Investment has been high on the master trust’s agenda. Tegs and her colleagues realise that members are better off when they take more risk for longer – and that has been a big theme of the changes they have been making over the last few years. They have introduced equities from earlier in the lifecycle, considering the length of members’ de-risking glidepaths and introducing private markets.

Tegs touches on the live discussion L&G are having around private markets in retirement – and why knowing only part of a member’s overall financial picture is a challenge.

More broadly, we talk quite a lot about investment advice and guidance, and Tegs shares some fascinating themes and observations from L&G’s retirement research with members, some of which may surprise you. We also touch on the impact AI could have on how members interact with their pensions.

Tegs talks about the L&G master trust’s net zero journey and why it’s vital for master trusts to look beyond paper-based decarbonization to build resilience and have real world impact.

It’s a great episode – enjoy!

We discuss the importance of cutting out the noise and sticking to your guns in times of short term volatility.

Jo explains why she has just made an allocation to long-dated government bonds in the growth phase – despite being very pro equity in general – and explains why government bonds are very much on her radar.

She has a challenge to the industry on net zero: have we done the easy things and saved the harder choices for later? Are we making enough real progress? If not, what needs to change?

We also discuss private markets, and Jo shares the types of assets the Aon master trust is looking at – and why it’s important to have different risk/return focuses for people at different stages of their lives. Listen to the podcast to find out exactly what they’re looking at.

We loved catching up with Jo. Enjoy the episode!

Lorna is responsible for investment proposition for Aegon's DC workplace business from the master trust to the contract based book and also looks after the fund of funds business. That’s a lot of members and assets. Investing on behalf of one million plus customers with over 100 billion pounds’ worth of assets is a big job – and Lorna and her colleagues continually working to improve outcomes and aim for strong long‑term returns.

The team has spent the last two years looking at private markets – and has recently introduced LTAFs. Lorna tells us about how she is using them to pull different levers for members at different stages in their glidepaths.

‘I love my job’, Lorna told us – we find out what aspects of investment excite her, as well as what changes in the DC world are inspiring her at the moment.

A note on continuity: we spoke to Lorna in the autumn of 2025 – so when we talk about ‘next year’, this actually means 2026. Hope that isn’t too confusing for listeners!

Naomi gives us a fascinating insight into how USS achieves diversification in the uncertain world we live in. Spoiler alert: it’s all about great governance. We also find out about Naomi’s own passion for private markets and the possibilities she thinks these investments could offer to savers in later life. We learn why USS has signed the Mansion House Accord. Naomi also gives us an update on USS’ net zero journey.

It's a fascinating episode – we hope you enjoy it.

Jonathan talks through why Aviva has made a major move into private markets and what this means for members, from opening up access to infrastructure and private equity to managing liquidity in a more complex investment environment. They dive into the new value for money rules, the rising pressure of performance comparisons, and how trustees and providers are balancing long-term conviction with short-term scrutiny.

Louise and Dave also get Jonathan’s take on how governance is evolving as master trusts scale, how member behaviour is shifting, and what Aviva is doing to help people as they move into, and then through, retirement.

It’s a forward-looking and insightful conversation about the trends shaping DC right now. We hope you enjoy the episode!

Steve takes us through SEI’s goals-based investment philosophy, explaining how the master trust starts with members’ retirement income needs and designs portfolios backwards from that objective. He outlines why SEI maintains a high-equity, factor-driven default through the early and mid-career stages, using tilts such as value, quality and momentum to manage risk while targeting long-term return drivers.

They discuss the impact of industry consolidation, including SEI’s acquisition of Atlas, and how increased scale strengthens investment capability, fund range and long-term sustainability. Steve shares SEI’s thinking on private markets and LTAFs, emphasising disciplined allocation decisions based on hurdle rates, timing, and a clear focus on improving outcomes rather than meeting political or market pressure.

Steve reflects on market concentration risks, the importance of robust governance, and the need for investment strategies that remain resilient across cycles.

It’s an in-depth and comprehensive conversation about SEI’s approach to evolving challenges in the master trust landscape, we hope you enjoy the episode!

Veronica takes us through how Cushon is shaping its investment strategy for a changing world, from expanding its private markets allocation to exploring opportunities in venture capital. She explains the team’s approach to diversification, governance, and long-term risk management, particularly given market volatility.

They discuss Cushon’s climate framework, including its focus on real-world decarbonisation, natural capital and portfolio resilience. Veronica shares how digital storytelling is helping members connect with their investments, and why UK-based projects are becoming an increasingly important part of that narrative.

Finally, Veronica reflects on building internal investment capabilities, working closely with trustees, and how AI and innovation might transform DC investing in the years ahead.

It’s a wide-ranging conversation - we hope you enjoy the episode!

 James explains why the FutureWise team is embracing private markets – but hasn’t signed the Mansion House Accord. We dive into how FutureWise is using LTAFs and peer beneath the bonnet at its private markets allocations, plus hear more about James and the team’s future plans for using these assets in members’ later lives. James also talks about other asset classes, sharing why he’s keen on gold.

 We hear more about several other big industry discussions and how James and his team are adapting, from FutureWise’s approach to sustainability, stewardship and net zero to how industry consolidation may accelerate private market adoption.

It’s a wide-ranging discussion – we hope you enjoy it.

Liz also discusses Nest’s ESG and Net Zero strategy and the importance of real-world impact, and how technology and data could enable more personalised investment journeys tailored to members’ unique circumstances. This episode offers an insightful look at the innovations transforming the DC world and the future of retirement planning.

James explains why Smart Pension has leaned into private markets, what is behind their use of synthetic equities to free up capital for higher-return assets, and how their ‘four-pot’ retirement model could change the way members experience flexibility in later life. He also shares Smart Pension’s progress on ESG integration, their Net Zero 2040 goal, and thoughts on how technology and tokenisation could shape the next generation of pension investing.

This episode offers a deep dive into how modern pensions are adapting to a complex, uncertain, and opportunity-rich landscape.

In this week’s episode, we cover a huge amount of ground. But just a few highlights: Dan tells us why People’s Partnership signed the Mansion House Accord (when they hadn’t signed the compact), what private markets he’s most excited about, why he thinks fears about master trust herding are overstated, and what he hopes for from the Pensions Bill.

We hope you enjoy listening.

In this week’s bonus episode of the DCIF’s podcast, Nest’s Gareth Turner talks to Mark and Louise about how it is approaching retirement. Nest has developed the Retirement Blueprint, which Gareth outlines in the episode, kindly fielding questions about the finer details. The blueprint is a work in progress, and we discuss how Nest is keen to hear the industry’s feedback.

So, we’d love to hear what you think about the ideas we discuss in this special bonus episode – and we hope that, as ever, you enjoy the show.

Download Nest's retirement income blueprint - https://dcif.co.uk/wp-content/uploads/2025/06/DCIF-Nest-retirement-income-blueprint-overview.pptx

This episode contains all the wisdom and deep expertise you'd expect from someone like Keith, who over the years rubbed shoulders with economists like Harry Markowitz and William Sharpe.

Keith tells us about his dramatic entry into the pensions world - and what he's learned from the Nobel prizewinners over the years since then.

He tells us about his 40-year mission to define the characteristics of a well thought out pension system. Right up the street from this podcast! We talk about how close we are to achieving pensions nirvana.

Mats gives us a rundown of the best features of the Swedish system – and confides what worries him most about the future. He explains some of the system’s downfalls – complexity, fragmentation and adequacy fears loom large – and tells us what he would change if he could.

One key point we take away from this episode is how pension systems are often born out of adversity. Mats tells us how the Swedish pension system faced great pressure to move – fast – from DB to DC in the early 1990s, when the Swedish economy was in very bad shape. Thankfully, thanks to Sweden’s collective culture, there wasn’t a backlash. But the move did create some adverse effects.

Mats worries about the adequacy of the system when DC savers reach retirement age, and when there’s a rush to move quickly, there isn’t always time to think everything through – which Mats thinks could have created some of the fragmentation and complexity which is apparent in the system today.

It's a great episode – enjoy!

The US’ auto-enrolment journey wasn’t without its tricky moments. Mark tells us of a memorable encounter with the police, and why Bill Clinton still owes him $75.

We also find out how the US’ experience of auto-enrolment influenced the UK’s direction of travel – and the lessons Mark passed on to the DWP. Why does Mark think the UK improved on the US’ version of auto-enrolment? With the benefit of hindsight, Mark tells us what he’d go back in a time machine to change. We also find out what advice he would give to other regulators about building a great DC system.

Finally, we explore how the US is faring on its journey to introduce more alternative and non-traditional investments into its DC system.

Steve reflects on some subjects which are dear to our heart, including lessons he learnt from overseas, reflects on what he’s proud of and what he would go back in time to change, if he could. He tells us one important lesson he took from the Netherlands’ experience, which echoes a point last week’s guest Hans van Meerten made (spoiler alert: it’s about communication).

We also talk about what’s going on in UK pensions today. Steve explains why he thinks post-retirement CDC could happen sooner than we think. He tells us where flex now, fix later came from and how it could work. Finally, we hear Steve’s verdict on the Pensions Investment Review.

Many thanks!

We find out why the Netherlands is going through some big pension reforms, despite being top of the international league tables. From his legal perspective, Hans explains why he’s a critic of the current Dutch CDC model, the biggest problems in the system, and why he expects a lot of court cases down the line. 

We also dive into China’s pension system briefly and Hans shares some fascinating insights into how that is developing.

EU Pensions Law, edited by Professor Hans van Meerten and Professor Philip Bennett, is available here: https://www.e-elgar.com/shop/gbp/eu-pensions-law-9781802200218.html#:~:text='EU%20Pensions%20Law%20is%20an,pension%20novices%20and%20pension%20experts.

It’s a great episode – hope you enjoy listening!

We hear an update on how auto-enrolment is going in Ireland and the consolidation which is happening as a result. What did Ireland learn from the UK’s recent experience? How are members’ pension contributions being invested? What aspect of Ireland’s pension system is Jerry proudest of? And if he had a time machine, what would he go back and change?

Paul has spent years as a senior executive in the superannuation fund world, most recently at Hostplus, one of Australia’s largest supers.

We learn how the value for money debate has been ‘run and won’ in Australia, how Aussie superfunds got to grips with investing in private markets and why the Aussies are moving in the opposite direction to the Brits when it comes to retirement decision-making. Paul also offers his advice to UK policymakers as the Pensions Investment Review moves forward. 

Paul stresses to us that Australia’s pension system isn’t perfect, either. He tells us the one thing he would change if he were pensions minister for a day, why the Brits are arguably doing engagement better than the Aussies and offers us some great advice. 

We so enjoyed exchanging notes with Paul – and we hope you learn as much as we did from the conversation.

Diane Maxwell kicks off the season with a bang. The former retirement commissioner for New Zealand gives us the lowdown on the country’s pensions system, the flipside of consumer engagement, how retirement works and the crucial differences between the UK and New Zealand’s tax systems – as well as the key lessons she’d pass on to UK policymakers.

Naomi tells us about a bumpy start to USS' private markets journey and shares the reason why USS hasn't signed the Mansion House Compact.

Please note these are Naomi’s personal framings of USS’ formal positions.

We learn about why her time as a smaller companies analyst was a great training ground, why shorthand can be dangerous in investment, and what keeps Liz awake at night - where she gives us possibly the most poignant answer of the series so far.

Happy listening!

We overcame numerous technology failures to record this episode - and we hope you agree that it's a great one!

In this episode, Jon and Louise talk to Mark Austin, who as well as being a DCIF member and head of the UK for Northern Trust’s asset owner business, is chair of the Northern Trust UK Pension Scheme. We find out how Mark became a trustee, how the world has changed and become more challenging for trustees in recent years, and how to build an investment strategy that works for everyone, from workers in the post room to the chief investment officer.

Listen now by searching for the DCIF on Spotify, Apple or any other major podcast platform, or find it on the DCIF’s website.

Listen now by searching for the DCIF on Spotify, Apple or any other major podcast platform, or find it on the DCIF’s website.

Listen now by searching for the DCIF on Spotify, Apple or any other major podcast platform, or find it on the DCIF’s website.

Listen now by searching for the DCIF on Spotify, Apple or any other major podcast platform, or find it on the DCIF’s website.

Listen now by searching for the DCIF on Spotify, Apple or any other major podcast platform, or find it on the DCIF’s website.

Listen now by searching for the DCIF on Spotify, Apple or any other major podcast platform, or find it on the DCIF’s website.