PODCAST · business
Changing World, New Opportunities
by Defined Contribution Invest Forum (DCIF)
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.
Episodes
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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...
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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...
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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 –…
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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…
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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...
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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...
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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....
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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…
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The future of Master Trusts: climate, private markets and member engagement with NatWest Cushon
In this episode, hosts Louise Farrand and Dave Whitehair chat to Veronica Humble, CIO at NatWest Cushon. 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...
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Navigating DC pensions in 2025: private markets, sustainability, and innovation with Fidelity
In this episode of the DCIF’s podcast, hosts Louise Farrand and Dave Whitehair sit down with James Monk, investment director at Fidelity’s FutureWise. James explains why the FutureWise team is embracing private markets – but hasn’t signed the Mansion House Accord. We dive into how FutureWise is...
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Regime change, retirement income and private markets with Liz Fernando
In this episode of Changing World, New Opportunities, hosts Louise and Dave sit down with Liz Fernando, chief investment officer at Nest. Liz explains how Nest is reshaping DC investing, moving beyond pot size to focus on retirement income and member outcomes. She shares her reflections on why...
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James Lawrence - Mastering the future of retirement: private markets, ESG, and innovation with Smart Pension
In this latest episode of Changing World, New Opportunities, hosts Louise Farrand and Dave Whitehair sit down with James Lawrence, director of investment proposition at Smart Pension. Smart Pension has made headlines for its forward-thinking approach, combining bold investment ideas with a strong...
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Dan Mikulskis on value for money, private markets and profit for members
In this season of the DCIF’s podcast, Dave and Louise are chatting to master trust chief investment officers. And who better to start us off with a bang than Dan Mikulsis?! As well as being CIO of People’s Partnership, Dan is a podcast veteran; in a former role, he hosted LCP’s own podcast, a top...
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Lessons from our international guests
May we be so bold as to suggest that if you listen to one of our international episodes, it should be this one. Mark and Louise reflect on the key lessons they’ve learnt from their series of conversations with international pensions policymakers. What should UK policymakers take from the season?...
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Bonus episode: Nest’s Retirement Blueprint with Gareth Turner
How do you solve a problem like giving pension savers a lifelong income? It’s a topic at the top of the pensions industry’s mind – and Nest has been thinking hard about how to solve the conundrum. In this week’s bonus episode of the DCIF’s podcast, Nest’s Gareth Turner talks to Mark and Louise...
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Iceland’s pension system with Bjorn Asgrimsson
Iceland’s pension system has been following us around. Rated an impressive number two in the latest Melbourne Mercer Pension Index and name-dropped by several previous guests on the show this season, nevertheless Iceland has flown beneath the radar in terms of global recognition. We put that…
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Keith Ambachtsheer on Canada's pension system
This week on the podcast, we were lucky enough to be joined by pensions royalty! Keith Ambachtsheer tells Mark and Louise all about Canada's system. This episode contains all the wisdom and deep expertise you'd expect from someone like Keith, who over the years rubbed shoulders with economists…
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New podcast episode: Sweden with Mats Langensjö
This week’s podcast is out now! In it, we take a fascinating dive into Sweden’s DC system with Mats Langensjö. First off, we find out how Sweden’s AP funds work. Mats describes one highly unusual feature of the Swedish DC system: a government-run fund selection agency which has the job of hiring...
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The USA’s DC system with Mark Iwry
In this episode, the Godfather of auto-enrolment, Mark Iwry, tells us the story of how it was introduced in the USA. We peek inside the doors of the US government and find out how Mark and his colleagues helped employers to shape both their investment strategies and the wider DC system. The US’...
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The UK’s pensions system with Steve Webb
In this week’s episode, former pensions minister Steve Webb talks to us about defined ambition, the lessons he’s learned from international pensions systems, and why pendulums tend to swing back. Steve reflects on some subjects which are dear to our heart, including lessons he learnt from…
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The Netherlands (and a bit of China) with Hans van Meerten
This week, Mark and Louise speak to Professor Hans van Meerten about the Netherlands’ pension system. Hans is a lawyer and academic, specializing in EU and Dutch pensions law. We find out why the Netherlands is going through some big pension reforms, despite being top of the international league...
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Ireland’s pension system with Jerry Moriarty
Jerry Moriarty is the outgoing CEO of the Irish Association of Pension Funds. In this episode, we chat about how Ireland’s pensions system is evolving, the similarities and differences between the Irish and UK pension systems, and the feature of the Irish pensions system that Mark and Louise most...
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Australia's pension system with Paul Watson
This week on the podcast, we chat to Paul Watson about the Australian superannuation system. 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...
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New Zealand's pension system with Diane Maxwell
Welcome to a brand new season of Changing World, New Opportunities! This season, we’re chatting to international policymakers and pensions experts about their DC systems. What are the challenges? What would they change about it? And – crucially – what can we learn in the UK? Diane Maxwell kicks…
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Chatting long train trips, climate change and rethinking risk with Aegon’s Tim Orton
This week’s guest is Tim Orton, CIO at Aegon. We enjoyed chatting about how making the world better for his grandchildren feeds into Tim’s passion for combatting climate change. 2022 caused him to think differently about diversification, risk and members’ journeys. Plus, Tim tells us why Aegon...
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Naomi Clark on USS’ private markets journey
This week, Lorna and Louise really enjoyed talking to Naomi Clark, head of investment product management at USS. We find out about Naomi's long and winding road into pensions - from an English degree, via a start in shipping, to where she is today. Naomi tells us about a bumpy start to USS'…
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Liz Fernando on the dangers of shorthand
This week, we had a great chat with Liz Fernando, CIO of Nest. 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…
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Smart Pensions’ James Lawrence on the secret to engagement
This week, Lorna and Louise chat to James Lawrence, head of investment proposition at Smart Pension. James shares a snapshot of what's on his agenda, as well as what he thinks the secret to engagement might be. We overcame numerous technology failures to record this episode - and we hope you…
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Seeing through the eyes of the member with Emma Matthews
On the podcast this week, we chat to Emma Matthews, head of investment at NOW: Pensions. We find out about Emma's career path and how it's given her a different perspective on the member experience of investment. Plus, what's on NOW: Pensions' agenda right now? And what's keeping Emma awake at...
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Mercer’s Jane Walker on the unique challenges of DC
This week, Lorna and Louise speak to Mercer's Jane Walker. We talk about why blips are inevitable in the investment world, and why she thinks members should stay in the driving seat instead of looking under the bonnet. We also find out Jane's one ask of asset managers and discover our mutual…
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Julius Pursaill talks Mansion House and rethinking fiduciary duty
We kick off season two of Changing World, New Opportunities with a fantastic guest: Julius Pursaill, strategic adviser to master trust Cushon. Julius spoke up for the Mansion House reforms and inspired us to rethink our definition of fiduciary duty. He also shared some great ways to get members...
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Season One Outro
In this outro episode, Jon and Louise close out season one of the podcast and reflect on the highlights of the series - as well as what's in store for season two.
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Are we going through a sustainability revolution, akin to the industrial revolution?
Are we going through a sustainability revolution, akin to the industrial revolution? Robbie Epsom thinks so. This week, Jon and Louise chat to CBRE Investment Management's EMEA head of sustainability, about how and why real estate should play a vital role in the revolution.
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Bonus episode: Nico Aspinall on the DCIF’s new TCFD research
This week, Nico Aspinall joins us to talk about the report he has just written for the DCIF on TCFD. In the report, he takes the temperature of the UK DC pensions industry: how are they getting on with TCFD reporting so far? Listen in for Nico’s highlights of the report.
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What retirement trends in four different countries tell us about the direction of travel for DC
This week, Jon and Louise chat to Jeri Savage about MFS' Global Retirement Survey. The survey covers subjects like sustainability, retirement confidence, default funds/target date in the US, Canada, the UK and Australia. It has been running for a number of years, with fascinating trends emerging....
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Social bonds with Simon Bond
Our guest today, Simon Bond, is one of the pioneers of social impact bonds. In this episode, he explains what social bonds are and how they can sit within DC portfolios, reflects on how they have evolved over the last decade, and gives us his outlook for the future. Simon is director of…
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Why is the retirement system broken and how can we fix it?
This week, Louise and Jon speak to Lee Hollingworth. Formerly a longstanding member of the consulting world, Lee is now head of UK retirement at Franklin Templeton - and is thinking hard about what does and doesn't work for savers in the current pensions system. We find out why Lee moved from...
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New DCIF Podcast Episode: What is responsible listed infrastructure?
Infrastructure can be perceived as difficult to make sustainable – this week’s guest Rebecca Myatt well and truly busts that myth. Jon and Louise chat to Rebecca, who is First Sentier Investors' lead portfolio manager for Responsible Listed Infrastructure. This week’s episode is for anyone who...
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New DCIF podcast episode: The DC trustee’s perspective
In this series of Changing World, New Opportunities, we were keen to hear from a trustee. There’s so much going on in the investment world all the time, and that’s just one element of being a trustee; what does it feel like right now to try to serve members while keeping abreast of regulation,...
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New DCIF podcast episode: New ways to invest in alternatives
This week, Jon and Louise focus on a thorny subject in DC: investing in alternatives. DC schemes have long struggled to access alternatives, but this week’s guest has found a solution. James de Bunsen is a portfolio manager on the Janus Henderson multi-asset team, with a particular focus on...
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New DCIF podcast episode: Investing in REITs
New podcast klaxon! This week on Changing World, New Opportunities, Louise and Jon are podcasting across the pond, with Kurt Walten, senior vice president, investment affairs & investor education for Nareit, the worldwide representative voice for REITs. In the third episode of our three-part real...
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Domestic vs global real estate
This week on Changing World, New Opportunities, Jon and Louise continue their three-part real estate mini-series by chatting to Simon Redman, managing director of Invesco Real Estate. Simon argues that DC pension schemes should be investing in global real estate to access the best possible...
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New DCIF podcast episode: Investing in real estate 101
Fresh off a plane, Sara Shean is Louise and Jon’s guest today on Changing World, New Opportunities. We ask Sara, who is PGIM Real Estate’s global head of defined contribution, why DC schemes should invest in real estate. How could investing in real estate help a pension scheme’s ESG objectives?…
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New DCIF podcast episode: Climate risk in the world of fixed income
This week on Changing World, New Opportunities, Louise and Jon speak to Bruno Bamburger, senior solutions strategist at AXA Investment Managers, about assessing climate risk and incorporating ESG into fixed income investments. How does integrating ESG within fixed income compare to the world of...
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What’s a thematic fund? And how do you use it in DC? With guest Katie Magee from J.P. Morgan Asset Management
Thematic funds are growing rapidly – but how can they be used in a DC context? With our guest Katie Magee, an investment specialist at J.P. Morgan Asset Management, we explore thematic investment: from what thematic investment entails and where demand is coming from, through to unusual client...
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Effective engagement with Baillie Gifford’s Siobhan Cleary
Jon, Louise and guest Siobhan Cleary, an investment specialist at Baillie Gifford, discuss the purpose of engagement, how you measure it and communicate better with end investors. How are regulatory reporting requirements changing, and how are asset managers working to provide meaningful data to...
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Impact investing with abrdn’s Sarah Norris
In our first episode, Jon Holguin and Louise Farrand dive straight into the first of an ESG mini-series: impact investing with abrdn’s Sarah Norris. What is impact investing and how can DC schemes embrace it? How is impact investing evolving? In this wide-ranging conversation, we cover all things...
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ABOUT THIS SHOW
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.
HOSTED BY
Defined Contribution Invest Forum (DCIF)
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How many episodes does Changing World, New Opportunities have?
Changing World, New Opportunities currently has 47 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is Changing World, New Opportunities 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...
How often does Changing World, New Opportunities release new episodes?
Changing World, New Opportunities has 47 episodes. Check the episode list to see recent publication dates and frequency.
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Who hosts Changing World, New Opportunities?
Changing World, New Opportunities is created and hosted by Defined Contribution Invest Forum (DCIF).
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