Rethinking DB PENSIONS Time for Change Including discussion of the 2017 DWP Green Paper Security and Sustainability in Defined Benefit Pension Schemes Keynote contributions from: Alan Rubenstein Chief Executive PENSION PROTECTION FUND and Mark Boyle Chairman THE PENSIONS REGULATOR SPECIAL RATES FOR SCHEME SPONSORS AND TRUSTEES One Day Conference Wednesday 12 July 2017 Canary Riverside Plaza Hotel 46 Westferry Circus, Canary Wharf, London E14 8RS
The sustainability of the UK s private sector defined benefit pension system has long been debated but in 2016 attracted particular public scrutiny as a result of the BHS saga and other high profile schemes facing difficulty. Along with soaring deficits over the past year, this has driven increasing calls for change. Numerous organisations have contributed to the discussion, producing widely diverging views at times but a rich variety of proposals. Notably, the PLSA s DB Taskforce Interim Report (Oct 2016), identified structural weaknesses in the sector and warned DB pension schemes are under severe pressure and without change the likely outcome will be hardship for members or sponsors. By contrast, the DWP s Green Paper (Feb 2017), suggested there is not an affordability crisis but clearly acknowledged scope for improvement and outlined an extensive range of options for consultation. Importantly, it also echoed wider views that stakeholders may not be fully utilising existing flexibilities that could help them meet their objectives. Although the outcome from the Green Paper is not yet known, it has added focus to the discussion. Policy makers are in listening mode and the growing momentum for reform is an opportunity not to be missed. Now is the Time for Change. The purpose of this event is to bring together a wide variety of stakeholders to discuss the best way forward. It will include detailed analysis of the Green Paper s key themes and discuss some of the consultation submissions. It will also focus on ways to improve DB within the current framework. It is intended to combine forward thinking with practical discussion for the here and now. Conference Chairman Sir Steve Webb Director of Policy ROYAL LONDON
Policy and Regulation The DWP s Green Paper recognises that the DB system may not be operating optimally in all areas and outlines a range of possible options, some quite radical, for reform. Which are most likely to come to fruition? Does the PPF see a systemic affordability issue with DB? How is it managing the risks it faces? Security and Sustainability in DB A Strategic Overview Alan Rubenstein Chief Executive PENSION PROTECTION FUND How does the Pensions Regulator see the outlook for DB? What s working well and where are improvements required? What difference would enhanced regulatory powers as discussed in the DWP s Green Paper make? How might additional flexibilities for stressed schemes work? How might consolidation be encouraged? And how is TPR adapting its regulatory approach to deal with emerging issues? Rethinking DB The Regulator s View Mark Boyle Chairman THE PENSIONS REGULATOR The State of DB How many schemes are stressed and at serious risk of failure? Opinions vary widely. What explains this disparity? How do you define stressed? What solutions are available? What is the True Scale of Stress in DB? Chris Curry Director PENSIONS POLICY INSTITUTE Identifying Solutions for Stressed Schemes Darren Redmayne Chief Executive Officer LINCOLN PENSIONS and Stefan Lundbergh Director CARDANO INSIGHTS Reform and Restructuring To what extent is reform necessary? Is the approach to pensions funding more dysfunctional than the DWP perceives? What powers and opportunities already exist that are not being fully utilised? How can trustee Boards help reshape DB on a more collaborative basis? What is the scope for restructuring? Reform vs Existing Flexibilities Raj Mody Partner, Global Head of Retirement & Pensions PRICEWATERHOUSECOOPERS
Can we Trust the Trustee? Alan Pickering Chairman BESTRUSTEES Legal Restrictions: Just Hurdles or Real Roadblocks? Faith Dickson Partner SACKERS DB Master Trusts: Consolidation in Practice Paul Murphy Head of Strategy & Business Development TPT RETIREMENT SOLUTIONS Lessons from Overseas Peter Routledge Head of Trustee Clients WILLIS TOWERS WATSON Pension Scheme Consolidation The potential benefits of consolidating smaller schemes are generally accepted but opinions differ regarding how and whether it will be achieved. Why have DB Master Trusts seen limited take-up? Is a more conducive or coercive environment a pre-requisite for greater consolidation? Might ambitious new superfunds, merging assets and liabilities, be the answer? Could current bulk annuity providers become superfund providers? Is the bundling of services, including fiduciary management, a more likely approach? The Superfund Model Ashok Gupta Chair, DB Taskforce PENSIONS AND LIFETIME SAVINGS ASSOCIATION The Role of Insurers John Towner Head of Origination, Pension Risk Transfer LEGAL & GENERAL Indexation RPI to CPI switching is a hot topic. What recent cases have there been and with what results? What should trustees and employers take into account? Is switching ever in the best interests of members? How might things change in light of the Green Paper s references to conditional indexation and rationalising indexation? RPI to CPI Switching: Cases and Considerations Arron Slocombe Partner, Pensions Department BAKER MCKENZIE Indexation Changes: Present and Future Alex Waite Partner LANE CLARK & PEACOCK
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Other Summer Events The 5th Conference on DB Member Options DB to DC TRANSFERS Taking the Market Forward 23 May 2017, London The Industry Forum on THE ADVICE MARKET 8 June 2017, London InsurTech TRANSFORMING INSURANCE 21 June 2017, London For further information please email info@westminsterandcity.co.uk To Contact Us For registrations and networking contact Anna Barber annabarber@westminsterandcity.co.uk For conference content contact Barry Griggs barrygriggs@westminsterandcity.co.uk For database amendments contact Mark Upton markupton@westminsterandcity.co.uk For future events visit www.westminsterandcity.co.uk Westminster and City Programmes PHONE 020 7582 6516 FAX 020 7582 7245 EMAIL info@westminsterandcity.co.uk BOOKINGS registrations@westminsterandcity.co.uk POST The Coach House, Heath Farm, Tannery Lane, Send, Woking, Surrey GU23 7EF WESTMINSTER AND CITY PROGRAMMES LIMITED 2017. All rights reserved. The design, format and intellectual content of this brochure are the copyright of Westminster and City Programmes. Westminster and City and the Westminster and City logo are registered trade marks. Any infringement will give rise to legal proceedings.