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LDI: Implementing flexible strategies for today and the future

London |
Speakers include:
Mark Hedges

Mark Hedges

Nationwide Pension Fund

Simeon  Willis

Simeon Willis


Sophia Heathcoat

Sophia Heathcoat

Barnett Waddingham


Liability Driven Investment has become a de-risking strategy that defined benefit plans have largely embraced in the past few decades and it can now be seen throughout the industry.  As the economic landscape changes, however, are attitudes changing towards this type of investment?  How has LDI changed over the last few years? What is the impact of interest rate expectations on LDI strategy? Should schemes be advocating a more active approach to LDI? What effect is regulation having on strategies and how can these be managed better?

Pensions Expert, in association with Standard Life Investments, will bring senior pension professionals together for an exclusive half-day forum with a focus on LDI in today’s changeable environment and discuss what strategies can be implemented in the future.

fallback Add to my Calendar 05/11/2017 13:00:0005/11/2017 18:00:00falseLDI: Implementing flexible strategies for today and the futureLiability Driven Investment has become a de-risking strategy that defined benefit plans have largely embraced in the past few decades and it can now be seen throughout the industry.  As the economic landscape changes, however, are attitudes changing towards this type of investment?  How has LDI changed over the last few years? What is the impact of interest rate expectations on LDI strategy? Should schemes be advocating a more active approach to LDI? What effect is regulation having on strategies and how can these be managed better?Pensions Expert, in association with Standard Life Investments, will bring senior pension professionals together for an exclusive half-day forum with a focus on LDI in today’s changeable environment and discuss what strategies can be implemented in the future.LDI:-Implementing-flexible-strategies-for-today-and-the-futurefe3907aaa771ff884f60812512d54a8bMM/DD/YYYY

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“A well balanced seminar at a very convenient venue”

       – John Rowland, Robert Dyas Limited

“Effective events which deliver a well-informed punch”

       – Iain CowellAllianz

“Great conference; I will definitely attend another!”

       – Jordan HarrisonPwC


Speakers (11)

Mark Hedges

Mark Hedges

Chief Investment Officer
Nationwide Pension Fund

Mark Hedges is Chief Investment Officer at Nationwide Pension Fund. He has responsibility for the performance and implementation of the asset allocation strategies agreed with the fund investment advisors. Mr Hedges is responsible for a £4bn asset portfolio; with investment manager selection across liquid assets (equities, liability hedging, credit) and illiquid investment (infrastructure, real estate, distressed, opportunistic and buyout equity funds). Previously he led the establishment of Nationwide’s Covered Bond programme and its Silverstone RMBS Master Trust funding vehicle. In addition he has securitised UK Student Loans and a synthetic corporate bond structure along with structured transaction and investment in various ABS instruments. Past experience also includes leading the origination and structuring of social housing, PFI and commercial real estate debt transactions.

Simeon  Willis

Simeon Willis

Director, Head of Investment Strategy

Simeon Willis is Head of Investment Strategy providing forward thinking on journey planning and portfolio construction for clients across the KPMG team. He is also experienced with using LDI to efficiently manage interest rate and inflation risk. He leads advice on a range of trustee and corporate clients covering all aspects of their investments including strategy, manager appointment and risk management. He is a regular contributor to the press around matters relating to strategy and LDI. Most recently he has been responsible for originating and producing the KPMG LDI survey which has become a unique annual reference document for the industry. He has substantial experience in relation to valuation of asset backed funding arrangements involved in a large number of high profile arrangements. He also has considerable wider risk management experience working directly on a number of buy-in arrangements helping clients to manage risk most effectively.

Sophia Heathcoat

Sophia Heathcoat

Investment Consultant
Barnett Waddingham

Sophia Heathcoat is an investment consultant at Barnett Waddingham, where her main role involves working with defined benefit pension schemes on issues such as objective setting, strategy reviews, selecting investment managers and considering investment risk in the wider context of the whole scheme. In addition to this, she is responsible for Liability Driven Investment (‘LDI’) manager research utilising her 5 years’ experience in LDI portfolio management.  She is qualified as an actuary in 2010 and has a degree in Aeronautical and Aerospace Engineering from Jesus College, Cambridge.

Richard  Slater

Richard Slater


Richard Slater is a Partner within Deloitte and is Head of Deloitte’s UK Investment Consulting practice. He has over 25 years’ experience in advising Corporates and Trustees across all aspects of investment issues. Particular areas of expertise include: Investment strategy reviews, Manager structure, Manager selection and appointment and Liability driven structuring and implementation.

Huw  Evans

Huw Evans


Huw Evans represents BESTrustees as trustee to five defined benefit schemes and chairs two of these trustee bodies, one as sole trustee. He also deputises on two of BESTrustees’ largest clients. He holds the Pensions Management Institute’s Award in Pensions Trusteeship for both Defined Benefit and Defined Contribution pension schemes and is a member of the Association of Professional Pensions Trustees. He is also very active within the Institute and Faculty of Actuaries (IFoA) as a member of a number of senior boards and committees. Before joining BESTrustees, he enjoyed a 20 year career culminating in seven years at Towers Watson where he was the Scheme Actuary to the EMI Group Pension Fund. His clients included the Royal Insurance scheme (which he advised on the longevity component of the ground-breaking synthetic annuity), Royal Mail Group Ltd, the Railways Pension Scheme, Southern Water and Kimberley Clark. He was a founder member of Towers Watson’s team of utilities specialists and was an active member of teams specialising in pension scheme valuations, mortality, European pensions and professional affairs. Prior to joining Towers Watson, he was part of the management team of a combined benefits consultancy & administration department within Hewitt Bacon & Woodrow. At this time he was the UK Account Manager for a telecoms multinational, a pharmaceuticals multinational, an IT outsourcing multinational and a FTSE100 property development company. Mr Evans was also Scheme Actuary to 12 schemes ranging from the executive scheme of a paper products multinational to an industry-wide scheme. He is a former Regional Organiser for The Pensions Advisory Service in Surrey.

David Wrigley

David Wrigley

Lane Clark & Peacock LLP

David Wrigley is a Partner within LCP’s investment practice, where his primary role is helping clients (both trustees and corporate sponsors) manage their pension scheme investments.  His particular areas of expertise are in developing efficient investment strategies and establishing de-risking frameworks, including insurance de-risking solutions. He is also a key member of LCP’s LDI and Derivatives research team, and LCP’s Investment Strategy team.  He is a qualified actuary and has a Master of Mathematics degree from Worcester College, Oxford.

Nick Harvey

Nick Harvey

Investment Consultant
Punter Southall Investment Consulting

Nick Harvey is a qualified actuary and investment consultant and has worked at Punter Southall for 13 years.  He advises trustees and employers on all aspects of their pension schemes’ investments and also sits on Punter Southall Investment Consulting’s investment committee and manager research committee. He has a particular interest in Liability Driven Investment and is responsible for Punter Southall Investment Consulting’s Liability Driven Investment research. He has also spent many years advising on the wider aspects of running pension schemes.

Ben Gold

Ben Gold

Head of Investment Consulting, North
Xafinity plc

Ben Gold is the Head of Investment Consulting, North at Xafinity plc. He has 20 years’ overall experience of advising pension schemes and previously set up and led the Midlands Investment Advisory practice at KPMG. He advises the corporate sponsors and trustees of both large and small pension schemes and has experience of advising on all aspects of investment strategy. This includes risk budgeting, portfolio structure, de-risking, liability hedging techniques and strategy implementation.

Paul Evans

Paul Evans

Senior Investment Analyst, Fixed Income and LDI
Lloyds Bank Pension Fund

Paul Evans joined the Lloyds Banking Group Pension Schemes in May 2016 as a senior investment analyst. He is primarily responsible for developing and implementing LDI strategies for the DB schemes. He also covers investment grade and high yield credit and is responsible for investment manager research, selection and implementation. Previously, he was an analyst in the capital markets origination team at Lloyds Bank where he worked on investment grade and high yield debt issuance, and interest rate and inflation hedging. He has a first class honours degree in Economics and Finance from Queen Mary, University of London.

Owen  McCrossan

Owen McCrossan

Investment Director, Multi-Asset Investing
Standard Life Investments

Mr McCrossan is a member of our Multi-Asset Investment Team where his responsibilities include the risk management of the Global Absolute Return Strategies fund and other multi-asset strategies. Previously, he was an Investment Director in our Global Account Management team where he had specific responsibility for Standard Life Investments Absolute Return and Liability Driven Investment solutions. Before joining Standard Life Investments,he was a pension Scheme Actuary advising on all aspects of both Defined Benefit and Defined Contribution pension provision. He has 17 years industry experience and is a Fellow of the Institute of Actuaries.

Mike Smaje

Mike Smaje

Investment Director, Pensions Solutions
Standard Life Investments

Mike Smaje joined Standard Life Investments in July 2015 from First Actuarial where he led the delivery and development of the firm’s investment consulting capability. He began his career in 1992 with R Watson & Sons (now Towers Watson) and was a senior investment consultant with the firm from 2005 to 2011. Before that he held a position as Scheme Actuary to a wide range of pension scheme clients. He has a BSc (Hons) in Mathematics from the University of Manchester and is a Fellow of the Institute of Actuaries (FIA).


Moderators (2)

Angus Peters

Angus Peters

Pensions Expert

Angus Peters has reported on a wide variety of issues affecting DB and DC schemes since joining Pensions Expert in June 2016. Having been introduced to the world of pensions and investment as an intern at Pensions Expert and MandateWire, he went on to work as a reporter at The Sun Online before returning to the FT.

Pádraig  Floyd

Pádraig Floyd

Money Journey Media

Pádraig Floyd is an award-winning financial journalist who writes on personal finance subjects, particularly pensions, investments and workplace savings. A regular commentator on pensions and investment issues, Mr Floyd shares views via Twitter at @gogetemfloyd, his website and his Linkedin profile at He was a member-nominated trustee director of the Pearson Group Pension Plan and is a former committee member of the Association of Member-Nominated Trustees. 

Agenda - 11th May

  • 1:00pm
    Registration and Networking
  • 2:00pm
    Chair's Opening Remarks by Pádraig Floyd, Financial Journalist and Trustee Director, Pearson
  • 2:05pm
    Panel – Market environment and back drop
    • Is the LDI market changing?
    • Are LDI and gilts-based valuations facing a backlash?
    • With the effects of Basel III, EMIR and Solvency II, how has this changed implementation and costs?
    • What are the tensions between investing for growth and hedging rate risk?

    Huw Evans, Trustee, BESTrustees

    Richard Slater, Partner, Deloitte

    Simeon Willis, Head of Investment Strategy, KPMG

    Paul Evans, Senior Income Analyst, Fixed Income and LDI, Lloyds Bank Pension Fund

    ModeratorPádraig Floyd, Financial Journalist and Trustee Director, Pearson 

  • 2:50pm
    Presentation: Gilts Vs Swaps

    Presentation from investment expert on the advantages of individual LDI instruments.

    Owen McCrossan, Investment Director, Standard Life Investments

  • 3:20pm
    Coffee break
  • 3:50pm
    Dual Interview - Integration

    Experts from Standard Life Investments and Barnett Waddingham will be interviewed by the Pensions Expert to discuss integration. Should LDI be separate or integrated? How can it work with a growth strategy?

    Sophia Heathcoat, Investment Consultant, Barnett Waddingham

    Mike Smaje, Investment Director, Pensions Solutions, Standard Life Investments

    ModeratorPádraig Floyd, Financial Journalist and Trustee Director, Pearson 

  • 4:20pm
    Panel – The future of LDI
    • How should schemes manage their liquidity and collateral to cope with cash flow demands?
    • In the light of significant regulatory changes, how will LDI strategies evolve, both for segregated and pooled investors?
    • Some schemes have resisted using LDI out of a belief that rates could only go up - in today's reflationary environment should they follow through on their bet or get the hedge on?
    • Inflation - Is inflation set to rise? How should schemes adapt?

    Mark Hedges, Chief Investment Officer, Nationwide Pension Fund

    Nick Harvey, Senior Consultant, Punter Southall

    Ben Gold, Head of Pension Investment, North, Xafinity

    David Wrigley, Partner, Lane Clark and Peacock LLP 

    Moderator - Angus Peters, Reporter, Pensions Expert

  • 5:05pm
    Chair’s Closing Remarks by Angus Peters, Reporter, Pensions Expert


  • 5:10pm
    Networking Drinks

Who Attends?

Pension Fund Representatives:

  • Scheme Managers
  • Heads of Pensions
  • Heads of Finance
  • Heads of Investments
  • Pension Scheme Board Members

Trustees' Representatives:

  • Trustees
  • Independent Trustees

Consultant Representatives:

  • Fund Selector
  • Head of External Management
  • Head of Manager Selection
  • Head of Fund Selection
  • Head of External Products
  • Chief Investment Officer
  • Chief Economist
  • Portfolio Manager
  • Senior Portfolio Manager
  • Head of Equities
  • Fixed Income
  • Alternatives
  • Emerging Markets

Why Attend?

  • Discuss the merits and risks of various outcome-oriented cash-flow strategies including annuity-style credit solutions and investments in illiquid assets;
  • Explore the skills needed by scheme managers and trustees to select an LDI provider and assess LDI portfolio performance, given the increasing sophistication of LDI offerings.
  • Do not miss this exclusive opportunity to discuss shared issues with senior decision makers, and discover new innovations in LDI solutions.
  • Network with experts and leaders within the industry

Who will I meet?

  • CEOs
  • Managing Directors
  • Investment Head/Director/Consultants
  • Trustee Directors

From such companies as:

  • Standard Life Investment
  • Mercer
  • PwC
  • National Grid Plc
  • Allianz
  • RBS
  • KPMG
  • Pearson Group Pension Plan
  • British Airways
  • And many others.


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Tel: +44 (0) 20 7775 6653


Presented by (1)

Pensions Expert is the Financial Times' specialist title for UK workplace pension schemes. It is the authoritative source of information on how these schemes and their sponsoring employers are working together to provide their members with an adequate retirement income.

Our case studies, news analysis and informed comment provide trustees, management teams and their providers with timely, practical information to inform their day-to-day jobs.

In Association with (1)

Aberdeen Standard Investments is a global asset manager dedicated to creating long-term value for our clients. We are the asset management business under Standard Life Aberdeen plc headquartered in Scotland, with over 1 million shareholders and listed on the London Stock Exchange. We manage US$669.1 billion* of assets worldwide.

We have over 1,000 investment professionals and over 40 offices globally to ensure we are close to our clients and the markets in which we invest. We are a high-conviction, long-term investor who believes teamwork and collaboration are the key to delivering repeatable, superior investment performance.

*as of June 2019

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