Changing World, New Opportunities

Defined Contribution Invest Forum (DCIF)
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In our second season of the podcast, we’re interviewing senior investment figures from large defined contribution pension schemes. We’re asking them to reflect on the investment challenges reflecting them as DC leaders. What are they excited about – and what’s keeping them awake at night? In this show, we chat to experienced members of the investment world, broadcasting their insights, as well as the ideas of the DCIF, to pension fund decision-makers in the UK and across the globe. This show is hosted by Louise Farrand, a journalist who has written about DC pensions and finance issues for over a decade and has run the DCIF for nine years. Co-hosting is Lorna Kennedy, chair of the DCIF and a partner at Baillie Gifford. To subscribe to this show and read the regular research the DCIF publishes, head to www.dcif.co.uk and follow the DCIF on Twitter (@DCIF) and LinkedIn.

  1. 5d ago

    Tokenisation and the future of pensions: unlocking efficiency, personalisation and innovation

    Welcome to DCIF in Depth! We’re excited to launch a new season of the DCIF podcast, a mini-series hosted by Louise Farrand alongside our new co-host, Lindsay Nickerson, chair of the DCIF and institutional director at Nordea. Over the course of the series, we’ll explore the opportunities and challenges shaping the future of DC, from tokenisation and AI to innovation across pensions and helping to deliver better outcomes for members. You can listen to DCIF in Depth and explore our latest DC research at https://dcif.co.uk/.In this episode of DCIF in Depth, hosts Louise Farrand and Lindsay Nickerson are joined by Theo Golden of Baillie Gifford and Nick Cox of Mobius Life to explore what tokenisation is and why it matters for pension funds. Tokenisation and the future of pensions: unlocking efficiency, personalisation and innovation Theo and Nick explain how tokenisation can create a shared, secure record of ownership, reducing friction across financial markets and enabling assets to interact more efficiently. They discuss the potential benefits for pension schemes, including broader investment opportunities, greater operational efficiency, and the possibility of delivering more personalised member outcomes at scale. The conversation also covers ESG considerations, the environmental impact of blockchain technology, emerging use cases, and the practical steps pension funds can take to begin their tokenisation journey. This episode offers an accessible introduction to one of the most talked-about innovations in investment infrastructure and its potential implications for the future of pensions.

    Tokenisation and the future of pensions: unlocking efficiency, personalisation and innovation

  2. Jul 2

    Private markets, consolidation and the future of DC investment with Mercer's Ben Lewis

    In this episode, hosts Louise Farrand and Dave Whitehair sit down with Ben Lewis, head of Mercer's investment DC workplace proposition, for a wide-ranging conversation about how Mercer's master trust is building out its investment strategy for the long term. Ben covers the move into private markets, how Mercer is thinking about the full member journey from accumulation through to retirement, and why getting the structure of the LTAF right matters so much. They also get into progress on sustainability, the impact of consolidation following the Cardano acquisition, and how Value for Money rules are shaping decision making across the market. The conversation rounds off with Ben's thoughts on venture capital as a future allocation for DC members and the role of AI in helping members engage with their pensions. We hope you enjoy the episode as much as we enjoyed speaking to Ben!

  3. Feb 12

    Step inside the L&G master trust with Tegs Harding

    In this week’s episode of the podcast, we speak to Tegs Harding, trustee chair of the Legal and General master trust’s investments committee. 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!

  4. Feb 5

    Cutting Through the Noise: Jo Sharples on Conviction Investing in DC

    This week on the podcast, we chat to Jo Sharples, chief investment officer for Aon’s DC solutions. Jo shares her wisdom about investment, revealing her ‘sleep at night strategy’ – we love this idea. 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!

  5. Jan 22

    From Art School to Asset Management: Meet Lorna Blyth, head of investment proposition for Aegon UK

    Lorna Blyth, head of investment proposition for Aegon UK, joins Dave and Louise for this week’s podcast. We learn about Lorna’s career path, from dreams of art college to working her way up through the ranks of a pension provider and into investment – with a lot of hard work and exams completed along the way. 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!

  6. Jan 16

    Naomi Clark on USS' Investment Strategy

    We’re back! On this week’s DCIF podcast, Dave and Louise catch up with Naomi Clark. Naomi, who is USS’ head of investment product management, came on the podcast several years ago in season two – so this was a perfect chance to catch up with her and find out how USS’ investment strategy has evolved. 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.

  7. 12/11/2025

    Private markets, value for money and the next evolution of master trusts with Aviva’s Jonathan Parker

    In this episode, hosts Louise Farrand and Dave Whitehair sit down with Jonathan Parker, head of DC at Redington and chair of the investment committee for the Aviva Master Trust, for a deep dive into how one of the UK’s largest master trusts is reshaping investment strategy for the decade ahead.   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!

  8. 12/03/2025

    Investment strategy, consolidation and the future of DC with SEI master trust

    In this episode, hosts Louise Farrand and Dave Whitehair chat to Steve Charlton, DC and solutions managing director for SEI across EMEA and Asia.   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!

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About

In our second season of the podcast, we’re interviewing senior investment figures from large defined contribution pension schemes. We’re asking them to reflect on the investment challenges reflecting them as DC leaders. What are they excited about – and what’s keeping them awake at night? In this show, we chat to experienced members of the investment world, broadcasting their insights, as well as the ideas of the DCIF, to pension fund decision-makers in the UK and across the globe. This show is hosted by Louise Farrand, a journalist who has written about DC pensions and finance issues for over a decade and has run the DCIF for nine years. Co-hosting is Lorna Kennedy, chair of the DCIF and a partner at Baillie Gifford. To subscribe to this show and read the regular research the DCIF publishes, head to www.dcif.co.uk and follow the DCIF on Twitter (@DCIF) and LinkedIn.

Information

  • Creator
    Defined Contribution Invest Forum (DCIF)
  • Years Active
    2022 - 2026
  • Episodes
    47
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Defined Contribution Invest Forum (DCIF)
  • Show Website
    Changing World, New Opportunities