Endgame Solutions Conference 2025

Endgame Solutions Conference 2025

17 September 2025 | 08:30 - 17:40
Various

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Endgame Solutions Conference

Powered by Spence & Partners

Gain invaluable insights, expert advice, and practical strategies at our comprehensive training and conference event. Don’t miss this opportunity to enhance your knowledge, network with industry leaders, and hear from experts that have trodden this path with pension schemes like yours.

As a trustee or CFO, the responsibility of navigating the end game of a DB pension scheme is technically challenging and carries large risk and reward. Our upcoming event is designed to equip you with the tools and knowledge necessary to make informed decisions and implement effective strategies. This comprehensive conference brings together top experts from across the industry, including asset managers, covenant advisors, insurers, legal professionals, and consultants.

 

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    Fees

    Members: free
    Trustees (non-members): £149 (+VAT)
    CFO (non-members): £149 (+VAT)
    Consultants: £1200 (+VAT)
    Affiliate and Corporate members: £600 (+VAT)
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    In person

    event
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    10+

    speakers
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    CPD

    7

Event Details

THE BASICS

Topics of discussion:
  • Consolidation
  • Regulatory / legislative expectations of Trustees when winding up a scheme
  • Trustee Board Options in practice
Who should attend:
  • Trustees
  • CFO 
  • Consultants
  • The conference is for smaller DB schemes up to £175m of assets or 1,000 members
The venue

Schroders Solutions, 1 London Wall Place, London EC2Y 5AU ·

Agenda

08:30 - 09:00
Arrivals, registration and breakfast
09:00 - 09:05
Welcome
Bill Galvin
Bill Galvin
3173 Group
CEO
09:05 - 09:35
The current landscape: Setting the scene & technical analysis – exploring the options
Aoife Farrell
Aoife Farrell
Spence & Partners
Actuarial Trainee
Alistair Russell-Smith
Alistair Russell-Smith
Spence & Partners
Charity and Corporate advisory lead

The DB endgame is accelerating as regulation tightens, markets shift and new solutions emerge. This session sets the scene by exploring the current landscape, unpacking technical challenges, and offering strategic pathways for schemes at different stages of maturity.

09:35 - 10:10
Legal responsibilities
Jeremy Goodwin
Jeremy Goodwin
Eversheds Sutherland
Partner

Trustees face growing pressure to make informed, timely decisions. This session explores key legal obligations, fiduciary responsibilities and documentation best practice, helping you manage risks across endgame strategies with confidence.

10:10 - 10:45
From theory to reality: Implementing a run-on solution in practice
Ajeet Manjrekar
Ajeet Manjrekar
Schroders Solutions
Head of UK Client Solutions

Run-on is gaining traction as a credible alternative to buy-out for many DB schemes. This session, led by a major asset manager, will offer real-world implementation stories, governance considerations, and investment frameworks that support long-term scheme continuation.

10:45 - 11:15
Morning networking break
11:15 - 11:50
Bulk annuities: new ways of dealing with an evolving market
 Andrew Shaposhnikov
Andrew Shaposhnikov
Aviva
Head of Aviva Clarity
Martyn Phillips
Martyn Phillips
Spence & Partners
Risk Transfer Lead
Mark Sharkey
Mark Sharkey
Royal London
BPA Origination Lead

With growing competition and innovation, this session brings together insurers to explore market capacity, pricing levers and proposition differences. You’ll hear what it takes to be buy-out ready in today’s environment.

11:50 - 12:25
Picking your destination: Run-on versus Buy-out
Amanda Burden FPMI
Amanda Burden FPMI
Pi Partnership
Director & Governance Specialist
Graham Jung
Graham Jung
Pi Partnership
Professional Trustee
Tim Sansom
Tim Sansom
Pi Partnership
Professional Trustee

Every scheme is different. This session compares endgame destinations, buy-out and long-term self-sufficiency, helping trustees understand the best fit for their scheme and what might trigger a change in direction.

12:25 - 12:55
Checking the route: Government's expectations of Trustees when ‘endgame planning or winding up a scheme’
Sam Hainsworth
Sam Hainsworth
DWP
Deputy Director of DB Pension Policy
Leandro Carrera
Leandro Carrera
The Pensions Regulator
Policy Delivery Lead

New legislation, including rules on surplus and the Pensions Bill, is reshaping the DB landscape. This session highlights what trustees need to know about winding up or transitioning a scheme, with practical insights into the regulatory changes and their impact on endgame planning.

12:55 - 13:55
Lunch and networking
13:10 - 13:55
Overcoming obstacles to endgame: A practical lunchtime discussion for Trustees, Sponsors and Pensions Managers
Deepash Amin
Deepash Amin
PIC
Head of New Business Strategy
Pete Rennalls
Pete Rennalls
PIC
Head of New Business Delivery & Solutions
Alistair Russell-Smith
Alistair Russell-Smith
Spence & Partners
Moderator

Join us for an engaging lunchtime session designed for trustees to discuss the common challenges slowing progress toward their endgame goals. From data quality, administrator workloads, and covenant strength to changing market conditions and government policy, we’ll explore the practical realities that many schemes face today. This session is a space to share experiences and consider new ways forward, supported by insights into the real experience on recent cases seen by PIC and how an insurer can work alongside you to develop tailored solutions and help you navigate the path ahead with confidence.

If you are interested in joining this roundtable please fill out the form here.

13:55 - 14:30
The future of Defined Benefit: productive finance and unintended consequences
Rob Martin
Rob Martin
L&G
Global Head of Investment Strategy & Research - Private Markets, Asset Management,
Matthew Webb
Matthew Webb
L&G
Head of Endgame Solutions

Every scheme is different. This session compares endgame destinations, buy-out and long-term self-sufficiency, helping trustees understand the best fit for their scheme and what might trigger a change in direction.

14:30 - 15:05
New kids on the block: meet one of the new consolidators
Arif Saad CFA
Arif Saad CFA
VLK
Head of Client Advice
Ellie Mckinnon
Ellie Mckinnon
Cheviot
Chief Executive
Vikki Massarano FPMI
Vikki Massarano FPMI
Arc Pensions Law
Partner

Commercial consolidators are changing the DB landscape. This session introduces an emerging provider, their business models and value propositions, and examines the risks and rewards of choosing consolidation as an endgame route.

15:05 - 15:30
Afternoon networking break
15:30 - 16:10
Panel discussion: Congestion ahead - managing your endgame journey effectively
Haroon Khan
Haroon Khan
Intellica
Head of Actuarial and Technical
Suzanne Burrell ProfPMI
Suzanne Burrell ProfPMI
Shoosmiths
Partner
Tom Pook
Tom Pook
Spence & Partners
Head of Trustee Services
John Fothergill
John Fothergill
Aviva
Senior Deal Manager

With more schemes entering endgame and limited insurer capacity, how can you get ahead? This panel shares insights on data readiness, project planning and how to avoid delays or rejection in a crowded market.

16:10 - 16:40
The future, what next, action planning
Martyn Phillips
Martyn Phillips
Spence & Partners
Risk Transfer Lead

This closing session brings together key insights from the day and looks ahead to what’s next, including regulation, market trends and practical actions trustees can take now to futureproof their strategy.

16:40 - 17:40
Networking drinks reception

Speakers

Ajeet Manjrekar
Ajeet Manjrekar
Schroders Solutions
- Head of UK Client Solutions
Amanda Burden FPMI
Amanda Burden FPMI
Pi Partnership
- Director & Governance Specialist

Amanda has over 25 years’ experience in the pensions industry and currently provides specialist project management for clients on a range of services, including endgame planning, adviser selection and review, trustee board assessment and governance design. She is a Board Director of Pi Partnership Group and works closely with clients, advisers and the wider Pi team to ensure Pi’s services meet the changing needs of the pension market and deliver clear value.
Amanda is a Fellow of the Pensions Management Institute (PMI), Chair of the PMI London Group and is a Certified Risk Management Practitioner.

Alistair Russell-Smith
Alistair Russell-Smith
Spence & Partners
- Charity and Corporate advisory lead

Alistair joins Spence and Partners as the Charity and Corporate advisory lead. He has more than 20 years of experience as an Actuary working for DB and DC pension schemes. In his new role, Alistair will provide advice for employers and third-sector bodies on all aspects of pension provision.

Before joining Spence, Alistair was a Partner and Head of Corporate Defined Benefit Pensions at Hymans Robertson – a position he held since 2018, having joined the business in 2000. He also led Hymans’ third sector offering and has extensive experience working with clients in the not-for-profit sector. His work focused on funding and de-risking solutions, benefit strategy, and more sector-specific issues like managing participation in multi-employer pension schemes.

In recent years, he has advised corporates on DB consolidation options including transferring to commercial consolidators and DB master trusts. He also worked with corporates on their DB funding approaches in light of the new DB funding regime. Alistair’s strength lies in his profound understanding of the intricacies of the financial industry, coupled with a keen insight into the dynamics of the not-for-profit sector.

Aoife Farrell
Aoife Farrell
Spence & Partners
- Actuarial Trainee

Aoife is an Actuarial Trainee at Spence & Partners. She qualified as an Associate of the Institute and Faculty of Actuaries (AIA) in 2022, and is studying towards the Fellowship qualification. 

With 3 years’ experience in the Risk Transfer field, Aoife has gained valuable hands-on experience working with Schemes on their journey to buyout.

Aoife’s expertise extends to Enterprise Risk Management, and she is currently working towards attaining the Certified Risk Enterprise Actuary (CERA) qualification.

 Andrew Shaposhnikov
Andrew Shaposhnikov
Aviva
- Head of Aviva Clarity

Andrew is a pensions and investment actuary with over fifteen years of experience in a consulting environment advising occupational pension schemes and their sponsors on all aspects of funding and investment strategy. In 2023 he joined Aviva Bulk Purchase Annuity team and is currently leading it Aviva Clarity proposition helping well-prepared schemes of all sizes to secure member benefits via a simple, robust, and efficient process

Arif Saad CFA
Arif Saad CFA
VLK
- Head of Client Advice

Arif Saad, CFA, is Head of Client Advice, responsible for leading how Kempen delivers their investment proposition to clients. This includes designing, developing and advising on strategic and tactical asset allocation strategies for our UK clients. In addition Arif is Head of People, UK.
Prior to joining Kempen in 2020, Arif was a Fiduciary Manager at Legal & General Investment Management (LGIM), and one of the architects of their fiduciary management offering. Prior to this, Arif was head of the Strategic Client Relationship Executive team at LGIM, working with their largest and most sophisticated UK pension funds clients, focusing on risk management and derivative strategies. Arif began his career within Mercer’s UK investment consulting business, where he advised a portfolio of defined benefit and defined contribution pension schemes, insurance companies and sovereign wealth funds on the full spectrum of investment issues, including investment strategy, manager and mandate structure, manager selection, transitions and performance analysis.
Arif graduated from the University of Warwick with a BSc (Hons) in Industrial Economics. He is a CFA Charterholder and in 2021, Financial News named him a Rising Star in Asset Management.

Bill Galvin
Bill Galvin
3173 Group
- CEO

Bill joined 3173 Limited (“The Group”) as Chief Executive Officer (“CEO”) on 1 March 2024.
His role as CEO supports the continuing strong growth of the leading UK pension governance, advisory, investment and technology Group which includes the Dalriada Trustees, Spence & Partners and Mantle businesses.

Bill previously served as CEO of USS (the UK’s largest pension scheme) for over a decade. During his time as CEO, Bill built a high-performing executive team, and steered the scheme through very challenging circumstances. Under his charge, USS created significant value for members: introducing an innovative hybrid pension offering, building a sector-leading in-house investment team, and creating a pension administration function that receives excellent ratings for service levels and decision support. Prior to joining the USS, Bill spent almost five years at the Pensions Regulator, latterly as CEO, where he was responsible for the efficient regulation and supervision of the UK pension market notably during the launch and introduction of auto enrollment in 2012.

Bill is experienced operating at board level, with over 13 years as a CEO leading, structuring and changing complex organisations. He brings a facilitative but highly effective leadership style. He is skilled in grappling with challenging trade-offs, making decisions and delivering outcomes in complex public and private sector environments.

Bill is also a Council Member for the Institute for Fiscal Studies and a Governor of the Pensions Policy Institute. He has previously served on the Boards of the Pensions Advisory Service, The Solicitors Regulation Authority, and the European Insurance and Occupational Pensions Authority.

Deepash Amin
Deepash Amin
PIC
- Head of New Business Strategy

Deepash joined PIC in 2021. He has over 18 years’ experience working in the pensions industry specialising in de-risking solutions for defined benefit schemes.
Deepash has led or been involved in a number of successful transactions of varying sizes and structures, both in an advisory capacity, and a deal origination structuring capacity. This includes PIC’s £6.5bn transaction with RSA.

Ellie Mckinnon
Ellie Mckinnon
Cheviot
- Chief Executive

Ellie has worked in the pensions industry for more than 30 years.  She is responsible for the strategic direction of the Cheviot Trust and is also a trustee.  An authorised DC Master Trust, Cheviot also runs a DB master trust under the same governance structure.  With a background in the legal sector, Ellie has a strong focus on governance issues.  She is passionate about clear, focussed and accessible communications across the board: from advisers and trustees to employers and members.

Graham Jung
Graham Jung
Pi Partnership
- Professional Trustee

Graham is an experienced professional trustee with a particular focus on investment strategy and risk management. With over 30 years of experience in institutional investment, he has worked across DB and DC schemes of all sizes in roles including trustee, investment committee member, adviser, and asset manager. Graham brings a practical and pragmatic approach to trusteeship, working efficiently with advisers and asset managers to ensure that trustee boards benefit from a complementary and well-rounded skill set.
Graham has supported a wide range of schemes, drawing on his qualifications as an actuary and his status as an Accredited Trustee through the APPT. Graham has sole trustee appointments for several mid-sized UK DB schemes where he supports schemes pursuing both run-on strategies and risk transfer solutions.

Haroon Khan
Haroon Khan
Intellica
- Head of Actuarial and Technical

Haroon is a seasoned actuary with over a decade of experience in pensions and financial consultancy. As a Fellow of the Institute and Faculty of Actuaries, he leads Intellica’s Actuarial and Technical team, driving operational efficiency and crafting tailored solutions for clients. Haroon combines hands-on leadership with a strategic focus on refining actuarial methodologies and mentoring his team, ensuring Intellica consistently delivers impactful results and exceptional value to clients.

Jeremy Goodwin
Jeremy Goodwin
Eversheds Sutherland
- Partner

Jeremy is a well-known senior pensions lawyer who leads the Eversheds Sutherland Pensions Group.

He leads our work advising many of our highest-profile pension clients. He is well-known for his ability to make the most complex issues easy to understand and to find practical solutions. His experience includes advising on:

  • integrated risk management structures as part of long-term strategic pension planning
  • all types of benefit changes, including changes to future benefit accrual and the introduction of DC sections
  • arrangements relating to scheme funding surpluses

Jeremy has been a member of various industry bodies for many years. These include the 100 Group, APL and SPP. Jeremy is an elected fellow of the Royal Society for the Arts in connection with his work on pensions reform.

In his spare time, Jeremy plays the trumpet and piano, enjoys watching Harlequins rugby, and loves taking his black Lab out for a run.

John Fothergill
John Fothergill
Aviva
- Senior Deal Manager

John is a qualified actuary with extensive experience across the pension risk transfer spectrum. Having started his career in pension consultancy, he went on to lead numerous wind-up projects and had the opportunity to directly experience the various challenges faced by trustees and their advisors. This perspective has been invaluable since John joined the Aviva BPA team in 2007, early in its development. Since that time John has helped develop various product features and, as a Senior Deal Manager, has led transactions ranging from under £100,000 to over £1bn.

Leandro Carrera
Leandro Carrera
The Pensions Regulator
- Policy Delivery Lead

Leandro Carrera is a Policy Delivery Lead at The Pensions Regulator. He has led the publication of the New Models and Options for DB schemes Guidance and he is currently leading TPR’s work on DB surplus release. Previously, he led the two updates to the Superfund Guidance and TPR’s work on the new powers for the regulator, included in the Pensions Act 2021. He also has significant experience in public policy research and implementation.

Martyn Phillips
Martyn Phillips
Spence & Partners
- Risk Transfer Lead

Martyn has been involved and heavily focussed on the Pension Risk Transfer market since 2007. In that time, he has worked on the insurer side for around 4 years (gaining hugely valuable insights into the insurer processes, mindset and strategies), and has over 13 years of experience on the trustee advisory side.

Martyn has built and led Pension Risk Transfer teams in major Employee Benefit consultancies. He has personally led and advised on c50 transactions, covering schemes below £10m to schemes over £1bn in size, and has driven innovation in the Pension Risk Transfer marketplace, bringing a focus on pragmatic and holistic solutions whilst always maintaining a focus on key client and member outcomes required.

Mark Sharkey
Mark Sharkey
Royal London
- BPA Origination Lead

Mark is a qualified actuary who has worked with defined benefit pension schemes and risk transfer transactions since 2015. Prior to joining Royal London in 2024, he worked in Hymans Robertson’s Club Vita business as Head of Pension Strategy, Global. In this role, Mark worked closely with a wide range of pension schemes, consultancies and (re)insurers participating in the UK and North American pension risk transfer markets.

Matthew Webb
Matthew Webb
L&G
- Head of Endgame Solutions

Mathew is Head of Endgame Solutions within L&G's Solutions business and specialises in helping pension schemes achieve their endgame objectives, whether that is buyout (pension risk transfer to an insurer), run-on (investing like an insurer in a credit and LDI portfolio, together with a portfolio focused on surplus growth), or both (run-on for now with the option of buyout later). Mathew has over 25 years' experience in pensions, insurance and banking markets, having previously worked in pensions advisory, longevity risk transfer and structured products. Mathew is a qualified solicitor (non-practising), holds an MA in Natural Sciences from Downing College, Cambridge University and a Certificate in Quantitative Finance.

Pete Rennalls
Pete Rennalls
PIC
- Head of New Business Delivery & Solutions

Pete joined PIC in 2011and is responsible for leading the delivery of all aspects of new business, ensuring both Trustees and their members have a smooth journey to buy-out.
Since joining PIC, Pete has overseen over 250 transactions, covering 300,000 members with assets of over £45bn.

Rob Martin
Rob Martin
L&G
- Global Head of Investment Strategy & Research - Private Markets, Asset Management,

Robin Martin, Global Head of Investment Strategy & Research, leads the development of global investment strategy across real estate, infrastructure, private credit and venture capital, in the context of private markets as a whole. Leading a team of researchers and analysts, he is responsible for supporting the integration of market themes into client portfolios, assisting clients in their strategy formation through thought leadership and in guiding L&G’s commercial strategy for private markets. He is also responsible for investment performance measurement, identifying appropriate benchmarks and working to ensure that portfolios meet risk and return objectives. Rob sits on the UK and US Property, Private Credit and Infrastructure Equity investment committees, the Private Markets Investment Oversight Committee and is a member of the Private Markets Management Committee.

Rob currently sits on the Board of the Investment Property Forum and was the chair of its Research Steering Group from 2015-18. He sits on the Advisory Board of the Academy of Real Assets, a members’ entity and social enterprise which connects the country’s leading real estate and real assets firms with students at UK state schools. Rob sits on the Board of Energycloud England, which helps people in fuel poverty by diverting renewable electricity that would otherwise go to waste.

Rob joined L&G in 2006 from Hammerson plc, where he spent 5 years, progressing to the role of Head of Research. Prior to that he had was an economist with the CBI, and previously spent 3 years in a consultancy role in the oil & gas industry. He graduated from the University of Warwick with a degree in Economics & Economic History and is a CFA charterholder.

Sam Hainsworth
Sam Hainsworth
DWP
- Deputy Director of DB Pension Policy

Sam manages Defined Benefit Pension Policy within DWP, having previously held senior roles in DWP across labour market and disability policy, and on secondment at Joseph Rowntree Foundation. Prior to this she supported development of the auto-enrolment reforms, in the Pensions Commission secretariat, development of the Pensions Act 08, then as part of the executive team in NEST until introduction in 2012.

Suzanne Burrell ProfPMI
Suzanne Burrell ProfPMI
Shoosmiths
- Partner

Suzanne Burrell is a seasoned pensions expert with over 25 years of experience in the field. As a Partner at Shoosmiths for the past 15 years, Suzanne has built a reputation for delivering strategic and pragmatic legal advice across the pensions landscape. Her recent work has focused on risk transfer projects, where she has guided schemes through complex transactions with clarity and precision. Suzanne advises pension schemes ranging in size from £3 million to £3 billion, bringing deep technical knowledge and commercial insight to each engagement.

Tom Pook
Tom Pook
Spence & Partners
- Head of Trustee Services

Tom entered the pensions industry in 2001 and prior to joining Spence worked for a major employee benefits consultancy for over 13 years, leading teams focussing on pension projects for DB and DC schemes.

Tom is a Fellow of the Pensions Management Institute, and a member of Spence’s senior leadership team. As well as leading Trustee services Tom manages Spence’s relationship with the Pension Protection Fund.

Tim Sansom
Tim Sansom
Pi Partnership
- Professional Trustee
Vikki Massarano FPMI
Vikki Massarano FPMI
Arc Pensions Law
- Partner

Vikki has specialised in pensions law for more than 20 years and advises trustees and employers in relation to all aspects of pensions law.

She is particularly experienced in the pensions aspects of corporate activity, including sales, acquisitions and refinancings as well as having advised on numerous restructuring cases, negotiating with the Pension Protection Fund and the Pensions Regulator. She has advised on a number of asset backed funding arrangements.

She also advises on many DC issues, in particular specialising in member communication and education as well as having expertise on scheme administration issues. Vikki is experienced in reviewing and updating scheme documentation, advising on trustee duties and governance issues and advising both trustees and employers in relation to liability management exercises.

Vikki was a partner at DLA Piper from 2000 until joining Arc Pensions Law in May 2017.

Thank you to our sponsors and partners for your support

Spence & Partners
Spence & Partners
Platinum Sponsor
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Schroders Solutions
Schroders Solutions
Host
-
Pi Partnership
Pi Partnership
Insight Partner
-
PIC
PIC
Roundtable Sponsor
-
ARC Pensions Law
ARC Pensions Law
Sponsor
-
Aviva
Aviva
Sponsor
-
Cheviot Trust
Cheviot Trust
Sponsor
-
Intellica
Intellica
Sponsor
-
VLK
VLK
Sponsor
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The Tracing Group
The Tracing Group
Exhibitor
-
Just Group
Just Group
Insight Partner
-
Shoosmiths
Shoosmiths
Sponsor
-

PMI End Game Solutions Conference 2024

Highlights