V-FM: The Pensions Podcast

In this episode of V-FM Pensions, hosts Nico and Darren welcome their first-ever podcast guest back to the show: David Butcher. They catch up with David to hear how his mindfulness coaching through Positively Aware is going and to get his thoughts on V-FM, trusteeship, and the insight he has gained from recent trustee experiences. David also shares a brilliant story about gatecrashing a festival… a moment that somehow didn't make it into his first appearance (and, honestly, the real reason we invited him back...). And to round things off, David leads listeners through a short meditation at the end of the episode.

In this episode of V-FM Pensions, Darren and Nico chat through their thoughts on the FCA and TPR's latest consultation on value for money (CP 26/1). In a must listen episode for anyone developing their response to the consultation, the duo's personal thoughts (not those of their employers...) include: This isn't Value for Money it's a performance regime: The consultation has morphed into a capital-performance test with a costs add-on. Most of the “value” bits (service, engagement, member outcomes) have been kicked into the long grass. It risks sabotaging the retirement-income agenda: Government wants schemes to deliver better retirement outcomes, but the VFM framework measures success like everyone's just cashing out. That's a recipe for schemes doing the wrong thing in the run-up to retirement. The penalties are so harsh they'll force providers to copy each other: Nobody is going to take investment risk, innovate, or deviate from the herd. The safest strategy becomes: hug the benchmark Mansion House and VFM are pulling in opposite directions: Policy says: invest in private markets and the UK economy. VFM says: don't you dare underperform your peers. Put those together and you get one outcome: providers won't touch the assets government wants them to buy. Costs and charges are still a mess, just with nicer spreadsheets: The consultation tries to build credibility through multiple “net” performance numbers, but exemptions, hidden costs, and inconsistent definitions mean the figures still won't add up in the real world. The whole thing dodges the real problem... people aren't saving enough: VFM is starting to look like the policy equivalent of jangling keys in front of a baby, distracting everyone from the uncomfortable truth that adequacy and contributions matter more than almost anything in the framework.

In this episode of V-FM Pensions hosts Darren and Nico chat to Pan Trustees' Nicholas Chadha to explore what value for money means in modern trusteeship. Nick reflects on his journey from actuarial adviser to professional trustee, and shares insight into schemes at very different ends of the spectrum, from those entering the PPF with recovery plans acting as a drag on sponsors, to schemes managing surplus and difficult decisions around how it should be shared between members and employers. We discuss the ins and outs of the innovative Aberdeen Stagecoach deal as part of a wider conversation about future options for DB schemes. We also chat about barriers for schemes moving to superfunds and conflicts of interest within professional trustee firms. Nick makes the case that true value for money isn't about defaulting to industry orthodoxy... it's about spending wisely, challenging assumptions, and ultimately improving outcomes for members.

In this episode of VFM Pensions, hosts Nico and Darren are joined by Claire Altman, who leads Standard Life's work across pensions risk transfer and individual retirement solutions. Claire shares her brilliantly unconventional journey into pensions, from lawyer to trustee to commercial innovator. We explore what it really means to deliver value for money in retirement, why emotional certainty often matters as much as mathematical optimisation, and how a growing web of regulation is shaping the future of both DB endgames and DC pension outcomes.

In this episode of VFM Pensions, Nico and Darren are joined by "Red" Rory Murphy,  trustee chair, board adviser, pensions commentator and lifelong trade unionist. Rory brings a refreshingly different perspective to the pensions debate, shaped by decades in the trade union movement and hands-on experience of running smaller schemes. In a typically wide-ranging conversation we touch on the role of trustees and why they are too cautious when it comes to delivering better outcomes for members. We look at the role of trusteeship in a world dominated by master trusts and professional trustees, the importance of the member voice, and whether fiduciary duty has been interpreted far too narrowly, acting as a barrier to innovation. At its heart, this episode asks a simple (but maybe) uncomfortable question: who is the pensions system really for and what would it take for trustees to be braver in acting for members?

In this episode of V-FM Pensions, hosts Nico and Darren chat to Kim Gubler. Kim wears many hats in the pensions industry, among them Managing Director of KGC Associates, President of PASA, and is an independent trustee Director of the Smart Pension mastertrust. Another wide ranging conversation that, as well as talking about horses and pigeons (only on the V-FM podcast....), focuses on the importance of elevating administration to the same level as investments when it comes to assessing value for money, treating it as central to member outcomes rather than something that happens in the background. We talk about the evolution of KGC, PASA, and problems in relying on SLAs to assess value for money. We also chat about Kim's work on small pots and the recent feasibility study looking at quick ways of addressing what is an increasingly pressing issue.

In this episode of V-FM Pensions, hosts Darren and Nico chat to SuperRatings' Kirby Rappell. SuperRatings has been conducting value for money assessments in Australia for 17 years, starting out as the first firm dedicated to super fund research. We hear from Kirby about how the Aussie's do V-FM and look at learnings and insights that could benefit UK thinking. And we discuss the Pound for Pound initiative that SuperRatings has been leading with a number of large UK schemes.

In this episode of V-FM Pensions, hosts Darren and Nico chat to Willis Towers Watson's Simon Eagle. Simon has been instrumental in the development of CDC in the UK, being the scheme actuary for the Royal Mail CDC scheme. We chatted through the evolution of CDC in the UK, the original ideas behind defined ambition, the introduction of the Royal Mail scheme, and what next for CDC, including retirement-only CDC. We also discussed the challenges of introducing retirement-only CDC and how some of these challenges can be addressed in the context of how people turn their pension pot into a retirement income. We found out how Simon got into pensions and, of course, what value for money means to him.  

Happy New Year to all our listeners! In this episode of V-FM Pensions, hosts Nico and Darren welcome 2026 in what will be (another) busy year for pensions. As well as chatting about the festive season (and Nico's house fire - don't worry all ended up ok!), we take a look at what to expect in 2026... and have an impromptu discussion about the Pensions Schemes Bill and Fiduciary duty among a host of other things.

In this episode of V-FM Pensions Nico and Darren (slightly croaky and end-of-year tired) chat glow-in-the-dark dog walks, North London derby emotions and the Pensions Expert Annual Conference at Pennyhill Park… before diving head-first into the Budget and the chaos that surrounded it. We unpack Darren's recent comment piece in Pensions Expert, the OBR leak that turned out to be more cock-up than conspiracy, and why pre-Budget “kite flying” left real people scrambling over tax-free cash decisions. From ISA tweaks to salary sacrifice caps and frozen tax thresholds, we ask what any of this says about trust, growth and whether the government actually has a story to tell. We also loop back to interviews with three of our World Pensions Summit guests (Tina Fordham, Amlan Roy and Sonja Laud) and link the Budget madness to the bigger themes of volatility, broken forecasting and the end of the “great moderation”.

In this episode of V-FM Pensions, hosts Darren and Nico chat to Maurits van Joolingen, Managing Director Climate Scenarios and Sustainability, at Ortec Finance. This is part of a series of episodes recorded at the World Pensions Summit in early November. A proper climate and scenario analysis geek out! We also discuss the news covering: the Budget, the state pension triple lock, the FCA pension scheme's investments in UK assets (or lack of), and Smart Pension landing the £580m WS stakeholder pension scheme.  

In this episode of V-FM Pensions, hosts Darren and Nico chat to Nordea's Head of Responsible Investment, Eric Pedersen. This is part of a series of interviews recorded at the World Pensions Summit. The central tenet of Eric's argument is true decarbonisation requires investing in and engaging with high-emitting sectors rather than divesting from them. Nordea have a created a Climate Transition Engagement Fund that targets companies demonstrating credible pathways to reduce emissions, supporting practical, real-world impact over superficial portfolio footprint cuts. Eric highlights how pragmatic engagement and long-term stewardship can deliver both climate progress and competitive returns. We also take the opportunity to catch up on the latest news, discussing the recent LSE/FTSE letter to the Chancellor begging for pension funds to invest in UK equites and also talk a bit about salary sacrifice and Budget 2025.

In this episode of V-FM Pensions recorded at the Pensions and Investments World Pensions Summit, hosts Darren and Nico chat to economist and demographic expert, Dr Amlan Roy. We talk to Amlan about why demographics is really about how people live, work and spend across their whole lives, and what that means for pensions and markets right now, not just in 30 years' time. We cover micro pensions for gig and informal workers, why emerging markets are central to future growth, and how location can make a massive difference to retirement costs. Amlan explains why scenario-based planning beats traditional models, highlights six sectors with demographic tailwinds, and tackles the big value-for-money and fairness questions: how much return should we give up for sustainability, and is it time to rethink promises to older generations?

In this episode of V-FM Pensions recorded at the World Pension Summit, hosts Darren and Nico chat to L&G Asset Management CIO, Sonja Laud. Sonia reprises her opening keynote session giving insights into how the investment universe is evolving, picking up on the key theme of the Summit: Resilience in the age of uncertainty. Her key message... prepare, don't predict!   

Hot off the press from the Pensions and Investments' World Pension Summit in The Hague, hosts Darren and Nico chat to geopolitical strategist, Tina Fordham. It's an understatement to say there is a lot going on in the world right now that affects pension fund investors... but we hear the latest from Tina as to what's going on, including quick-fire reactions to the recent US local elections.

In this episode of V-FM Pensions, hosts Darren and Nico take a deep dive into the Government's proposals for 'at retirement' only CDC. What is the Government proposing and will it become a new norm of pension provision?    We also discuss a few news items that have been on our list to cover, including: the sale of Cushon by Natwest, the consultation on professional trustee companies and recent ABI stats on investment in private markets.

In this episode of V-FM Pensions, hosts Darren and Nico chat to defined contribution and financial wellbeing consultant, Hymans' James Smith. We spend a lot of the podcast focusing on James' blueprint for pensions reform - Retirement Reimagined - which is co-authored in a personal capacity with Alexandra Miles. We discuss and debate many of the ideas in the paper, including changes to the state pension, the creation of a Universal Employment Pension, the use of CDC, and sidecar savings... all with the aim of delivering better retirement outcomes for normal people. Massive hats off to James and Alexandra for committing their own time and resource to this - it's a fab read! We also, of course, find out how James got into pensions and ask what value for money means to him.

In this episode of V-FM Pensions, hosts Nico and Darren reflect on the Pensions UK's 2025 Annual Conference that took place in Manchester between the 14th-16th October. In a surprisingly short episode (it's amazing how a hard stop for a meeting focuses the minds), as well as reflecting on the nature of the conference we discuss a few of the themes that made the news, not least the Pensions Minister's session with questions on mandation and the announcement of a new consultation on the future of Professional Trusteeship.

In this episode of V-FM, hosts Darren and Nico chat to Pensions and Investments International News Editor, Sophie Baker. Sophie has had an amazing career in pensions journalism and also is Programme Director and Chair of the World Pensions Summit. In an investment heavy episode, we discuss PGGM's recent major portfolio overhaul, where they shifted from passive to active investing (reducing their investment universe from 3,500 stocks to 800), equally weighting return, risk, and sustainability in their decision-making process. We also chatted about how partnerships are emerging globally to institutionalise retail access to private markets and discuss progress so far (or the lack of it) with UK pension fund investment into venture capital. We take a look forward to the upcoming World Pensions Summit that is taking place in The Hague on 4-6 November 2025. In breaking news, we also announce that your hosts will attending the conference and interviewing some of the speakers. And, of course, we find out how Sophie got into pensions and journalism, and find out what value for money means to her.

In this episode of V-FM Pensions, hosts Darren and Nico chat to Broadstone's Dave Brooks. As well as having an illustrious career in pensions admin and consultancy, Dave talks about how it nearly 'made it' (or not) in the world of music.  We chat tax free cash and the upcoming Budget, consistency of language used in pensions communications and the Pension Commission. We also find out how Dave got into pensions and, of course, find out what value for money means to him.

After an unexpected break last week due to illness, this episode of V-FM Pensions restarts the new season of the podcast with hosts Darren and Nico talking about the Pension Scheme's Bill Committee Stage, productive finance and investing in the UK, Behind Login's app rating assessment, and LCP research highlighting the significant assets under control by 4 professional trustee companies.... We didn't even have time to discuss Trump's appearance at the UN... Normal service resumed next week, subject to being fit and healthy....

In this episode of V-FM Pensions, Darren and Nico are back from an extended summer break when Nico became a father for the first time. As well as catching up and talking about the real reason Thomas is named Thomas (and Nico's most successful Linkedin post ever!), the duo talk about what's in store for V-FM this autumn and chew the cud on the Pensions Commission, the upcoming Budget and the Pensions Bill.

In this bumper episode of V-FM Pensions, hosts Darren and Nico chat to former MP and Pensions Minister Guy Opperman. This is an episode that covers everything: horse racing, politics, Government, pensions and policy. And, of course, we ask Guy what value for money means to him!

In this episode of V-FM Pensions, hosts Darren and Nico chat to Smart Pension's Director of Investment Proposition, James Lawrence. We chat about: what's going on in the world and what it means for investment; Baroness Altmann's ideas for linking tax relief to investing in the UK; Smart's investment in green bonds and its approach to zero cost investing; the Pension Schemes Bill and the challenges of balancing long-term societal benefits with financial returns in pension investments; CDC and decumulation; ...and a whole lot more! We also find out how James got into pensions, and, of course, what value for money means to him.

In this episode of V-FM Pensions, hosts Darren and Nico chat to Global Fund Search's Head of UK, Kris Shergold. Another wide-ranging episode, where, as well as discussing what value for money to Kris, we chat about: Electricity generation and the state of the grid Value for money from the Office of Value for Money... Scottish Widows reducing it's UK equity allocation, and Aviva CEO warning that mandating pension investments in UK assets is ‘not the right thing' Proposals to amend fiduciary duty Nest's retirement blueprint and deferred annuities Enjoy!

In this episode of V-FM Pensions, hosts Darren and Nico chat to pensions goth and research guru, Daniela Silcock about all things pensions. As well as talking about what value for money means to Daniela, we discuss: politics, pensions and winter fuel payments; the politics of DC pension allocation building on research Daniela has just conducted on behalf the the DCIF; developments in the 'at retirement' market and a whole lot more.... enjoy!

In this episode of V-FM Pensions hosts Nico and Darren chat to the CEO of the Money and Pensions Service, Oliver Morley, and Ellen Quigley from the University of Cambridge. This is part two of the podcast recorded 'on the road' at the PMI Annual Conference.

In this episode of V-FM Pensions, hosts Darren and Nico interview some amazing speakers at the PMI's Annual Conference. Part one covers interviews with PMI CEO, Gareth Tancred, and the PPF's Michelle Osterman and Kate Jones. Part two covers interviews with MAPS' Oliver Morley and Ellen Quigley from the University of Cambridge.

In this V-FM Pensions special, hosts Nico and Darren discuss the outcome of the Government's Pensions and Investment Review phase 1. Tune in to hear about what the review had to say and also hear the hosts' views on what's hot, what's not, and what's still just simply confusing....

In this episode of V-FM Pensions, hosts Darren and Nico chat to Guiide Founder and CEO Kevin Hollister. Not surprisingly, this is a decumulation-heavy episode with Kevin using the opportunity to talk about a new Guiide D2C proposition that has just been launched with the aim of helping people achieve sustainable retirement outcomes. We also chat a lot about how to help people manage their money in retirement and, of course, defaults vs engagement, as well as the FCA's advice/guidance regulatory boundary. We cover the Pensions Investment Review (watch out for the special incoming...), consumer satisfaction with pension transfers, and, of course, find out what value for money means to Kevin. Enjoy!

In this episode of VFM Pensions, hosts Darren and Nico chat to Eversheds Sutherland's Partner and Head of DC, Michael Jones, about all things value for money. Michael has the honour(?) of being the first actively practicing pensions lawyer on the podcast and he timed his appearance perfectly being a Spurs fan (recording the morning after a lucky Europa Cup win...) As well as finding out how Michael got into pensions and what value for money means to him, we have a wide-ranging discussion covering: Recent statements from the Pensions Minister concerning DB Surpluses The latest WPI report on scale and independence Angela Rayner's proposed tax hikes - will we / won't we see the reintroduction of the Lifetime Allowance? Pension investment and fiduciary duty The use and evolution of AI in pensions And a crowd funding campaign seeking a KC opinion on the retrospective nature of the Government making DC pensions subject to IHT. Enjoy!  

In this episode of V-FM Pensions, hosts Darren and Nico chat to XPS' Head of DC Investments Mark Searle. As well as finding out what value for money means to Mark and how he got into the pensions industry we, of course, kick off by talking about the gig news of the week, the Mansion House Accord. We also chat pensions adequacy, at retirement solutions and investing in the US. Enjoy!

In this episode of V-FM pensions, hosts Darren and Nico chat to Fidelity International's James Monk. As well as finding out what value for money means to James and how he got into pensions, the wide-ranging discussions covers: Mansion House and local investing, and a general discussion about UK economic developments; Trump's crypto play; TPT's announcement that it is planning to introduce multi-employer CDC; a report from the SPP urging savers not to panic; and the pros and cons of life vs custody platforms. Listen to hear all this and more!  

In this episode of V-FM Pensions, hosts Darren and Nico spend time reflecting on some of the key pension and investment topics of the moment, building on comments from guests over the last few episodes. We chat about Tony Blair's latest comments on climate change, the latest gossip about the next iteration of Mansion House and productive finance, assessing value for money by scratching the ITCH, next steps for collective defined contribution schemes, and a whole lot more... We also get an update on Nico's injury woes and Nico shares some amazing news!

In this episode of V-FM Pensions hosts Nico and Darren chat with the Chair of Pan Trustees, Steve Delo. Steve is a Trustee on many schemes and was chair of the People's Pension for 10 years from its inception (he had the pleasure of working closely with the podcast hosts for a good few years). We take a trip down memory lane discussing some historical pensions issues that schemes and trustees are still grappling with, focussing on the complexity of administration and data. We also chat about Steve's time at the People's Pension and some of the challenges in providing pensions at scale, the DWP announcement confirming its solution to deal with small pension pots, and the fiduciary challenges and lack of clear guidance on assessing and addressing climate risks in pension schemes. We also find out how Steve got into pensions and, of course, find out what value for money means to him. Enjoy!

In this episode of V-FM Pensions hosts Darren and Nico chat to Fulcrum's Head of Alternative Solutions Matt Roberts. Matt takes the podcast by storm and rips up the usual podcast format by kicking off with his views on what value for money means to him... We also cover tariffs, consolidation, zero cost equity investing, British Steel and... would you believe it... stamp collecting...

In this episode of V-FM Pensions, hosts Nico and Darren chat to NEST policy guru Philip Brown about all things pensions and all things policy. As well as talking about the 100th anniversary of the Great Gatsby and celebrating Arsenal's 3-0 win over Real Madrid, we chat pension freedoms, market volatility, the role of NEST, Hymans proposals for reform of the pension system, CDC and a whole load more! We also find out how Phil got into pensions and discuss what value for money means to him.   Enjoy!

In this episode of V-FM Pensions, hosts Darren and Nico Chat to the PMI's new Chief Strategy Officer, Helen Forrest Hall. Helen has been in the industry for 20 or so years and has just recently joined the PMI following a glittering career spanning time at The Pensions Regulator, the NAPF, and the DWP. Helen is a self-confessed pensions and policy geek, and we get stuck into topics such as pensions and housing, TPR's approach to supervising professional trustee companies, a recent talk by the Regulator at the PMI's excellent Master Trust and DC Symposium, glide paths and investment allocation, the latest report from the IFS, and a whole lot more. We also find out how Helen got into pensions and, of course, ask what value for money means to her.

In this episode of V-FM Pensions, hosts Darren and Nico pick up on some of the key topics from the last few episodes. Our one-one 'specials' have often been based around responses to consultations, but, in an evolution of the podcast format, once a month we're going to explore in more depth some of the issues raised on the regular podcast. So tune in and hear about the Spring Statement and the role of the Office for Budget Responsibility; systemic stewardship and fiduciary responsibility, including the role of pension funds in addressing society's big issues; and systems thinking in financial services. And we also discuss the recent acquisition of Barnett Waddingham by Howdens.

In this episode of V-FM Pensions hosts Nico and Darren chat to Money Alive co-founder Ian Beestin. Best known for his love of music and drumming - and his Thursday lunchtime drum quizzes during lockdown - Ian is helping to change the face of how pension schemes and providers communicate and engage with people in the digital age. As well as finding out how Ian got into Pensions and discussing what value for money means to him (hint: not Ryan Air...) we chat: AI and innovation in pensions communications, the need for engaging content and personalisation, The Pension Regulator's new innovation zone and what appears to be a deregulatory agenda, Torsten Bell's first big keynote speech including the continued drive for consolidation, and recent moves by USS to end reporting on emissions. Ian also flags a recent news story in Professional Pensions highlighting their 30th Anniversary. A big shout out to Jonathan Stapleton and the team in their anniversary year - many congratulations!

In this episode of V-FM Pensions, hosts Nico and Darren talk to Ruston Smith. Ruston was formerly Director of Pensions at Tesco and now holds several non-exec roles at pension funds, asset managers, private businesses and charities, and is the Chair of the Pensions Management Institute. We, of course, talk about how Ruston got into pensions and what value for money means to him. We also cover many of the big topics affecting the pensions industry and start by talking about International Women's day and Schroders' recent Women and Wealth Report. We chat a lot about pension fund investments and productive finance, fiduciary duty, and the ethics of pension fund investment in defence. And we also discuss Ruston's work on the Lifetime Savings Initiative, pensions adequacy and work Ruston has done with the government regulators and industry to improve transparency and simplify communication.  And, in what must be a V-FM podcast first, we also touch on ‘the unkillables' of the Patch Plant world and Ruston squeezes in a few pop star name checks. A great listen!

In this episode of V-FM Pensions, hosts Nico and Darren chat with accredited professional trustee, Paul Tinslay. Paul was previously a financial adviser before being a trustee and this comes through loud and clear in the podcast. As well as chatting about Paul's career and finding out what value for money means to him, we discuss Make My Money Matter's closure, Fidelity's approach to pension defaults, the challenge around pensions admin and its impact on dashboards, the 'four chapters of life' approach to modern careers and retirement, and People's Pension moving the vast majority of its assets away from State Street. Darren also goes off on a bit of a rant re a recent interaction with the DWP on behalf of a relative claiming the state pension (you might want to fast forward this bit....). A lot in this episode!  

In this week's episode of V-FM Pensions, Darren and Nico chat to the ABI's Yvonne Braun and Aviva's Michele Golunska on the fringe of the ABI's 2025 Annual Conference. We spoke to Michele and Yvonne straight after an excellent panel session looking at savings adequacy and longevity, continuing a wide ranging and in depth discussion building on the topics discussed during the panel. We chatted about pensions policy, adequacy, productive finance, pensions dashboards, advice and guidance, technology and a whole lot more.... and, of course, we asked Yvonne and Michelle what value for money means to them.

In this episode of V-FM Pensions, hosts Darren and Nico chat to Benefits Consulting Leader at Gallagher, Mark Pemberthy. A self confessed 'regular' listener to the podcast, we've been trying to get Mark on to the pod for a little while and it was great to have a chat about all things pensions. As well as the staple topic of value for money, and, of course, finding out about how Mark got into pensions, we have a wide-ranging discussion about the pensions and savings landscape, auto enrolment, small pots and the future of regulation. Mark had clearly done his homework ahead of appearing on the podcast and came armed with news stories galore to demonstrate the complexity of our pensions and savings system.

In this episode of V-FM, hosts Darren and Nico chat to trustee extraordinaire and President of BESTrustees Alan Pickering. As well as Alan giving the podcast a scoop about the renaming of Yorkshire, we discuss: the importance of balancing the interaction between regulation, growth and consumer protection; the thorny questions of governance and conflicts of interest in the pensions industry; and Make My Money Matter's annual review of master trusts and climate change. We chat about Alan's amazing career and how he got into pensions and, of course, ask what value for money means to him. We also give a huge V-FM shout out to our first ever podcast guest, David Butcher, for the launch of his new mindfulness coaching programme. Congratulations David!  

In this episode of VFM Pensions, hosts Darren and Nico chat to LCP partner and PASA Board member David Fairs. David has had a long and distinguished career in the pension industry, including a 5-year stint at The Pensions Regulator as Executive Director responsible for Regulatory Policy, Analysis and Advice. The pensions chat covers DB surplus extraction, Trump (again) and DEI/ESG, NEST taking a stake in IFM and People's Pension appointing itself as its own investment consultant. We also chat conflicts in the pensions industry, how David found the transition from the private to public sector, how David got into pensions, and a whole lot more.... including what value for money means to him. The podcast also has a scoop regarding David's future.... you'll have to listen to find out more! 

In this episode of V-FM Pensions, hosts Darren and Nico chat to Chair of the Pensions Regulator Sarah Smart. In a wide-ranging episode we chat about a lot of things including diversity (spoiler: Trump was mentioned...), climate change and climate investing, the doomsday clock ticking ever closer to midnight, surplus extraction for defined benefit schemes and the role of trustees (which caused Darren to semi-rant about conflicts of interest), and the need for innovation and scope for the use of AI in pensions and pensions regulation. We chatted about how Sarah transitioned from the investment world to become an independent trustee, driven by a desire to make the pension system work better for people. We also, of course, discussed value for money and current regulatory initiatives in this area, with Sarah highlighting the need for.... [well... you'll need to listen to the podcast....]. And, following hot on the heels of last week's episode, we covered the need for balance between achieving scale through consolidation and allowing for innovation and competition in the pensions market. Lots in this one... enjoy!  

In this episode of V-FM Pensions, hosts Darren and Nico chat to CEO of Smart UK, Jamie Fiveash. Jamie is a DC and master trust expert, is on the PLSA Board, and has had the pleasure of being Darren's boss, not once, but twice....  As it's our 101st episode (finally we've got a new numbering system...) we play a little game of Room 101... what will our guest and hosts consign to history (hint: first Brexit rant of the year from Darren)? Given the timing of the episode we had to talk about Trump.... but we spend most of our time chatting DC, productive finance, scale and consolidation, pensions reform and IHT. We find out how Jamie got into pensions and, of course, ask what value for money means to him.  

In this episode of V-FM Pensions, hosts Nico and Darren chat to pensions lawyer extraordinaire, Robin Ellison. Robin is not shy with his views on policy and regulation and the podcast takes a whistle stop tour through many of the issues the pensions industry is grappling with currently. As well as welcoming the new pensions minister, we talk about Robin's foray into politics with the 'U' party, his views on regulatory policy and regulation including current initiatives to promote value for money and force consolidation, and a pension scheme investing in bitcoin. We also discuss climate change and the devastating fires in Los Angeles. We find out how Robin got into pensions and ask Robin what value for money means to him. Tune in to hear all this and a whole lot more!  It's celebration time for VFM as this is the 100th episode of the podcast (including a number of specials that we have recorded over the past couple of years). Here's to the next 100 episodes!

A Happy New Year to all our listeners!! In this episode of V-FM Pensions, Darren and Nico kick off the year with an in depth discussion of the UK Government's consultation on reforms to the Defined Contribution pension market. This consultation is part of the Mansion House package of measures published on 14 November 2024. We chat through the main elements of the consultation including: the (flawed?) premise behind the Mansion House agenda; what scale really means and what we actually mean by a default; bulk transfers without consent; and the role of employers and advisers in choosing a pension scheme. This is our response to the Government's consultation. Fair to say it asks more questions than it answers, but we hope it helps and that others find it useful as they go about pulling together their own responses.

After a few weeks break due to illness, V-FM Pensions is back for a Christmas special where Darren and Nico chat about Pensions and the Mansions House reforms and look forward to 2025.   Merry Christmas and Happy New Year to all our listeners. Here's to a fantastic 2025!