It seems there are some areas where CoPilot, Gemini and ChatGPT do substantially outperform DeepSeek...

Analysis by Dean Wetton Advisory finds the key reason for outperformance in any master trust has been how much equity risk they have been carrying - with a bonus for if that equity was weighted towards the US. See: www.professionalpensions.com/news-analysi...

DWA unveils master trust performance comparisons

In light of the chancellor’s Mansion House speech in November, which had a strong focus on consolidation of the defined contribution (DC) market, there was significant industry concern that the end re...

professionalpensions.com

Do we need an alternative to lifestyling in DC? Columbia Threadneedle's Christopher Mahon argues the cost to the saver of excessive de-risking in lifestyle defaults is an average performance drag of 2.3% per year. See: www.professionalpensions.com/sponsored/43...

An alternative to lifestyling in defined contribution

At the end of November, Professional Pensions assembled a panel of experts to look at the issue of defined contribution (DC) lifestyling – asking if there were alternative approaches that could work b...

professionalpensions.com

The People’s Pension (TPP) targets £4bn private markets allocation by 2030. Hire of private markets specialist imminent. Initial focus on infra and real estate. CIO Dan Mikulskis said dependable pipeline of investable opportunities needed to hit target. www.professionalpensions.com/news/4396205...

The People's Pension targets £4bn move into private markets

The People’s Pension (TPP) is set to start investing a “significant proportion” of its £31bn assets into private markets later this year – with a target to grow its allocation to £4bn by 2030.

professionalpensions.com

Emma Reynolds' tenure as pensions minister (189 days) was the third shortest since the role was created in its modern form in July 1998. She is only beaten by John Denham (155 days) and Alex Burghart (38 days). See: www.professionalpensions.com/news/2201473...

On @profpensions.bsky.social this morning LCP's @stevewebb1.bsky.social and Laura Myers propose a very interesting 'comply and explain' alternative to the government's DC megafunds proposals. www.professionalpensions.com/opinion/4394...

Steve Webb and Laura Myers – There is a better way forward on DC investment

The Chancellor has a problem. On the one hand, we are told that generating economic growth is the over-riding ‘mission’ of the government. On the other, the government is severely constrained when it ...

professionalpensions.com

What the gilt sell-off means for pension schemes... While collateral top-ups may be needed, pension funds are ‘far from another LDI crisis’ www.professionalpensions.com/news-analysi...

Analysis: What the gilt sell-off means for pension schemes

Jonathan Stapleton looks at what has caused the sell-off in UK government bonds and asks industry professionals about the impact it will have on pension schemes.

professionalpensions.com

A really interesting piece in the FT by @johnralfe.bsky.social today... In it, Ralfe notes UK equity allocation for DC is already double the “neutral” weighting and asks what savers get out of investing in the UK, other than a patriotic glow? www.ft.com/content/3e67...

Labour’s pension reforms are based on flawed analysis

What exactly do savers get out of investing in the UK, other than a patriotic glow?

ft.com

Naan bread cheese?

The Stichelton and Baron Bigod cheeses from Neal's Dairy Yard are exceptional this year. Definitely my recommendation for a festive cheeseboard. Oh... And the M&S Delice de Bourgogne. A nice Montgomery cheddar and a small piece of goats cheese on the side. Definitely no chutney.

Some 3.5 million self-employed people of working age save nothing in a private pension. They are, as @stephawthorne.bsky.social says in her latest piece for @profpensions.bsky.social, "left out in the cold". This article looks at how we might solve the problem of pensions for the self-employed...

Professional Pensions@profpensions.bsky.social · 2y ago

Solving the problem of pensions for the self-employed incm.pub/49vkNnr

PensionBee's Romi Savova hits out at intensifying policymaker push for increased allocations to illiquid assets saying it could lead to "poorer retirement outcomes due to higher fees, diminished transparency, and limited flexibility" - www.professionalpensions.com/news/4386080...

PensionBee's Romi Savova hits out at government push for DC investment in illiquids

Prioritising investments in illiquid assets risks leaving savers with poorer retirement outcomes, PensionBee chief executive Romi Savova says.

professionalpensions.com

The case for pension scheme investment in Bitcoin. In this article for PP, Sam Roberts explains why he believes Bitcoin has evolved from a niche digital asset into a mainstream investment opportunity. See: www.professionalpensions.com/opinion/4384... #Bitcoin

In October, Professional Pensions assembled a panel of experts to look at the options available for smaller schemes – assessing the choices they have in areas such as governance, endgame and investment. Read the discussion in full here: www.professionalpensions.com/sponsored/43...

The options available for smaller DB schemes

In October, Professional Pensions assembled a panel of experts to look at the options available for smaller schemes – assessing the choices they have in areas such as governance, endgame and investmen...

professionalpensions.com

Two significant BPA deals today - an innovative £500m 'value share' deal between a corporate sponsor and M&G (see: www.professionalpensions.com/news/4382322...) and a £1.7bn pensioner buy-in between the National Grid section of the ESPS and Aviva (see: www.professionalpensions.com/news/4382318...)

M&G completes £500m BPA deal that shares value with corporate sponsor

A pension scheme sponsored by an unnamed private corporate sponsor has completed a £500m value share bulk purchase annuity (BPA) transaction with M&G.

professionalpensions.com

Here they are... The winners of the Professional Pensions Investment Awards 2024: www.professionalpensions.com/news/4381258... Congratulations to all the winners!

PP Investment Awards 2024: The winners

Here they are… the winners of the Professional Pensions Investment Awards 2024.

professionalpensions.com

Two major master trust consolidators - Smart Pension and SEI - have expressed concerns of government DC scaling plans... They say timelines are tight and there are competition concerns: www.professionalpensions.com/news/4380582...

Major master trusts express concern over government's approach to DC consolidation

Two major master trust consolidators – Smart Pension and SEI Master Trust – have expressed concern over the way the chancellor is looking to consolidate the defined contribution (DC) scheme market.

professionalpensions.com

@jackjonestuc.bsky.social Have I inadvertently just made an Omelette Jack Jones?

A very radical set of proposals... On DC we have legislation for a min size and max number of default funds as well as contractual overrides for contract-based schemes AND implementation of multiple default consolidator model. Also massive LGPS reform. www.professionalpensions.com/news/4380189...

Government publishes Pensions Investment Review interim report and launches consultations on DC and LGPS

The government has published the interim report of its Pensions Investment Review – setting out proposals it is consulting on to “deliver scale and consolidation” of the defined contribution (DC) mark...

professionalpensions.com

PP's Holly Roach spoke to pensions minister Emma Reynolds earlier this afternoon... She was told the Mansion House Compact "does not go far enough" and that the government is "not pursuing or considering the lifetime provider model" Read more: www.professionalpensions.com/news/4379967...

Pensions minister: Mansion House Compact does not go far enough

Pensions minister Emma Reynolds has said the government must go further in ensuring value for pension savers.

professionalpensions.com

Silly question... HM Treasury says there are currently around 60 different multi-employer DC schemes, each investing savers’ money into one or more funds. TPR lists 34 authorised DC master trusts... What are the other 26? Are they trust-based schemes that aren't master trusts? Or something else?

Mansion House plans to create LGPS and DC 'megafunds' in economic growth bid... But will these megafunds invest in the UK (and in the projects preferred by the government) when better returns may be on offer globally? www.professionalpensions.com/news/4379426...

Mansion House plans to create LGPS and DC 'megafunds' in economic growth bid

Chancellor Rachel Reeves will announce plans to create pension “megafunds” through a series of reforms to the Local Government Pension Scheme (LGPS) and defined contribution (DC) schemes as part of th...

professionalpensions.com

Finally... My piece on L&G partnering with IFM Investors for the infrastructure sleeve of its Private Markets Access Fund... Thanks to L&G's Jesal Mistry and IFM Investors' Armit Bhambra (pictured below) for the chat yesterday. www.professionalpensions.com/news/4379172...

L&G selects IFM Investors as infrastructure manager for DC private markets fund

Legal & General’s (L&G’s) asset management division has selected IFM Investors as an infrastructure manager for its defined contribution (DC) focused Private Markets Access Fund (PMAF).

professionalpensions.com

Next up... A piece from my colleague Jasmine Urquhart on what a Maple 8 model might mean for the LGPS... www.professionalpensions.com/news/4379382...

Mansion House speech: What could a Maple 8 model mean?

Earlier this year, chancellor Rachel Reeves ventured into the world of pensions to explore new ways of reinvigorating the system to work with the government’s planned growth strategy.

professionalpensions.com

Three articles for you to look at today... First up, a piece by Sackers' Jacqui Reid, who says says there are two significant problems with the FCA’s proposed approach to VfM... www.professionalpensions.com/opinion/4379...

Will VfM reforms deliver what the DC industry needs?

With DC pension assets now valued at over £1trn, the defined contribution (DC) pensions market continues to be a key area of focus for government.

professionalpensions.com

The responsibility of the first post on a new (to me) social platform... Hello pensions people! Please do follow!