Our second Pensions Perspectives live event of 2025 covered the latest news in pensions, pension scheme run-on and DB surpluses, risk management and how to write an Own Risk Assessment.
At our Pensions Perspectives event, our team of experts shared their insights and analysis to assist trustees, pension professionals and sponsors in navigating the current challenges and opportunities within the industry. Topics included:
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01
Pensions Pulse
Glyn Bradley and Isabel Kernthaler provided a rapid round-up of the latest news and developments in pensions.Glyn Bradley and Isabel Kernthaler provided a rapid round-up of the latest news and developments in pensions, including:
- The Pension Schemes Bill covering
- PPF levies
- Superfunds
- Megafunds
- Mansion House Accord
- Value for money
- Small pots
- Guided retirements
- Settlement markets
- Virgin Media legislation
Further reading:
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02
Focus on run-on and surplus
Adam Boyes and Bina Mistry led a session on pension scheme run-on and DB surplus.Adam Boyes and Bina Mistry led a session on pension scheme run-on and DB surplus. They covered the current landscape on surplus, the three main changes around the extraction of surplus arising from the Pension Schemes Bill and the relevant timescales. They also considered areas where surplus could be used in practice. Finally, they had a highly entertaining debate considering three motions from deliberately polarised viewpoints.
- All schemes should have the option to pay surplus to employers
- If surplus is extracted, members should always benefit
- A low dependency threshold for extracting surpluses is sufficient
Finally, they talked about our Focus framework for considering the surplus opportunity.
Further reading:
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03
What should keep you awake at night?
Four of our experts (Alasdair Macdonald, Monique Mathys-Graaf, Ben Johnson and Alison Fisher) competed in the Dragons' Den for your risk management time and effort.Four of our experts (Alasdair Macdonald, Monique Mathys-Graaf, Ben Johnson and Alison Fisher) competed in the Dragons' Den for your risk management time and effort.
We considered how many pension schemes are now in a healthier position, but we shouldn't be complacent. Having looked back through history, across different regimes and countries, we highlighted four big risks and observed how these are elevated today.
Styled as the "Four Horsemen of the Apocalypse", these risks were conflict, nature, debt and innovation.
Through the processes of scenario and reverse stress testing, pension schemes can consider the impact of these risks and the associated mitigating actions they can take with their portfolio to improve resilience.
Further reading:
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04
How to write an effective ORA
Jenny Gibbons and Mat Backus reported on the requirements for documenting a Scheme's Own Risk Assessment.Jenny Gibbons and Mat Backus reported on the requirements for documenting a Scheme's Own Risk Assessment, uncertainty around what that report might look like, and what the Regulator thinks Trustees should focus on as they prepare for their first ORA. To demystify the process, they:
- Covered some of the main headlines around required contents and regulator statements, gathered opinions from trustees and the audience and revealed the Regulator's views and expectations in a short interview with Nick Gannon, policy lead. Clearly, levels of comfort and clarity on the ORA process and report vary quite considerably across the industry.
- Discussed WTW's views on what makes a good ORA report – including balancing undertaking a review that is meaningful in a scheme specific context with meeting the letter of the regulatory expectations as set out in the General Code.
Further reading:
