In this week’s episode of the podcast, we speak to Tegs Harding, trustee chair of the Legal and General master trust’s investments committee.

Investment has been high on the master trust’s agenda. Tegs and her colleagues realise that members are better off when they take more risk for longer – and that has been a big theme of the changes they have been making over the last few years. They have introduced equities from earlier in the lifecycle, considering the length of members’ de-risking glidepaths and introducing private markets.

Tegs touches on the live discussion L&G are having around private markets in retirement – and why knowing only part of a member’s overall financial picture is a challenge.

More broadly, we talk quite a lot about investment advice and guidance, and Tegs shares some fascinating themes and observations from L&G’s retirement research with members, some of which may surprise you. We also touch on the impact AI could have on how members interact with their pensions.

Tegs talks about the L&G master trust’s net zero journey and why it’s vital for master trusts to look beyond paper-based decarbonization to build resilience and have real world impact.

It’s a great episode – enjoy!

This week on the podcast, we chat to Jo Sharples, chief investment officer for Aon’s DC solutions. Jo shares her wisdom about investment, revealing her ‘sleep at night strategy’ – we love this idea.

We discuss the importance of cutting out the noise and sticking to your guns in times of short term volatility.

Jo explains why she has just made an allocation to long-dated government bonds in the growth phase – despite being very pro equity in general – and explains why government bonds are very much on her radar.

She has a challenge to the industry on net zero: have we done the easy things and saved the harder choices for later? Are we making enough real progress? If not, what needs to change?

We also discuss private markets, and Jo shares the types of assets the Aon master trust is looking at – and why it’s important to have different risk/return focuses for people at different stages of their lives. Listen to the podcast to find out exactly what they’re looking at.

We loved catching up with Jo. Enjoy the episode!

Lorna Blyth, head of investment proposition for Aegon UK, joins Dave and Louise for this week’s podcast. We learn about Lorna’s career path, from dreams of art college to working her way up through the ranks of a pension provider and into investment – with a lot of hard work and exams completed along the way.

Lorna is responsible for investment proposition for Aegon's DC workplace business from the master trust to the contract based book and also looks after the fund of funds business. That’s a lot of members and assets. Investing on behalf of one million plus customers with over 100 billion pounds’ worth of assets is a big job – and Lorna and her colleagues continually working to improve outcomes and aim for strong long‑term returns.

The team has spent the last two years looking at private markets – and has recently introduced LTAFs. Lorna tells us about how she is using them to pull different levers for members at different stages in their glidepaths.

‘I love my job’, Lorna told us – we find out what aspects of investment excite her, as well as what changes in the DC world are inspiring her at the moment.

A note on continuity: we spoke to Lorna in the autumn of 2025 – so when we talk about ‘next year’, this actually means 2026. Hope that isn’t too confusing for listeners!

We’re back! On this week’s DCIF podcast, Dave and Louise catch up with Naomi Clark. Naomi, who is USS’ head of investment product management, came on the podcast several years ago in season two – so this was a perfect chance to catch up with her and find out how USS’ investment strategy has evolved.

Naomi gives us a fascinating insight into how USS achieves diversification in the uncertain world we live in. Spoiler alert: it’s all about great governance. We also find out about Naomi’s own passion for private markets and the possibilities she thinks these investments could offer to savers in later life. We learn why USS has signed the Mansion House Accord. Naomi also gives us an update on USS’ net zero journey.

It's a fascinating episode – we hope you enjoy it.

In this episode, hosts Louise Farrand and Dave Whitehair sit down with Jonathan Parker, head of DC at Redington and chair of the investment committee for the Aviva Master Trust, for a deep dive into how one of the UK’s largest master trusts is reshaping investment strategy for the decade ahead.

Jonathan talks through why Aviva has made a major move into private markets and what this means for members, from opening up access to infrastructure and private equity to managing liquidity in a more complex investment environment. They dive into the new value for money rules, the rising pressure of performance comparisons, and how trustees and providers are balancing long-term conviction with short-term scrutiny.

Louise and Dave also get Jonathan’s take on how governance is evolving as master trusts scale, how member behaviour is shifting, and what Aviva is doing to help people as they move into, and then through, retirement.

It’s a forward-looking and insightful conversation about the trends shaping DC right now. We hope you enjoy the episode!

In this episode, hosts Louise Farrand and Dave Whitehair chat to Steve Charlton, DC and solutions managing director for SEI across EMEA and Asia.

Steve takes us through SEI’s goals-based investment philosophy, explaining how the master trust starts with members’ retirement income needs and designs portfolios backwards from that objective. He outlines why SEI maintains a high-equity, factor-driven default through the early and mid-career stages, using tilts such as value, quality and momentum to manage risk while targeting long-term return drivers.

They discuss the impact of industry consolidation, including SEI’s acquisition of Atlas, and how increased scale strengthens investment capability, fund range and long-term sustainability. Steve shares SEI’s thinking on private markets and LTAFs, emphasising disciplined allocation decisions based on hurdle rates, timing, and a clear focus on improving outcomes rather than meeting political or market pressure.

Steve reflects on market concentration risks, the importance of robust governance, and the need for investment strategies that remain resilient across cycles.

It’s an in-depth and comprehensive conversation about SEI’s approach to evolving challenges in the master trust landscape, we hope you enjoy the episode!

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.