, take whatever non-common exams you need and press on to completion..It was a very collaborative process, and we spent a long time thinking it through. Our members had a large amount of input, we did several surveys to get the views of our members.“I was really proud when one or two of our stakeholders told me this is the best thing to come out of PMI in years. I hope to be able to continue to deliver moments like that.27Trustee SpotlightIn the hot seat with Gareth TancredISSUE 50

Summary of the first Pulse survey 2023PMI ActivitiesThere have been some significant developments since PMI’s last Pulse survey. Long-serving Pensions Minister Guy Opperman resigned, was re-appointed and then moved to a new role. Laura Trott has now had several months in post and is now implementing her own vision for the role. At the Pensions Regulator (TPR), both CEO Charles Counsell and Policy Director David Fairs have also moved on, and a new era for TPR has begun to unfold. The most visible development in workplace pension provision was the LDI crisis of the Autumn of 2022: a painful experience which raised some searching questions about the technical knowledge of trustee boards and the robustness of regulation. The launch of the dashboard scheduled for April has been deferred, and whilst this was generally seen as an inevitable development, it is still seen as a significant policy failure. Finally – and controversially – Chancellor Jeremy Hunt abolished the Lifetime Allowance (LTA) in his March Budget.28Tim Middleton Director of Policy and External Affairs, PMIPMI ActivitiesSummary of the first PMI Pulse Survey 2023ISSUE 50

ISSUE 4929Summary of the first Pulse survey 2023 PMI ActivitiesAs with previous surveys, the first Pulse of 2023 began with the established series of questions about the role of TPR and the general direction of pensions policy. Given the disruption at the end of 2022, these questions generated some bruising responses.Nearly two-thirds of respondents were dissatisfied with the general direction of pensions policy. This shows a marked deterioration since our last survey, when just 44% of respondents took a similar view. Comments from respondents were uncompromising:• The financial and political upheaval of the last six months means pensions have been forced to the sidelines.Again, nearly two-thirds of respondents were pessimistic about development of policy over the near future, and this shows a worsening of confidence since our last Pulse. One respondent commented:• I think GMPE and pensions dashboards will be very challenging for many schemes and providers. The PDP is behind schedule but the compliance dates are very close.Nearly half of respondents were dissatisfied with the performance of the Regulator. Again, this figure has worsened significantly since the previous survey. Comments from respondents included the following:• Slow to react to key events, i.e. the gilt market volatility experienced during Sept/Oct.• I don't believe TPR reacted quickly enough to the cost-of-living crisis, especially with regards to reducing, or stopping, their pension contributions.The number of respondents who were pessimistic has more than doubled since the previous survey. Critical comments included the following:• Little chance of a change unless there is a serious change of both direction and personnel.• TPR needs to get over the LDI debacle as soon as possible so that it can focus on the futureHow satisfied have you been with the direction of pensions policy over the last six months? Slightly satisfied Slightly dissatisfied Very dissatisfied Don't know Very satisfied17%5%3%31%44%How optimistic are you about the direction of pensions policy over the next six months? Slightly pessimistic Slightly optimistic Very pessimistic Don't know Very optimistic15%8%3%46%28%How satisfied have you been with the actions of the Pensions Regulator over the last six months? Slightly satisfied Slightly dissatisfied Very dissatisfied Don't know Very satisfied10%6%11%33%40%How confident are you that The Pensions Regulator will focus on the right areas in the next six months? Slightly satisfied Slightly dissatisfied Very dissatisfied Don't know Very satisfied15%12%9%37%27%ISSUE 50

The remainder of the questions in the survey were new, and focused on topical issues addressing the industry. The first of these was:The high number of respondents answering ‘yes’ is a clear indication of the widespread disruption that hit Defined Benefit schemes toward the end of last year. Comments from respondents included the following:• No gilt sales were needed - there was sucient liquidity to meet any margin calls. But I don’t know (yet) as to whether a future-protective review has taken place.Almost half of all respondents reported unplanned asset sales, which is a clear indication of the scale of disruption experienced by DB schemes. Comments from respondents included the following:• Contingent sponsor support increased (not actually accessed but set up if needed), rejig of investments, reduction in leverage (not hedges), acceleration of end-game plans.• Borrowed from scheme sponsor, unplanned asset sales, accelerated end-game plans.Clearly, respondents were dissatisfied at the brief but dramatic regime of Liz Truss and Kwasi Kwarteng. Comments included the following:• Government for unfunded and non-credible budget. Bank of England for not adapting asset sale program / letting gilts run o / not tightening monetary policy sooner. Regulators for not understanding risks associated with concentration of gilt holdings and implications.• Mainly the government, but many trustees were led by consultants too easily into leveraged LDI without thinking it through or stress-testing it properly.Has your scheme had to take action in response to turmoil in the gilts market? Yes No Don't know22%48%30%If your answer to the previous question was ‘yes,’ what action has your scheme taken? N/A Suspension of transfer values Emergency borrowing from third party (not sponsor) Borrowing from scheme sponsor Unplanned asset sales Changing actuarial factors Acceleration end-game plans Reducing Hedge ratios Other0%6%4%15%3%6%13%5%48%Who do you think was to blame for the turmoil in the gilt markets? The Government at the time (Kwasi Kwarteng and Liz Truss) The Bank of England Fiduciary Managers Investment Consultants Asset Managers The Department of Work and Pensions The FCA Pension schemes trustees None of the above10%8%12%7%2%2%1%11%47%PMI Activities30Summary of the first Pulse survey 2023PMI ActivitiesISSUE 50

This question prompted an inconclusive response, with an even split between the three options. One comment was:• I agree with the basic idea of having a fast track to reduce reviews and concentrate resources. I disagree with TPR having any prescriptive funding strategy, asset return measure or low-dependency templates. If TPR wants to take over setting funding in this way you might as well sack all the trustees and transfer the assets to PPF. Doing what they propose risks groupthink yet again and that was one of the issues with LDI - everyone was buying the same assets so when they needed to be sold there were no buyers as everyone wanted to sell.This prompted another inconclusive response. One response read:• We struggle to get trustees both Employer and Employee so selecting for diversity really doesn’t happen. We try to major on life experiences which make us the person we are today in order to demonstrate our diversity.The response to this question was consistent with responses to the previous question. It is perhaps a cause for concern however that half of those who responded report that their board does not have an ED&I policy at all.Given that half of respondents had reported that their scheme did not have an ED&I policy, it was noteworthy that so many saw the benefits of diversity on a trustee board. One comment was• Better decision making, better discussions about decisionsAre you concerned about anything within The Pensions Regulator's draft DB funding regulations? No Yes Don't know39%34%27%To what extent could your trustee board be described as diverse? Quite diverse Neutral Not very diverse28%49%23%Does your board have an Equality, Diversity and Inclusion (ED&I) policy? Yes No Don't know28%51%21%What do you see as the principal benefits of a diverse trustee board? Avoidance of groupthink Better succession planning More accurate representation of the scheme membership Wider experience Other30%8%2%31%29%31Adapting to meet a lower growth outlook PMI ActivitiesISSUE 50

32Feature ArticleThe biggest defined benefit (DB) announcement of the decadeAllen Martin follows the Ministerial Statement in March 2023 confirming the methodology and actuarial discount rate for costing the defined benefit (DB) pensions for 5 million UK public sector workers.Feature Article The biggest defined benefit (DB) announcement of the decadeAllan Martin Director, ACMCA LtdISSUE 50

Feature Article33Feature ArticleThe methodology remains based on the assumed growth in the economy - the tax base from which benefits are paid in future, as measured by gross domestic product (GDP). The SCAPE (Superannuation Contributions Adjusted for Past Experience) discount rate (used to calculate benefits and contributions and retirement ages) has however been reduced from CPI+2.4% to CPI+1.7% pa. I suggest it is the most unappreciated but important actuarial assumption in the country. As a DC contributor, had you heard of this DB crucial assumption? Has your MP? The minister acknowledges that this reduction will lead to significant employer contribution increases in the delayed 2020 actuarial valuations, but these will be cost-neutral in department budgets, i.e. fudged. In practice the biggest immediate financial impact will be on private sector employers participating in the public sector schemes, like independent schools. Equivalent increased employee contributions, a later retirement age or reduced benefits might not have been so easily explained! It is only an April 2024 ~£8bn pa deferred pay cost increase or recognition! That didn’t get mentioned in the Budget. I’m sure any actual, potential or perceived conflicts of interest were appropriately addressed. These deferred pay DB promises are for over 5m hugely deserving public sector employees, not just those finishing a night shift. Our Whole of Government Accounts (2020, latest available) put this accrued unfunded liability at £2,100 bn. The “fund” is the UK economy from which taxation will be levied in future. Just like funded private sector DB schemes, if the economy or fund doesn’t grow as expected something has to give – higher contributions/taxes or lower benefits or later retirement. Squeezing individual government department budgets arguably equates to longer NHS waiting lists, bigger school classes, less ocers on the beat, fires left to burn etc. You may speculate on the political likelihood of any change ahead of a general election - turkeys and Christmas may cross your mind!The public sector benefits were previously promised assuming real GDP growth of 3.5% - 2.4% pa.GDP growth at such rates hasn’t been achieved since the 2008-09 financial crisis and we have of course had Brexit, C19 and the war in Ukraine aecting actual and prospective growth. This suggests a consequential and massive intergenerational transfer of liability to future taxpayers - you, your children and grandchildren (if they don’t emigrate). Future taxpayers will increasingly only have their DC pensions savings, but they are eectively underwriting and belatedly contributing to these DB pension promises, a massive intergenerational transfer. Generation Z paying for their own DC pots and topping up historic DB pensions based on unachieved GDP growth. Unlike the currently temporary State Pension “triple lock” these DB promises are a “lifetime pensions lock”. Sadly the initiating June 2021 Consultation and Response failed to address any aspect of past service experience and whilst the lower discount rate for future benefits is a step in the right direction, we still have a “lifetime (not triple) pensions lock” on £2.1tn of index-linked pension promises assuming GDP growth averaging CPI+3%. That 3% average real growth assumed, minus 1.7% now expected, every year over say 35 years on a (2020) liability of £2.1tn suggests the biggest DB deficit admission in UK pensions history; ~£500bn? Does this prompt an arithmetic comparison to a Ponzi scheme? DB pyramid selling is fine until you run out of DC buyers.The long term GDP projection is taken from an Oce for Budget Responsibility (OBR) July 2022 Fiscal Risks and Sustainability Report. Not much has happened since then! The “long-term” view was crucial with the 2018 SCAPE change (when the OBR projection for 2018-28 was ignored). A look at the more recent OBR Economic and Fiscal Outlook will provide lots more areas of potential concern and material risk, e.g. levels of migration, impacts of climate change and sustainability. Whether you are a parent, grandparent, a future tax payer or a now uncapped DC saver, you are picking up this tab and underwriting the risks.For the economists – what is the dierence between repayment of index-linked gilts and paying public sector pensions? The answer is at least “5m votes!” In addition the coupons on the latter are higher and they are paid for much longer.The solution surely involves a necessary link of public sector deferred pay to achieved GDP growth; “sharing and rewarding” are the politically attractive words that might be used, “aordability and sustainability”, less so.The biggest defined benefit (DB) announcement of the decadeISSUE 50

34Feature ArticleISSUE 48How Collective Defined Contribution schemes can work for individuals and the economyFeature Article How Collective Defined Contribution schemes can work for individuals and the economyFor many years now, there has been a broad consensus that defined benefit pension schemes are a legacy of the past that will die out with the last of their beneficiaries. Young people entering employment in the 2020s are just the latest cohort of ‘Generation DC’: their pensions schemes are almost invariably defined contribution schemes. No one pretends the shift to DC schemes is a simple matter of progress. If anything, it fits more easily into a narrative of economic decline. Defined benefit schemes peaked in the late 1960s and have been steadily falling in size and number since the 1970s. For some, the move to DC is part of a package of raw deals faced by younger generations coming in the wake of the privileged Baby Boomers, from the student debt burden to the diculty of getting onto the housing ladder. It's true that the demise of DB can be seen as something of a rude awakening. Structural changes to the economy showed up the naivety of guaranteeing certain outcomes regardless of the performance of the funds meant to pay for them. Nevertheless, DC need not be seen as a raw deal. Certainly, there is nothing unfair about each individual having their own pension pot. While its performance will depend on investment returns and their employer’s contributions, as well as their own contributions, this is at least transparent. The future of DC looks like being more complicated, however. Many experts now advocate merging the thousands of pension schemes operating in the UK into a few ‘superfunds’. The immediate rationale for this is to obtain better returns for savers. Larger funds, such as those already operating in Australia and Canada, are able to make large-scale investments in a wider range of potentially high-yielding assets. For some, this is key to unlocking the potential of DC and providing savers with a retirement closer to that anticipated by their parents and grandparents. Another benefit of consolidating funds is the ability to invest in long-term illiquid assets like infrastructure, private equity, and venture capital. This could not only result in attractive long-term yields, but would also be a boost to the UK economy, at a time when investment in infrastructure and innovation is sorely needed. Matthew Eyton-Jones Partner, ndaptISSUE 50

35Feature ArticleIn fact, it should be noted that some proposals seem more motivated by this latter benefit than by returns for savers. Chancellor Jeremy Hunt said in April that UK pensions were in need of ‘urgent reform’, emphasising the desirability of their investing in infrastructure and start-ups. Shadow Chancellor Rachel Reeves has refused to rule out forcing pension funds to invest in a proposed ‘future growth fund’. In a recent paper, the Tony Blair Institute reports that overseas investors currently invest much more in UK venture capital than UK pension funds do, and backs the idea of turning the Pension Protection Fund into a ‘global-scale’ scheme to invest in the UK economy.This could raise fears that superfunds are a pretext for raiding people’s pension assets so government can put them to ‘good use’. If so, savers and trustees will be understandably hesitant. The question is whether superfunds would be used to apply short-term patch-ups to the economy, or for the kind of long-term investment that genuinely transforms our economy while also generating sustainable returns. We also need to be mindful of the realities of investing in illiquid assets. Venture capital, for example, is very high risk. A pension fund would need to invest consistently in the top 20% of funds in order to achieve superior returns, with the ever-present possibility of significant losses. The basic point remains, though, that there are numerous advantages to consolidating schemes into larger funds, and not just the opportunity to invest in a wider range of assets. Regulatory pressures are also pushing many smaller, single employer schemes to join Master Trusts, for example. In particular, the Pensions Regulator’s ‘value for money assessments’ have put an extra burden on trustees of smaller schemes, encouraging many to transfer to a Master Trust for an easier life.A more comprehensively new version of a similar idea is the ‘collective defined contribution’ (CDC) schemes introduced by the Pension Schemes Act 2021. This eectively constitutes a third type of scheme in addition to DB and DC. CDC schemes provide a ‘target’ pension like a DB scheme, but this can then be decreased (or increased) depending on the fund’s performance. While just one CDC scheme has currently been authorised in the UK – the Royal Mail Collective Pension Plan – similar schemes are already operating in Denmark, the Netherlands and Canada.Since CDC schemes eectively pool members’ pension pots, savers have less say over investment choices, but in theory this should be more than compensated for by better returns. Most savers do not particularly want to be involved in day-to-day investment decisions, as long as they are confident their scheme is being run for their own benefit. CDC could turn out to be the best of both worlds. There is no going back to traditional DB, but the great benefit of CDC is that it enables members to pool their risk without the funding risks to employers. If it can also provide much needed investment for UK infrastructure, so much the better. The real test of its success, however, will be winning the confidence and support of Generation DC.How Collective Defined Contribution schemes can work for individuals and the economyISSUE 50

A new agepathy: to adopt a retireeDr. Nickolai Slavchev PhD in International Economic Relations, Member of the Standing Social Commission at the National Tripartite Council, BulgariaThere is a myriad of legislative solutions on pensions throughout the world. All of them are aimed at protecting the elderly by isolating specific measures and rules for them. And not surprisingly the elderly feel isolated from the rest of the society. “Old age”, “Retirement”, “Inactivity” etc. are becoming labels of pensiolation, i.e., isolation by legislation due to a current or expected retirement protection. Some recent estimates suggest that as many as 33 per cent of the world’s adults consider themselves to be lonely. It is also reported that in 20 OECD countries, older people are more likely to be income poor than the total population. By the way, the elderly used to be young themselves, although some might have forgotten it. The somewhat careless and adventurous path of youth usually starts with apparent apathy to the boring and seemingly distant issue of age. Then, in adulthood it evolves quite soon into a sympathy with the elderly until empathy comes when the former young are already part of the evolving old-age crisis themselves. How about changing this traditional agepathy, which keeps repeating every 40 years or so for each new age cohort of people, starting at 20? According to the Humane Society of the United States, around 3.2 million cats and dogs are adopted from shelters every year. There are no world statistics about adopted retirees.Feature ArticleInsight Partner Article A new agepathy: to adopt a retiree36ISSUE 50

Some pension experts have spent all their professional lives in advising and consulting for that change to happen. However, rejuvenating the Social Security systems of the 20th century today seems to go far beyond the usual new layers of make-up, as those systems are close to retirement themselves, and new make-up would only make things worse. In view of the current wealth of world crises, it is quite inadequate to predict PAYG adequacy based on such seemingly certain former enabling factors as increasing birth rates, employment and salary which served as its constituent foundation in the past. Private funded systems are under great pressure as well from downward capital markets. In times of demographic, economic and financial crises the long and acute rivalry between traditional PAYG and funded pillar solutions is becoming obsolete. Is a common and pillar-neutral backup to the traditional approaches thinkable? If not, think of the unthinkable. It is what mankind learned from the pandemic when reasoning and conventional logic stopped working overnight in almost all spheres of human life. One could only hope that the backup solutions mankind would think out would be humane because, by definition, humans are humane. But are humans humane to humans? According to the Humane Society of the United States, around 3.2 million cats and dogs are adopted from shelters every year. More than 2/3 of US households share their homes with cats and dogs. 186 million cats and dogs live in 86 million households. Compared to the 1970s, pet ownership in America has increased by more than 300%. It is estimated that people have spent $99 billion on their pets in 2020. There are no world statistics about adopted retirees. Imagine a world where you could adopt a retiree and be rewarded for your decision by the government via income tax incentives, e. g. lowering or waiving your social security tax in proportion to the partial or full financial support provided by you as adopter / adopters to the adopted retiree. Thus, a retiree will be bailed out of the respective Social Security system, be it partially, temporarily or for good. Current government expenses to adopted retirees would be lowered. Families adopting retirees would have much more disposable income. Although money would be paid directly to a retiree, it keeps its retirement purpose, and would keep on counting for the contributors’ future PAYG retirement. Adopted retirees would not feel socially isolated. They may become active again in helping with sharing life experience, knowledge, and even caring for adopters’ children (incl. for young adopters themselves). In brief, instead of using the established institutional PAYG transmission, what would have been paid via social security taxes by working people to an anonimous retiree, could now go directly from the working adopter/adopters to the adopted retiree (partially, temporarily or for good). The traditional PAYG would become more direct and personalised. It is a question of a fine-tuned calculation on how much the tax incentive could be in proportion to the bailing-out of the Social Security system so that the latter should keep the balance between the lowered income and the lowered expenses. Old-age poverty is not the only reason for retiree adoption. Not all retirees are necessarily poor. Some of them may also need to be adopted as members of a family and / or a labour active community for reasons other than the lack of financial resources. Private funded solutions are not aected by such a PAYG deinstitutionalisation move and will preserve their relevance for retirement income adequacy. Before one quickly labels all this as unthinkable, let us go back to the famous observation made by the CEO of Digital Equipment Corporation in 1977 when his engineers presented the PC prototype to him: “There is no reason for any individual to have a computer in his home.” A Social Security reform is not always a question of getting more money in. It is rather a question of getting more value too. And the value of money is a good reason to think of having PC (Pension Care) at home.Insight Partner ArticleA new agepathy: to adopt a retiree37ISSUE 50

Feature38DB Scheme Funding: Some Empirical Results and ConsiderationsCon Keating Head of Research, BrightRock GroupIain Clacher Professor of Pensions & Finance, Pro Dean for International at Leeds UniversityFeature ArticleISSUE 50Feature Article DB Scheme Funding: Some Empirical Results and Considerations

39Feature ArticleDB Scheme Funding: Some Empirical Results and ConsiderationsISSUE 50We have been collecting the reported funding ratios of DB schemes since December 2022. Through this analysis we are finding some fairly large discrepancies between reported funding ratios and the widely broadcast narrative of highly significant improvements of those ratios across the sector. One basic figure from our analysis is that the range of funding ratios spans 50% to 161%.In this note, we touch upon some of the notable points of our collected sample of 350 schemes. Of course, at slightly less than 7% of the universe of private sector-funded DB schemes, this sample is not large enough, nor suciently assured of being representative, to prove or disprove anything, but it is suciently large to raise questions and concerns.First, there is no scheme in this sample which reported a positive return on assets in 2022. The best three reported results are losses of 3.8%, 4.6%, and 5.1%; the worst performances show losses in excess of 40%. This means that any improvements in funding ratios must have been derived solely from declines in the present value of scheme liabilities. Second, 32% of our sample saw their funding ratios deteriorate over the year. The median deterioration was 4.1%. There is a pronounced dierence in the symmetry of the distribution of improvements/deterioration. The median improvement was 11.6%. The median funding level of our overall sample was 95.4% in December 2021, and this improves to just 102.1% by the end of December 2022. It is also evident from the sample that schemes which were in deficit in 2021 were far more prone to experience deteriorations in the 2022 funding ratios than schemes that were in surplus, which exhibited a tendency to improve further. Before illustrating why this should be the case in Box 1 below, it is worth considering how much the returns of funds might be expected to have been. With the gain due to the decline in the present value of liabilities for schemes overall estimated by the PPF to be 38.8%, hedging 50% of interest rate exposure would suggest a gain from this of 19.4%. With , say, 50% of the fund invested in other growth assets which lost, say, 10%, we would have expected our sample to return 14.4% (19.4% – 0.5*10%)1. Our results are consistent in terms of both the overall results (6.7% gain), and the gain (11.6%) and loss (4.1%) partitions, when the allocation of those schemes to growth assets was 44% and schemes were overall 72% hedged. This can also serve as a sense check for the claims of 15% or more overall improvement in scheme funding. This would have required LDI hedging of only 49%, far below its level by most accounts and in our sample.We would also note that with the presence of the present value of liabilities in the denominator of the funding ratio, the ratio may improve even though the amount of surplus funds has fallen. A constant cash surplus of say £10 and a funding ratio of 110% in 2021 with liabilities at £100, would be reported as an improvement to 16.34% in 2022, if the liabilities have declined to £61.2% (this is assuming a 38.8% decline as reported by PPF for the market overall).The best three improvements in the sample were from 58% to 90%, from 68% to 104% and from 88% to 137%. These improvements, to schemes that were in deficit, are all of schemes which were not employing LDI or doing so only to a very limited extent and without leverage. The worst deteriorations were from 97% to 74%, from 88% to 69% and from 83% to 65%. The largest gain in funding ratio was 55.2% and the greatest loss, 23.2%.41.5% of our sample were in deficit on their section 179 value at December 2021, which agrees closely with the PPF’s overall estimate of 41.3% at that date. However, the PPF’s estimate that, at December 2022, just 13.4% of schemes were in deficit disagrees significantly from our sample estimate of 22%.

40Feature ArticleISSUE 48Feature Article DB Scheme Funding: Some Empirical Results and ConsiderationsISSUE 50Box 1. Illustration of the LDI problem for schemes in deficitThe table below shows a notional scheme in deficit which has assets of £80 and liabilities of £100; it was at end 2021, 80% funded. If we assume the scheme adopted an LDI strategy which perfectly (and without any costs) hedges the interest rate sensitivity of the liabilities. In 2022, this LDI strategy results in a loss on the hedge of £34, the amount by which liabilities have declined (from £100 to £66)The result is that assets decline by £34 from £80 to £46. The liabilities have declined by 34% but the assets have declined by 42.5%. The funding ratio of this notional scheme declines from 80% to 69.7%. This provides a direct challenge to the wisdom of fully hedging the interest rate sensitivity of liabilities when schemes are in deficit. To quote one of our correspondents: “For most of these (schemes with low or inadequate asset coverage of liabilities) TPR has encouraged an overtly defensive attitude, getting them to double up on their LDI positions “to protect the coverage you have as the first objective” – all part of TPR’s real objective which is to minimise calls on the PPF.” With TPR pushing schemes in this direction, this approach has been actively promoted by consultants and advisors.The scheme in balance shows no gains in funding ratio. Of course, a scheme in surplus, say 150% funded, will show a gain from 150% to 176% even though its assets have fallen from £150 to £116. The decline in the present value of liabilities, the denominator of the funding ratio, drives this increase.It is worth highlighting explicitly the implications of this. Full hedging will tend to decrease funding ratios for schemes in deficit and increase them for schemes in surplus, when rates rise, and the present values of liabilities fall. We should expect the net overall improvement or decline in the funding ratio to be determined in part by the ex-ante distribution of scheme funding. Just 30.6% of the schemes in our sample were in surplus at the end of 2021. The second major eect on the distribution of outcomes is of course the distribution of LDI hedging levels, and their costs.While we have focussed on the 2021-2022 year, a period of interest rate rises and liability declines, this dierential action is present also in other years when interest rates were declining and liabilities rising. In times of declining interest rates, the dierential action will tend to compress the range of outcomes rather than expand them as is seen with interest rate increases.Conversely, this dierential action in times of rate increases will increase the dispersion of resultant funding ratios for the overall funded DB system making it intrinsically riskier than would otherwise be the case. Adding leverage to the LDI strategy compounds and increases this dispersion or riskiness further. In our sample, this increase in dispersion is substantial. When measured as the first moment of the distribution about its median, it is a threefold increase. It is evident visually in Figure 1, the comparison of the sample distributions for 2021 and 2022. Figure 1 below shows the funding ratio distributions of our sample at December 31st 2021 and December 31st 2022. The observation that there were both gains and losses is evident from this Figure. For example, the increase in 2022 of schemes funded between 60% and 70% can only be explained by more schemes experiencing declines in scheme funding than from improvements in funding, as the number of schemes in this range in 2022 is greater than the total number of schemes combined in the 50-60% and less than 50% range in 2021.Figure 1: Distribution of Funding Ratios, 2021 and 2022The most pronounced improvements are of schemes which are now 120% or more funded. However, this is a modest proportion of our sample, 16.8%, which is an increase of 15.2% from the 2021 distribution. However, if we take 120% funding as the level needed for buy-out, it suggests that the Pensions Regulator’s recent statement that 25% of schemes are now suciently funded to buy-out may be an overstatement.Before moving to comparisons of our sample distributions with those published by the PPF, we shall consider two specific schemes within our sample – Table 12021 2022 ReturnScheme with deficitAssets 80 46 -42.5%Liabilities 100 66 -34.0%Funding 80.0% 69.7%Fully funded schemeAssets 100 66 -34.0%Liabilities 100 66 -34.0%Funding 100% 100%0.000.050.1 00.1 50.200.250.30Technical Provisions 2021 and 2022 2022 2021

41ISSUE 50Table 1: Scheme-specific examplesScheme One Scheme One was 83% funded at the beginning of 2022. It reported scheme assets of £43.55 at the end of 2022. As the scheme was targeting 100% hedging, the decline in assets is attributed as to £35 to its LDI hedge and £4.45 to declines in the prices of other assets held. The scheme reports a funding ratio of 67% overall, which would have been 73.8% in the absence of those other losses.Scheme Two The funding ratio of this scheme was 95% at the end of 2021, very close to the median of the sample. Its liabilities dropped by 37.9% due to the rise in the discount rate from increased interest rates, to £62.10. The scheme reported assets of £46.58 at the end of 2022, down 51% from the £95 value reported in 2021.This scheme was pursuing a strategy of using LDI not just to immunise against funding ratio declines but also to repair deficits. This strategy was widely promoted by advisors and consultants, and apparently approved by TPR. It was targeting a 125% hedge of liability movements. The loss of £48.43 can be attributed to LDI as to £47.38 and £1.05 growth assets (-2.56% on the amount invested).This strategy of leveraging the portfolio flies in the face of the old market adage: “The road to hell is paved with the carry trade.” The decline in scheme assets of 51% left the scheme just 75% funded at the end of 2022.Losses on LDI, liability declines, and the distribution of outcomes There are many schemes reporting losses on their LDI portfolios far in excess of the decline in the present value of scheme liabilities. For some, it was the result of deliberate over-hedging as in the case of scheme Two above. However, for many it was the product of financial incompetence as they were targeting 100% hedges which proved dierent in practice. This error most commonly arises from the use of the mathematical modified duration for Index Linked Gilts and corporate bonds when their empirical volatility is far higher than that. In the case of Linkers, this volatility stems in large part from the concentrated nature of the holdings by pension funds, and in the case of corporate bonds, from the failure to recognise that part of the yield spread is compensation for default and credit migration, and that the yield spread has a life of its own.2Figure 2 below compares the PPF 7800 published distribution of funding levels and that of our sample (C&K) at December 2022.Figure 2: PPF 7800 funding levels and C&K funding levelsIt is evident by inspection as well as formal statistical tests that these distributions are dissimilar. This is of course a comparison of two dierent valuation bases, the PPF section 179 value and scheme technical provisions. The principal source of idiosyncratic dierences in these two valuation bases is the degree of maturity of schemes, that is the relative proportions of pensioner and deferred member claims. However, if we consider this dierence to be broadly similar across schemes in our sample, say 20% in funding ratio, we may simply transpose our distribution as is illustrated in Figure 3 below.Figure 3: Transposed (+ 20%) sample and PPF distribution of funding ratiosThe transposition of the sample, of 20%, is we believe somewhat higher than the true dierence between scheme technical provisions and will tend to inflate the number of schemes apparently able to buy-out. Given the maturity of schemes, that is the relative proportions of pensioners and deferreds and the structure of PPF compensation arrangements, we would estimate a more accurate transposition would 15%.2021 2022 ReturnScheme OneAssets 83 43.55 -47.5%Liabilities 100 65 -35.0%Funding 83% 67%Scheme TwoAssets 95 46.58 -51.0%Liabilities 100 62.1 -37.9%Funding 95% 75%0.000.050.1 00.1 50.200.250.302022 Technical Provisions and PPF valuations C&K PPF0.000.050.1 00.1 50.200.250.30 Transposed Sample and PPF C&K trans PPFFeature ArticleDB Scheme Funding: Some Empirical Results and Considerations

42Feature ArticleISSUE 48ISSUE 50If we consider 130% funding on a PPF basis to be the level of funding needed for buy-out, 55% of schemes would, by PPF reckoning, be able to buy-out. If we were to consider 140% to be a better guide to the buy-out level this falls to 41%. These are respectively 28% and 24% above our sample estimates. Indeed, if we consider the correct transposition to be the more conservative 15% rather than the more generous 20% of Figure 3, then 21.7% of sample schemes are expected to exceed the 130% funding level and 13.1% to exceed the 140% level. The PPF estimates are two and threefold multiples of these values.We can also consider the end 2021 results reported by PPF as a possible mechanism for calibration of the dierence between their s179 value and the sample TP median funding ratio. The 2021 PPF 107.7% funding is equivalent to the 95.4% of the sample data, an adjustment of 12.3%. If this dierential were applied to the sample 2022 results, 102.1% technical provision funding becomes 114.4% as a PPF equivalent and that diers materially from the 136.5% reported by the PPF.Examination of the PPF distribution and our sample as at the end of 2021 is also informative. For completeness, we should point out that the PPF distribution is marginally larger in 2021 than in 2022, whereas ours has a constant membership. For ease of examination, we show as Figure 4, the PPF distribution and our sample transposed by one bucket, 10%.The PPF distribution had, at a 130% threshold, 16% of its schemes eligible for buy-out and at 140%, this falls to 8%. These are large numbers of schemes, 820 and 410 respectively. This prompts an immediate question: if this many schemes were eligible for buy-out in 2021, why did we not see far more than we did?By contrast, our sample had at 140% PPF equivalent just 1.4% of schemes eligible and at 130% equivalent, this rises to 11% of schemes being eligible. At a 15% transposition as previously discussed, these fall to less than 1% at 140% and to 6% at the 130% threshold, that is from 600 schemes as the PPF number to around 50 schemes based on our data.Figure 4: Distributions of funding ratios for PPF and the sample, transposed by 10%.The empirical analysis we have conducted strongly suggests that, if our sample is representative of the overall universe of schemes, funding ratios have not improved by as much as is widely asserted. In particular, the improvement at higher funding levels is much lower than otherwise believed, for example, by the Pensions Regulator.When combined with the upswell in discussions of schemes running on and o in self-suciency, it seems that the much publicised, and cautioned against, gold-rush bonanza of buy-out may be a rather muted aair.LDI 2.0 and liquidity buersIt is evident from their statements and actions that TPR would like to see a continuation of the use of LDI by schemes. This is evident in, for example, the formulation of larger liquidity buers. It is notable that these buers will operate in a manner counter to the carry-trade spread if they are to be maintained in cash as the pensions minister, Laura Trott has indicated: “The framework expects that funds have sucient resilience to respond to moves in the gilt market of 250 basis points at minimum, without the need to sell assets.”3 The principal concern has been the avoidance of a repeat of the gilt market turmoil. We find this emphasis surprising for reasons which will become clear if we apply a simple stress test to schemes. The stress test we would apply is a repeat of the losses seen in 2022. By virtue of having occurred once it is plausible, if unlikely. We show first, as Table 2 below, the eect of such a shock on the illustrative scheme considered in Box 1. 0.000.050.1 00.1 50.200.250.302021 OneTranspose C&K PPFFeature Article DB Scheme Funding: Some Empirical Results and Considerations

43ISSUE 50Table 2: 2022 as a stress test of our hypothetical scheme.The eect is obvious, the same magnitude of shock as previously produces a far larger deterioration of the funding ratio than was seen in 2022, 32.2% versus 10.3%. If we examine the two schemes considered earlier, the eect is even more pronounced, Table 3.Table 3: 2022 as a stress test of our actual schemesWith these levels of funding, there is simply no way in which a scheme could recover without massive additional contributions from the employer sponsor; fixed costs and pensions payments which might conservatively be of the order of £3 per annum would make additional support from the employer a necessity. These schemes are on the verge of bankruptcy. The stress is catastrophic in eect. Schemes which have failed and entered the PPF have done so because of the insolvency of their sponsors rather than the scheme itself. The principal point here is that TPR ought not to favour LDI for these schemes in deficit and already reduced circumstances. In doing so, it is increasing the likelihood of major losses for the Pension Protection Fund (PPF), which can scarcely be considered protecting it, one of its statutory objectives. Of course, schemes which are well funded do not benefit the PPF. Indeed, because of these dierential eects, TPR should never have supported and advocated the use of LDI and leveraged LDI.In this note we have considered the funding ratio as a measure of scheme suciency. This is the most widely used metric in practice. We would actually prefer another more intuitive metric, schemes assets as a proportion of undiscounted projected liabilities. With this measure, declines in asset values or increases in projected liabilities will be reported as decreases in coverage.Final thoughtsWhile most of this commentary has been concerned with the eects of LDI on asset values and the funding ratio, there are also to be material dierences in the changes to the present value of liabilities. The PPF reports liabilities having declined by 38.8% over the year to December 2022. For comparison, a 15-year duration discount function would have declined by 34% and a 20-year by 42.7%. Our sample shows very considerable heterogeneity with liability declines from as little as 7% and 8% to as much as 41% and 42%. However, the vast majority of our sample are clustered between 30% and 35%. Of course, changes to inflation and mortality assumptions will aect liability estimates, but these observed dierences still appear to be very large by comparison with plausible estimates of those potential eects taken account of.Last, and most importantly, it is easy to overlook the significance of a ratio dierence. A dierence of 20% in the overall funding ratio of DB schemes is a dierence of the order of magnitude £200 billion to £250 billion in monetary terms. This is no small beer and given the sensitivities of ratios, very small changes will lead to very large changes in the perceived overall position of funding. 2022 2022 Stress test ReturnAssets 46 12 -73.90%Liabilities 66 32 -51.50%Funding 69.70% 37.50%2022 2022 Stress test ReturnScheme OneAssets 43.55 8.55 -80.4%Liabilities 65 32 -51.50%Funding 67.0% 28.5%Scheme TwoAssets 46.58 8.68 -81.4%Liabilities 62.1 24.2 -61.0%Funding 75.0% 35.8%1 In these calculations, we are abstracting from the surplus/deficit issues discussed in Box 1. As the sample median was 95.4% funded, we do not believe this introduces a major bias into the calculations which follow.2 In this analysis of these two schemes, the costs of realisation of liquidity during the Gilts crisis and the subsequent rebalancing of portfolios, which appears still to be ongoing, are attributed to the residual non-LDI assets, as these costs are not currently separable in published or other data.3 https://committees.parliament.uk/publications/39828/documents/193805/default/Feature ArticleDB Scheme Funding: Some Empirical Results and Considerations

Belonging in the Pensions industry44EPMI Column EPMI TestimonialSarah Brennan Professional Trustee, Dalriada Trustees limitedEPMI ColumnI’m a professional trustee, have been for over 10 years, and worked in pensions administration for 10 years prior to that – a very undervalued part of our industry which oers so much learning for everyone, and of course, are the people dealing with our members. You’ve probably heard of imposter syndrome - there have been, and still are times when I doubt myself, I know of others that feel the same. Often the perceived pressure to know everything, especially as a professional trustee, can be daunting. But no-one knows everything, and that’s where the multitude of dierent expertise/experiences/personalities in our industry shines through. Teamwork is so important, and for me, oers so much more than someone’s technical ability.I always, perhaps incorrectly, thought having a degree, or qualification, gave someone immediate credibility, which is challenging in an industry full of intelligent individuals, often with impressive academic backgrounds. I was really pleased that PMI brought out a membership that is based on experience and knowledge. I can happily say I’m a member of PMI by Experience, which might not sound a big deal, but it goes a long way in helping people like me feel like they belong in the pensions industry. I’m really proud to actively sit on a few committees, such as NextGen Research and Insights Committee, The Pensions Equity Group and TPR’s D&I committee, which are all focused on areas close to my own heart. I’ve met some fantastic individuals - shared stories, sought guidance, found allies, which is invaluable support and I think genuinely helps people from all walks of life get involved and feel like they belong. I’m extremely honoured to have recently found out that I’ve been nominated in the Women in Pensions Awards for both trustee of the year and the Unsung Hero award. I had never imagined that I would be ‘good’ enough to be nominated for any award and wish my colleagues and nominees the best of luck.I started my very first pensions job in 2003, at a time where schools were only interested in you if you wanted to go University. That wasn’t for me. I wanted to get stuck in, learn and find my own feet. Admittedly, I didn’t know I was getting in to pensions, but I’m still here 20 years later and feel passionately about making our industry even more diverse, making people feel like they belong, and making life that bit fairer.ISSUE 50

45EPMI ColumnWhy the PMI is important to meEPMI ColumnPaul Jayson Head of Pension Executive & Management Services, Barnett WaddinghamLuckily Barnett Waddingham has supported me in carrying out other roles alongside my actuarial work - providing me with a well-rounded, interesting and challenging career. I have supported colleagues with their commercial relationships, led our business development team and managed some of our biggest and most important client relationships. Now my varied career has taken a new turn, and as head of our Pension Executive and Management Services business I am able to use everything that I have learnt before but in a less mathematically technical environment.My new role (well, it’s been a year now) enables me to bring all my interests and strengths together in one place:• Providing support and guidance to clients in the critical area of pension scheme management and governance, enabling trustees and sponsors to achieve the best outcomes for members who rely on the schemes we look after for a good standard of living in retirement.• Adopting a commercial approach to our service delivery so our clients get great value and a flexible, proactive and pragmatic service. • Engendering a coaching culture in our team that not only empowers everyone to achieve their potential but also creates a fantastic team dynamic that fosters a culture of support, development and freedom to come up with new ideas.Moving away from actuarial work hasn’t meant I need to give up my membership of the actuarial profession and I’m proud to operate within their ethical and professional framework. It has, however, enabled me to join the PMI based on my experience in pensions. I’m really looking forward to taking part in their learning and development initiatives, as well as participating in their networking events as I develop in my new area of specialism. I have already taken part in several seminars and events and really enjoyed the passion that the PMI shows for supporting each other and our industry.Looking ahead, ecient management of pension schemes and good governance are going to be ever more important to DB schemes as they approach their end goal - and to DC schemes as they increase in prominence to provide people with a good standard of living in retirement. It is incumbent on all pension professionals to facilitate this. I am excited about the evolution of our business as we rise to meet the challenges ahead by learning new skills (many of them rather softer skills than we might be used to!) and innovating the way we work (in this ever changing world we can’t stand still!).I have always thought of myself as an unusual actuary – one who can’t get too excited by detail but absolutely loves the power of communication. I get a real buzz out of untangling complex problems and suggesting practical ways to achieve clients’ objectives through creative thinking.The journey continuesISSUE 50

Your capital is at risk when investing. Issued by Schroders IS Limited (SISL), 1 London Wall Place, London, England, EC2Y 5AU. Registration No. 03359127 England. Authorised and regulated by the Financial Conduct Authority. Schroders Solutions is a trading name of SISL.Market-leading investment governance solutions for schemes of all sizesWe help pension schemes of all sizes delegate their day-to-day investment decisions. No matter where you are on your journey, we have the tools to deliver your desired outcomes in a transparent and easy-to-govern framework.www.schroders.com/fiduciarymanagement

This event is sponsored by: In partnership with:DRIVING CHANGE IN CHALLENGING TIMES13th September 2023, The Shangri-La @ The Shardportfolio institutional invites asset owners, trustees and consultants to its second annual ESG Club Conference. Following the success of our inaugural event last year, this in-person conference returns to oer the opportunity to engage with institutional investors to discuss how to reduce the world’s reliance on fossil fuels, how to protect the ecosystem and promote greater equality. At the heart of this year’s event will be a series of panel discussions designed to remove the complexity around building a more sustainable and fairer world.This year’s conference focuses on four areas:– Transition assets and the road to net zero – Investing for social impact – Biodiversity – ESG data and ratings The event will once again be held in the luxury Shangri-La Hotel at London’s iconic and environmentally friendly tower, The Shard. We look forward to seeing you there.To reserve a place at this event, or for more information, please contact:Clarissa Huber at c.huber@portfolio-institutional.co.uk orMary Brocklebank at m.brocklebank@portfolio-institutional.co.uk orSilvia Silvestri at s.silvestri@portfolio-institutional.co.ukESG club con in-house advert 2023.indd 26ESG club con in-house advert 2023.indd 26 06.03.2023 09:54:3506.03.2023 09:54:35

Now you can follow your star as far as you wantWith PMI Pathways, you can reach the top – whichever career path you have chosen.Because now, all members can progress from Student Membership to Fellowship, without any dead ends or diversions.For more information, please go to: www.pensions-pmi.org.uk/pmi-pathways

IT’S YOUR CHANCE TO SHINECelebrate the best of the Pensions Industry on Thursday 23rd November, at the Londoner Hotel, Leicester Square.For more information about entry or sponsorship, please visit:pmipinnacleawards.co.uk

50Pension Conundrum CrosswordPension ConundrumISSUE 50

51Pension ConundrumCrosswordCrosswordAcross2. Resolution (6) 4. Doing nothing (8) 5. Benign, kind (6) 7. Captured attention (10) 9. Interests (7) 11. Creation (9) 15. Find explanation for (5) 17. Take ownership of (5) 21. Poor (3) 22. Possess (4) 24. Medium of visual art (11) 25. Income (3) 27. Uncertain (10) 28. Operator (10) 30. Period of years (6) 32. Logical (8) 33. Gap (6) 35. The work of keeping financial records (10) 36. Decline (12) 37. Quantity (6) 38. Unmanned flying vehicle (5) 39. Criminal (9) 42. Heartbeat (5) 43. Supporting column (6) 44. Largely (6)12 345 67891011 12 1314 1516 17 1819 2021 22 23 2425 2627 28 29 30 3132 3334353637 3839 40 41 424344Answers from Issue 49Across3. Educating 5. Expansion 9. Rally 12. Remind 14. People 15. Risk tolerance 16. Refinement 17. Balance sheet 18. Biodiversity 19. Prudential 21. Firm 26. Commit 27. Construct 29. Transition 31. Lunch 32. Accrual 35. Over time 38. Testimonial 39. Innovation 40. Gold standardDown1. Portal 2. Sensationalist 4. Luxury 6. Short termism 7. Indebted 8. Private credit 10. Mitigate 11. Classes 13. Targeted 14. Pie 15. Robust 16. Risk parity 20. Impact 22. Matching 23. Lock 24. Prior 25. Tomorrow 28. High level 30. Slow down 33. Co opt 34. Ratings 36. Spike 37. Most 39. IssueDown1. Crossing (6) 3. Keep (7) 6. Machine capable of learning (10,12)intelligence 8. Show optimism (4) 10. Fanatic, especially with regards to tech (4) 12. Dier (4) 13. Combine (8) 14. Guidance (6) 16. Convincing (9) 18. Ordinary (5) 19. Form (5) 20. Wire rods (6) 23. Present alternatively (6) 24. Self-respect (5) 26. At sea (7) 29. Conversation (8) 31. Time of life (3) 34. Gen Z (6) 40. Sympathetic reaction (7) 41. Unjust (6)ISSUE 50

52Service ProvidersTo advertise your services with the Pensions Aspects directory of Service Providers, please contact:sales@pensions-pmi.org.ukCopy deadline: 18th September 2023 FOR OCTOBER 2023 ISSUEService Providers Pensions Aspects August 2023Actuarial & Pensions ConsultantsBrand Design and AdvertisingFREE THINKINGSTRIKES GOLDOur independence doesn’t just mean we’re free to go the extra mile for our trustee clients. It has also helped us earn an Investor in Customers goldaccreditation.barnett-waddingham.co.uk/goldawardwww.cardano.co.ukAdvisory / Investment / DCThe future of covenant:Challenge your thinkingdistinguished by designISSUE 50

53Service ProvidersPensions Aspects August 2023Issued by Insight Investment Management (Global) Limited. Registered in England and Wales.Registered office 160 Queen Victoria Street, London EC4V 4LA; registered number 00827982. Authorised and regulated by the Financial Conduct Authority. Training to help achieve your goalsLive events throughout the year and over 1,000 CPD minutes online.www.insightinvestment.com/online-training-hub-uk +44 20 7321 1023FOR PROFESSIONAL CLIENTS ONLY.Asset Management Responsible investingFor more information visit russellinvestments.com/ukCAPITAL AT RISKActively designing solutionsfor the future.Responsible investingFor more information visit russellinvestments.com/ukCAPITAL AT RISKActively designing solutionsfor the future.Responsible investingFor more information visit russellinvestments.com/ukCAPITAL AT RISKActively designing solutionsfor the future.ISSUE 50

Service Providers Pensions Aspects August 202354Service ProvidersIndependent Trustees Master Trust Insight PartnerBEE003825 175x37mm60952 103/23 10-Mar-2023CMYK 10:40:33Beehive IDPage SizeStockcode Page CountVersion Date DateColour Time2VersionTAKING ON THEFUTURE TOGETHERScottish Widows has established a proud history of supportingemployers and helping employees plan and protect their financial futures.For more on our workplace savings solutions, visit:www.scottishwidows.co.uk/employerBEE003825_SW_60952_0323.indd 1BEE003825_SW_60952_0323.indd 1 10/03/2023 10:4310/03/2023 10:43Financial Education & Regulated Advicehelping those in the workplace to improve their nancial future.Retirement specialistsFinancial EducationFinancial GuidanceRegulated Financial AdviceRetirement Income OptionsWEALTH at work is a trading name of Wealth at Work Limited which is authorised and regulated by the Financial Conduct Authority and is part of the Wealth at Work group. Registered in England and Wales No. 05225819. Registered Oce: Third Floor, 5 St Paul's Square, Liverpool, L3 9SJ. Telephone calls may be recorded and monitored for training and record-keeping purposes.ISSUE 50

55Service ProvidersPensions Aspects August 2023Pensions LawyersGeorgina Stewart, Director of Business DevelopmentSacker & Partners LLP 20 Gresham Street London EC2V 7JE T +44 20 7329 6699 E bd@sackers.comWe are the UK’s leading specialist law rm for pensions and retirement savings.Find out more about how we can help you at www.sackers.comPension Systems Trustees Liability Protection InsuranceOPDU is a specialist provider of insurance for trustees, sponsors and pensions employees. Our policy covers risks including GDPR, Defence Costs and Regulator Investigations. We can also provide cover for: pursuing third party providers, theft, retired trustees and court application costs. Benets include our own claims service and free helpline. We also provide run off cover and missing beneciaries cover and cover for independent professional trustees. OPDU offers free CPD training covering trustees protections and how insurance works for groups of 6+ which qualies for CPD points. Contact: Martin KellawayExecutive DirectorAddress: OPDU Ltd, 90 Fenchurch Street, London, EC3M 4STE: enquiries@opdu.comW: www.opdu.comDrive visionary leadership with eleganttechnology that helps you make beeerdecisions and pursue bold accon.Seeng the Standard for Board ManagementISSUE 50

To advertise your jobs within Pensions Aspects or on pensioncareers.co.uk, please contact:adam@insidecareers.co.uk or call 0203 915 5940Copy deadline: 18th September 2023 FOR OCTOBER 2023 ISSUE56AppointmentsAppointments Pensions Aspects August 2023www.ipsgroup.co.uk/pensionsScheme secretary experience preferred with APMIGovernance and secretariat roles across trustees and EBCsBroad based client projects and appointmentsIn house and client experience both welcomeGovernance & Secretariat Consultantc£55,000 - £70,000 + Bonus & Benefits – London/WFHContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG135157Leading liability management insurerTPA / relationship management expertise prerequisiteStrong on data, detail, risk and client managementDB / de-risking background a mustSenior Ops Relationship Manager – De-RiskingSix Figure Package – LondonContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG146410Respected trustee and consulting firmMix of governance, secretariat and trustee services workExperience of running meetings, minutes etc vitalOpposite of “big firm” culture and environment Scheme Secretary/Trustee Support Specialist c£60,000 + Package – London & WFHContact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG145909Communication of investment strategy with sponsorsExcellent stakeholder management skills needsMust have strong UK DB investment knowledge Award winning specialist pension provider Investment Engagement Consultant/AnalystTo £60,000 – Leeds/HybridContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH151042Must be experienced Business Analyst SIPP / Pensions knowledge essential Strong Excel skills / working knowledge of Tableau requiredProject environment experience needed Senior Business Analyst – PensionsTo £80,000 + Benefits – West Country/HybridContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH151389Opportunities in Consulting & Independent TrusteeshipExcellent DB/DC /Hybrid technical knowledge required Pension technical / legal /actuarial backgrounds preferred Opportunities at all levels from Associate Consultant upwardScheme Governance & Management£40,000 - £60,000 – UK Wide/Home/HybridContact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH151488We also have a large selection of interim and contract vacancies available. Please contact Dan Haynes - Manchester Office dan.haynes@ipsgroup.co.ukLondon Tel: 020 7481 8686LeedsTel: 0113 202 1577BirminghamTel: 0121 616 6096ManchesterTel: 0161 233 8222ISSUE 50

57AppointmentsPensions Aspects August 2023bwfgroup.co.ukPensions & Legal RecruitmentEXPERT ADVISERS IN PENSIONS RECRUITMENT01279 859000BranWell Ford Associates Ltd Suite 8, The Chestnuts, 4 Stortford Road, Dunmow, CM6 1DA T 01279 859000 E recruit@branwellford.co.ukAssistant Pensions Manager HB18356 West Midlands/Hybrid £Highly competitiveThis is your opportunity to be at the forefront of an in house team as you support and drive pension arrangements. Gaining exposure to a variety of tasks and supporting Seniors within the team, this appointment will see your career moving in an upwards trajectory.Pensions Payroll Team Leader HB18357 Surrey/ Hybrid £Highly competitive Leading an in house team of 4 you will oversee the smooth running of monthly Pensions’ Payroll and Finance functions. You will ensure that KPIs are met, implement improvements and ensure various submissions to HMRC occur within statutory deadlines.Data Projects Consultants (All Levels)CB18337 London & Hants £40,000 - £70,000paIf you have experience in scheme data or DB administration and are interested in working on projects then read on. You’ll be ensuring that pension scheme data is t for a world of pension dashboards by saying goodbye to daily mundane tasks and being exposed to a variety of projects. In House Pensions Specialist HB18355 Edinburgh/ Hybrid £Highly competitiveVaried role where you will be responsible for providing Trustee Secretarial Services, overseeing and coordinating activities such as planning accounts, member newsletters, benet statements and actuarial valuations and vendor management. Senior Associate (In-house)HB18360 London/Hybrid £Negotiable Support the Pensions Manager in the running of this DB and DC pensions arrangement. You will manage the TPA relationship, ensure all pensions matters and legislation are compliant, help drive changes to scheme governance and manage scheme projects.Pensions Team LeaderCB18341 West Yorks/Hybrid £35,000 - £42,000paIt’s time to make a meaningful impact in this leading company. You will closely monitor work activities to ensure the highest standards of quality, while also gaining exposure to project-based tasks. This role empowers you to take full responsibility for assigning tasks and driving improvements and best practices.Pensions Manager HB18330 London/Hybrid c£65,000pa + benetsAre you looking for your next in house assignment? Does the following sound like you? Brilliant knowledge of pension legislation, PMI qualied, a natural leader within the pensions sphere? If so, look no further, this Pensions Manager role could be perfect for you.Pensions Specialist Case Technician CB18354 Home based £42,000pa Calling all Pensions Administrators! If you are experienced in manual DB calculations and are looking to develop this expertise outside of admin, then this role is for you. You will have client contact and will mentor and coach junior members of the team.Pensions Team Leader CB18340 Surrey/ Hybrid £50,000pa + car allowanceAs Pensions Team Leader, no two days will look the same and some of your duties will include the following: prioritising and allocating work, ensuring colleagues reach their full potential, attending Trustee meetings, managing ad hoc projects and keeping up to date with technical and scheme changes. Christine Brannigan: christine@branwellford.co.uk Hayley Brockwell: hayley@branwellford.co.uk CareersUK’s leading pensions job boardPENSIONFind your next job at...www.pensioncareers.co.ukISSUE 50

Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group Administration Manager Hybrid/London £excellent Looking for a strong technical Pensions Admin Manager for an award-winning Pensions consultancy. Ref: 76219 BC Pensions Finance Accountant Hybrid/London office c.1 day a month £excellent Varied senior in-house opportunity, for a motivated qualified pension scheme accountant or auditor. Ref: 76131 SB Pensions Team Leader West Yorkshire/hybrid to £45000 per annum Exciting opportunity for a Senior Pensions Administrator to join one of the leading workplace pension funds in the UK. Ref: 69657 NMJ DC Pensions Consultant Kent or Hampshire office//hybrid £competitive From an administration/analytical background, you will be keen to take the next step in your pensions career within a growing team. Ref: 73178 NMJ Senior Pensions Executive Buckinghamshire/hybrid to £40000 per annum Support the Pensions Manager by helping to co-ordinate the work and provide support and guidance of the administration team. Ref: 73403 JW Senior Pensions Administrator Work from home to £35000 per annum Join a leading consultancy offering good scope for progression, in an established and client focused Pension’s Admin team. Ref: 74346 NMJ Senior Pensions Administrator London//hybrid to £35000 per annum Looking to develop your pensions knowledge? Work as part of a dynamic administration team with a varied portfolio of clients. Ref: 76207 NMJ Senior SIPP Administrator Cardiff/work from home to £32000 per annum Work within the SIPP/SSAS area for a market-leading consultancy with the option to specialise within a new business function. Ref: 73301 JM Pensions Complaint Manager Manchester/hybrid to £30000 per annum Join an award-winning pensions provider with an enviable industry reputation for operational excellence. Ref: 76201 JM Pensions Administrator Work from home to £30000 per annum In-house opportunity arisen to work on DB pensions administration within a small, dynamic, close-knit team. Ref: 70848 JW Pensions Administrator Cardiff/hybrid to £27000 per annum Are you looking for a role which incorporates numerical and customer service skills? Do you want to study towards professional qualifications? If so, the world of pensions could be for you. Ref: 70906 JM Trustee Director London/flexible £6 fig Fantastic career-move with a leading Professional Trustee specialist for a motivated Pensions professional. Ref: 62376 SB Senior Pensions Manager 12-month FTC Hybrid/London c.2 days per week £6 fig Exceptional senior 12-month contract with a highly skilled in-house team supporting a £multi-billion Pension Fund. Ref: 34949 SB Senior Pensions Governance Manager Hybrid/London/Glasgow c. 2 days a week office £6 fig Are you ready to take your next step in-house working on a £multi-billion pension fund? Ref: 72981 SB Operations Manager, Reinsurance Hybrid/London £superb package & bonus Keen to speak with skilled Third-Party Administration Managers seeking a new area to develop their career. Ref: 68193 SB Senior Trustee Consultant Hybrid/London c.£80k per annum Join an independent Trustee firm in a Senior role, delivering exceptional services to a growing portfolio of clients. Ref:76139 BC Entry level Trustee Hybrid/London, Mid or North West £attractive Take forward your Pensions industry experience with this leading Professional Trustee specialist. Ref: 70283 SB Deputy Corporate Pensions Manager Hybrid/2-3 days a week Warwickshire Office £competitive Exceptional opportunity for a skilled Pensions professional as part of an in-house function managing a £multi-billion Pension scheme. Ref: 73079 SB In-house Pensions Manager, Operations Remote or hybrid office-based, London/South West £attractive Highly varied oversight opportunity for a skilled Pensions Administration Manager or Administration Client Manager with this £Bn+ Pension Fund. Ref: 76192 SB In-House Pensions Technical Manager Hybrid/Surrey £excellent Exceptional opportunity for a technically astute Pensions professional with this global industry leader’s in-house pension team.Ref:74599 SB Senior Pensions Consultant Hybrid/London/Birmingham £in line with experience Excellent opportunity within a niche Trustee arm, to deliver pension consulting services and provide management support. Ref: 76210 BC Senior Communications Consultant Work from home/hybrid £excellent Join a well-established Pensions Communications team and provide a portfolio of clients with strategic direction. Ref:74005 BC Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group PPF Administration Manager Hybrid/South West £55000 per annum Excellent opportunity for a Pensions Operational specialist across DB areas to specialise within PPF. Ref: 1377200 BC Senior x1 / Pensions Accountant x1 Work from home £excellent package Varied opportunities for a skilled Pension Scheme Accountant to take on your own portfolio of clients. Ref: 1377305 SB Pensions Operations Team Manager London/work from home to £55000 per annum Use and develop your existing pension management skills during this exciting period of transformation for the pensions team. Ref: 1378475 JW Pensions Transfer Specialist Greater Manchester/hybrid to £55000 per annum Work with an award-winning pensions provider well established within the online space, working in DC and/ or DB pension transfers. Ref: 1378567 JM Pensions Calculations Developer Remote working/North West to £55000 per annum Broaden your strong DB knowledge with this leading software solutions provider. Ref: 1378421 NMJ Pensions Business Specialist West Sussex/hybrid £in line with experience Looking for Pensions specialist with experience across DC/AE or DB with an interest in project change/delivery. Ref: 1378575 BC Pensions Projects Specialist Essex/Hampshire/hybrid £competitive An exciting opportunity to join a specialist team and play an integral part by taking ownership of key projects within the business. Ref: 1372443 NMJ Senior Pensions Executive Buckinghamshire/work from home £in line with experience Provide support and guidance to the team taking a proactive role in looking after the pensions administration system. Ref: 1376425 JW Assistant Trustee Associate London/South Yorkshire to £40000 per annum Superb opportunity to take your pensions career in a new direction with this award-winning professional Trustee company. Ref: 1374565 NMJ Principal Pensions Administrator Work from home to £37000 per annum Play a key part in the development of administration staff within the team and lead on supporting any project work or audit activity. Ref: 1378374 JW Pensions Administrator Hybrid/Buckinghamshire £in line with experience Keen to progress? Join a leading UK consultancy where study is supported Ref: 1374782 NMJ Head of Corporate Sole Trustee London/Manchester/remote £6 fig Superb opportunity for a skilled Pensions professional to lead, shape and drive the Corporate Sole Trustee services for this leading Professional Trustee firm. Ref: 1378587 SB Senior Trustee Director Hybrid/c.3 days London/North West £6 fig package Leading Trustee firm, keen to speak with senior Pensions professionals. Ref: 1374381 SB Governance Manager Hybrid/Glasgow c.2 days per week £superb package/bonus Newly created opportunity to join this in-house Pensions team, supporting a £multibillion Pension fund on behalf of a FTSE100. Ref: 1378577 SB Operations Manager, Reinsurance Hybrid/London £superb package & bonus Keen to speak with skilled Third-Party Administration Managers seeking a new area to develop their career. Ref: 1371814 SB Head of Operations South East/flexible working £competitive Superb senior appointment with this £multi-billion pension fund to drive forward the in-house Pensions Administration function. Ref: 1378203 SB Transitions Manager Hybrid/London £superb package & bonus Progressive client-facing opportunity as you manage implementation of de-risking transactions. Ref: 1364039 SB Pensions Manager, in-house Hybrid/Surrey/remote working c.£80k per annum Highly varied in-house career move for a skilled Pensions professional. Ref:1373698 SB Entry level Trustee Hybrid/London, Midlands or North West £attractive Fantastic entry-level opportunity to take forward your Pensions industry experience with this leading Professional Trustee specialist. Ref: 1373418 SB Pensions Lead Hybrid/Offices Countrywide £in line with experience Excellent opportunity to join a market-leading consultancy and help shape delivery within this unique role. Ref: 1378572 BC Senior Pensions Data Specialist Hybrid/Offices Countrywide £excellent package Join a fast growing and effective data solution team within a leading pensions consultancy. Ref:1375206 BC Interim Asst. Pensions Manager, c.12 mth FTC Hybrid/London £superb package & bonus Support the Head of Pensions in delivery of both business as usual and key projects. Ref: 1374921 SB Leading recruiter for Pensions Professionals www.sammonspensions.co.uk pensions@sammons.co.uk 01277 268 988 / 020 7293 7022 A member of the Sammons Recruitment Group PPF Administration Manager Hybrid/South West £55000 per annum Excellent opportunity for a Pensions Operational specialist across DB areas to specialise within PPF. Ref: 1377200 BC Senior x1 / Pensions Accountant x1 Work from home £excellent package Varied opportunities for a skilled Pension Scheme Accountant to take on your own portfolio of clients. Ref: 1377305 SB Pensions Operations Team Manager London/work from home to £55000 per annum Use and develop your existing pension management skills during this exciting period of transformation for the pensions team. Ref: 1378475 JW Pensions Transfer Specialist Greater Manchester/hybrid to £55000 per annum Work with an award-winning pensions provider well established within the online space, working in DC and/ or DB pension transfers. Ref: 1378567 JM Pensions Calculations Developer Remote working/North West to £55000 per annum Broaden your strong DB knowledge with this leading software solutions provider. Ref: 1378421 NMJ Pensions Business Specialist West Sussex/hybrid £in line with experience Looking for Pensions specialist with experience across DC/AE or DB with an interest in project change/delivery. Ref: 1378575 BC Pensions Projects Specialist Essex/Hampshire/hybrid £competitive An exciting opportunity to join a specialist team and play an integral part by taking ownership of key projects within the business. Ref: 1372443 NMJ Senior Pensions Executive Buckinghamshire/work from home £in line with experience Provide support and guidance to the team taking a proactive role in looking after the pensions administration system. Ref: 1376425 JW Assistant Trustee Associate London/South Yorkshire to £40000 per annum Superb opportunity to take your pensions career in a new direction with this award-winning professional Trustee company. Ref: 1374565 NMJ Principal Pensions Administrator Work from home to £37000 per annum Play a key part in the development of administration staff within the team and lead on supporting any project work or audit activity. Ref: 1378374 JW Pensions Administrator Hybrid/Buckinghamshire £in line with experience Keen to progress? Join a leading UK consultancy where study is supported Ref: 1374782 NMJ Head of Corporate Sole Trustee London/Manchester/remote £6 fig Superb opportunity for a skilled Pensions professional to lead, shape and drive the Corporate Sole Trustee services for this leading Professional Trustee firm. Ref: 1378587 SB Senior Trustee Director Hybrid/c.3 days London/North West £6 fig package Leading Trustee firm, keen to speak with senior Pensions professionals. Ref: 1374381 SB Governance Manager Hybrid/Glasgow c.2 days per week £superb package/bonus Newly created opportunity to join this in-house Pensions team, supporting a £multibillion Pension fund on behalf of a FTSE100. Ref: 1378577 SB Operations Manager, Reinsurance Hybrid/London £superb package & bonus Keen to speak with skilled Third-Party Administration Managers seeking a new area to develop their career. Ref: 1371814 SB Head of Operations South East/flexible working £competitive Superb senior appointment with this £multi-billion pension fund to drive forward the in-house Pensions Administration function. Ref: 1378203 SB Transitions Manager Hybrid/London £superb package & bonus Progressive client-facing opportunity as you manage implementation of de-risking transactions. Ref: 1364039 SB Pensions Manager, in-house Hybrid/Surrey/remote working c.£80k per annum Highly varied in-house career move for a skilled Pensions professional. Ref:1373698 SB Entry level Trustee Hybrid/London, Midlands or North West £attractive Fantastic entry-level opportunity to take forward your Pensions industry experience with this leading Professional Trustee specialist. Ref: 1373418 SB Pensions Lead Hybrid/Offices Countrywide £in line with experience Excellent opportunity to join a market-leading consultancy and help shape delivery within this unique role. Ref: 1378572 BC Senior Pensions Data Specialist Hybrid/Offices Countrywide £excellent package Join a fast growing and effective data solution team within a leading pensions consultancy. Ref:1375206 BC Interim Asst. Pensions Manager, c.12 mth FTC Hybrid/London £superb package & bonus Support the Head of Pensions in delivery of both business as usual and key projects. Ref: 1374921 SB contactus@abenefit2u.com Call us on 0207 243 3201 www.abenefit2u.com Data Specialist Low £40’s Pension Trustee Consultants £50-£70k Hybrid/London DB15650 London or North West England/Home CE15551 Are you a pensions systems and data specialist seeking to join a medium-sized in-house occupational pension scheme? If yes, our client is seeking someone with your talents to support the Data Systems Manager. Do you have an excellent grounding in UK pensions and ideally have experience of working with Trustee Boards, providing specialist governance support? If so, this could be your next exciting challenge. Senior Pensions Officer Mid £40’s + bens Senior Pensions Analyst £45-£55k Hybrid/London DB15607 Flexible Working Arrangements CE15449 You will be a valued member of an in-house scheme, where you will deputise in the Pension Administration Manager’s absence and deal with the more complex pension calculations. Good all round pension’s skills required. An excellent opportunity for you to join this well-regarded pension’s administrator in their Change and Projects Team. A blend of office and homeworking on offer alongside a good benefits package. Trustee Specialist From £45k-£60k Client Relationship Manager £50-£75K Home/Office (W Sussex at least 1 day a week) TD15599 Flexible Working Arrangements CE15570 A rare and interesting job opportunity working on the governance, administration and management of large Master Trust and DB pension schemes. Working closely with the Pension & Governance Lead you will ensure all governance documentation is in line with regulatory requirements. If you possess the communication skills, as well as knowledge of the UK Pensions Admin industry this could be the role for you. This senior role will see you managing key clients for this well-respected provider, which will include some trustee governance work also. Pensions Project Manager £50-£60k Pens. Administrators—All Levels £DOE 100% Homeworking on offer CE15295 100% Homeworking on offer CE15645 Do you have experience of running projects in the pension’s admin arena and seeking a new role for a leading third party pensions administrator? If so this could be for you. Prince II or similar is desirable. If you are thinking its time to move on from your current admin role and wish to be more than just a cog in the machine then get in touch to learn more about this friendly and award-winning pensions administrator. Senior DC Pensions Consultant £DOE Administration Team Leader Up to £50k UK-Wide/Fully Homeworking TD15627 South East/Hybrid working TD15487 A fantastic opportunity to join this Defined Contribution team and be part of the largest group of DC experts (including governance, scheme design, investment consultants, provider and technical researchers and technicians) in the UK. Managing a team of Administrators, you will be responsible for providing a professional, high quality service to Clients and their members, managed through a rolling schedule of objectives and developing your team. Pensions Operational Analyst Up to £25k Pensions Business Analyst Up to £38k London/Remote-based TD15556 City of London 2 days per week/Home 3 days TD15592 A great development opportunity within a friendly team where you will focus on customer and internal operations, primarily focused on the pension finding process. You'll be willing to go that extra mile to find your customers' lost pensions, even when information is not readily available. Are you looking for an interesting new role in Pensions Administration but keen to get away from day-to-day general admin duties? You’ll be working with pension and system development specialists to identify and specify the most appropriate solutions to enable change and improvements. Many employers are now keen to encourage staff back to the office to increase collaborative working and professional development. We know that flexibility is key to supporting an inclusive and diverse workforce so please do call to discuss your requirements in terms of remote or flexible working. Options will vary for each job/employer, some requiring initial training at an office, after which attendance for ad hoc meetings only. Others will require more regular office attendance but we are happy to chat about what vacancies would suit your preferred hybrid working pattern and working hours. Contact Craig English (CE) craig@abenefit2u.com 07884 493 361 Contact Dianne Beer (DB) dianne@abenefit2u.com 0207 243 3201 / 07747 800 740 Contact Tasha Davidson (TD) tasha@abenefit2u.com 0208 274 2842 / 07958 958 626 Recruitment Solutions designed to find stars! Working in partnership with employer and employee

contactus@abenefit2u.com Call us on 0207 243 3201 www.abenefit2u.com Data Specialist Low £40’s Pension Trustee Consultants £50-£70k Hybrid/London DB15650 London or North West England/Home CE15551 Are you a pensions systems and data specialist seeking to join a medium-sized in-house occupational pension scheme? If yes, our client is seeking someone with your talents to support the Data Systems Manager. Do you have an excellent grounding in UK pensions and ideally have experience of working with Trustee Boards, providing specialist governance support? If so, this could be your next exciting challenge. Senior Pensions Officer Mid £40’s + bens Senior Pensions Analyst £45-£55k Hybrid/London DB15607 Flexible Working Arrangements CE15449 You will be a valued member of an in-house scheme, where you will deputise in the Pension Administration Manager’s absence and deal with the more complex pension calculations. Good all round pension’s skills required. An excellent opportunity for you to join this well-regarded pension’s administrator in their Change and Projects Team. A blend of office and homeworking on offer alongside a good benefits package. Trustee Specialist From £45k-£60k Client Relationship Manager £50-£75K Home/Office (W Sussex at least 1 day a week) TD15599 Flexible Working Arrangements CE15570 A rare and interesting job opportunity working on the governance, administration and management of large Master Trust and DB pension schemes. Working closely with the Pension & Governance Lead you will ensure all governance documentation is in line with regulatory requirements. If you possess the communication skills, as well as knowledge of the UK Pensions Admin industry this could be the role for you. This senior role will see you managing key clients for this well-respected provider, which will include some trustee governance work also. Pensions Project Manager £50-£60k Pens. Administrators—All Levels £DOE 100% Homeworking on offer CE15295 100% Homeworking on offer CE15645 Do you have experience of running projects in the pension’s admin arena and seeking a new role for a leading third party pensions administrator? If so this could be for you. Prince II or similar is desirable. If you are thinking its time to move on from your current admin role and wish to be more than just a cog in the machine then get in touch to learn more about this friendly and award-winning pensions administrator. Senior DC Pensions Consultant £DOE Administration Team Leader Up to £50k UK-Wide/Fully Homeworking TD15627 South East/Hybrid working TD15487 A fantastic opportunity to join this Defined Contribution team and be part of the largest group of DC experts (including governance, scheme design, investment consultants, provider and technical researchers and technicians) in the UK. Managing a team of Administrators, you will be responsible for providing a professional, high quality service to Clients and their members, managed through a rolling schedule of objectives and developing your team. Pensions Operational Analyst Up to £25k Pensions Business Analyst Up to £38k London/Remote-based TD15556 City of London 2 days per week/Home 3 days TD15592 A great development opportunity within a friendly team where you will focus on customer and internal operations, primarily focused on the pension finding process. You'll be willing to go that extra mile to find your customers' lost pensions, even when information is not readily available. Are you looking for an interesting new role in Pensions Administration but keen to get away from day-to-day general admin duties? You’ll be working with pension and system development specialists to identify and specify the most appropriate solutions to enable change and improvements. Many employers are now keen to encourage staff back to the office to increase collaborative working and professional development. We know that flexibility is key to supporting an inclusive and diverse workforce so please do call to discuss your requirements in terms of remote or flexible working. Options will vary for each job/employer, some requiring initial training at an office, after which attendance for ad hoc meetings only. Others will require more regular office attendance but we are happy to chat about what vacancies would suit your preferred hybrid working pattern and working hours. Contact Craig English (CE) craig@abenefit2u.com 07884 493 361 Contact Dianne Beer (DB) dianne@abenefit2u.com 0207 243 3201 / 07747 800 740 Contact Tasha Davidson (TD) tasha@abenefit2u.com 0208 274 2842 / 07958 958 626 Recruitment Solutions designed to find stars! Working in partnership with employer and employee

The freedom to have a thriving careerWith pension opportunities across our nine UK oces, within our management services, accounting, systems and administration teams, you can thrive in your career with BW.Our people have the freedom to excel, through exible working options and a future-focussed infrastructure that supports your career progression.This is underpinned by our independence, which empowers everyone to do their best work.Visit our website to discover more and view current vacancies on our careers portal barnett-waddingham.co.uk/careers7492383 - Digital Advert - Pension Careers Magazine.indd 17492383 - Digital Advert - Pension Careers Magazine.indd 1 17/10/2022 13:57:4517/10/2022 13:57:45