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 explains the team’s approach to diversification, governance, and long-term risk management, particularly given market volatility.

They discuss Cushon’s climate framework, including its focus on real-world decarbonisation, natural capital and portfolio resilience. Veronica shares how digital storytelling is helping members connect with their investments, and why UK-based projects are becoming an increasingly important part of that narrative.

Finally, Veronica reflects on building internal investment capabilities, working closely with trustees, and how AI and innovation might transform DC investing in the years ahead.

It’s a wide-ranging conversation - we hope you enjoy the episode!

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 using LTAFs and peer beneath the bonnet at its private markets allocations, plus hear more about James and the team’s future plans for using these assets in members’ later lives. James also talks about other asset classes, sharing why he’s keen on gold.

 We hear more about several other big industry discussions and how James and his team are adapting, from FutureWise’s approach to sustainability, stewardship and net zero to how industry consolidation may accelerate private market adoption.

It’s a wide-ranging discussion – we hope you enjoy it.

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 investors could be in the midst of a regime change and what this may mean for asset allocation. Liz also discusses how the scheme blends multiple portfolios across different risk and return profiles, and how private markets, including timberland and private credit, play a growing role in driving diversification and long-term returns.

Liz also discusses Nest’s ESG and Net Zero strategy and the importance of real-world impact, and how technology and data could enable more personalised investment journeys tailored to members’ unique circumstances. This episode offers an insightful look at the innovations transforming the DC world and the future of retirement planning.

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 focus on member outcomes. As a tech-led disruptor in the DC market, it is innovating on multiple fronts, from synthetic equities to private markets integration, and user-centric retirement solutions.

James explains why Smart Pension has leaned into private markets, what is behind their use of synthetic equities to free up capital for higher-return assets, and how their ‘four-pot’ retirement model could change the way members experience flexibility in later life. He also shares Smart Pension’s progress on ESG integration, their Net Zero 2040 goal, and thoughts on how technology and tokenisation could shape the next generation of pension investing.

This episode offers a deep dive into how modern pensions are adapting to a complex, uncertain, and opportunity-rich landscape.

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 listen.

In this week’s episode, we cover a huge amount of ground. But just a few highlights: Dan tells us why People’s Partnership signed the Mansion House Accord (when they hadn’t signed the compact), what private markets he’s most excited about, why he thinks fears about master trust herding are overstated, and what he hopes for from the Pensions Bill.

We hope you enjoy listening.

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? The episode is interspersed with nuggets of wisdoms from all our fantastic guests from all over the world. This is the final episode in this season and Mark and Louise give a preview of what to expect from season four – look out for that in a few weeks.

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 about how it is approaching retirement. Nest has developed the Retirement Blueprint, which Gareth outlines in the episode, kindly fielding questions about the finer details. The blueprint is a work in progress, and we discuss how Nest is keen to hear the industry’s feedback.

So, we’d love to hear what you think about the ideas we discuss in this special bonus episode – and we hope that, as ever, you enjoy the show.

Download Nest's retirement income blueprint - https://dcif.co.uk/wp-content/uploads/2025/06/DCIF-Nest-retirement-income-blueprint-overview.pptx

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 right in this week’s episode of the podcast! Mark and Louise chat to Bjorn Asgrimsson, analyst at Iceland’s Financial Supervisory Authority. Bjorn explains how Iceland became a strong pension system and what others can learn. Bjorn and his colleagues are not resting on their laurels; what’s next on their agenda?

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 like Harry Markowitz and William Sharpe.

Keith tells us about his dramatic entry into the pensions world - and what he's learned from the Nobel prizewinners over the years since then.

He tells us about his 40-year mission to define the characteristics of a well thought out pension system. Right up the street from this podcast! We talk about how close we are to achieving pensions nirvana.

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 and firing fund managers. How did this come about? And what criteria does it use? Mats explains all.

Mats gives us a rundown of the best features of the Swedish system – and confides what worries him most about the future. He explains some of the system’s downfalls – complexity, fragmentation and adequacy fears loom large – and tells us what he would change if he could.

One key point we take away from this episode is how pension systems are often born out of adversity. Mats tells us how the Swedish pension system faced great pressure to move – fast – from DB to DC in the early 1990s, when the Swedish economy was in very bad shape. Thankfully, thanks to Sweden’s collective culture, there wasn’t a backlash. But the move did create some adverse effects.

Mats worries about the adequacy of the system when DC savers reach retirement age, and when there’s a rush to move quickly, there isn’t always time to think everything through – which Mats thinks could have created some of the fragmentation and complexity which is apparent in the system today.

It's a great episode – enjoy!