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DB pensions webinar: Investing for endgame in a low credit spread environment

Webinar on BrightTALK

Corporate bonds have long played an important role in helping defined benefit (DB) pension schemes de-risk as they move towards their endgame, offering predictable cashflows and additional yield over gilts. By mid-2026, however, credit spreads had fallen close to their lowest level in nearly 25 years.
With credit spreads at historically low levels, schemes are reviewing how this affects investment decisions and endgame planning.

In this webinar, our panel will discuss how DB schemes, whether targeting buyout or choosing to run on, can respond and adapt their investment strategy in a changing market.


Event date
Location
Open to members & non-members

Agenda

Speakers

Lawrence Philips

Schroders

Head of Endgame Solutions

Lawrence Philips

Head of Endgame Solutions

Having started his career as an actuarial consultant, he now specialises in advising on and implementing investment solutions for UK DB pension schemes, with a focus on endgame objectives.
He leads the development of Schroders' endgame proposition, designing investment strategies to support a safe transfer to an insurer through buyout or the continued running of a pension scheme, either on a low-dependency basis or to generate and distribute surplus.
Lawrence has more than 19 years' experience in the pensions industry, spanning actuarial consulting, investment analytics, investment advisory services and fiduciary management. He is a part-qualified actuary and holds a BSc in Neuroscience and Physiology from the University of Bristol.

Emma Pittaway

Law Debenture Pension Trust Corporation

Professional Trustee

Emma Pittaway

Professional Trustee

A Fellow of the Institute of Actuaries with 15+ years in pensions investment consulting and fiduciary management, spanning roles at Aon, Cardano and PwC, she brings deep experience of credit, LDI and delegated investment governance to trustee boards overseeing DB and hybrid schemes from £80m to £1bn+.

She currently sits across several live buy-in, buyout and wind-up projects, as well as a scheme actively running on.

Duncan Lamont

Schroders

Head of Strategic Research

Duncan Lamont

Head of Strategic Research

Duncan writes actionable thought leadership research to offer insights that help Schroders’ clients make better investing decisions.

Prior to joining Schroders, Duncan was a principal in the Global Asset Allocation team at Aon Hewitt, where he was responsible for developing the firm’s long-term strategic capital market assumptions and driving its medium-term asset allocation views across the full range of traditional and alternative asset classes.

He also had spells as an assistant director at a corporate finance boutique and as a trainee investment consultant. Duncan is a CFA charter-holder with a Master’s in Mathematics, Operational Research, Statistics and Economics from the University of Warwick, specialising in actuarial and financial mathematics.

Costs

Description Cost
Members Free
Non-members Free
Affiliate & Corporate members Free

Location

Online - BrightTALK

Who should attend?

  • Pension scheme managers
  • Trustees
  • Administrators
  • Policy advisers
  • Consultants
  • Lawyers
  • Corporate IFAs
  • Investment managers
  • Actuaries
  • Financial directors

Whats covered

  • Timing investment decisions - Should schemes looking to de-risk, or move towards a more contractual portfolio, invest in investment grade credit now or wait for future opportunities?
  •  Broadening the investment toolkit - Which other assets can support endgame investing, and how can schemes position themselves to take advantage of emerging opportunities?
  •  Learning from history - What can 100 years of credit spread data tell us about today's market, and are we entering a different investment environment?

We will also share the latest findings from the Schroders and the PMI Defined Benefit Survey, highlighting current trends in endgame planning.

Join us for a practical discussion exploring the investment considerations facing defined benefit pension schemes as they plan for their endgame.

 

Thank you to Schroders for their continued support

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