Credit & Run On Solutions Indaba 2025

Important

Delegates are expected to attend the full event. We do understand that this is a time commitment in diaries. Please do let us know if you need to step away for a call/meeting and we shall adjust your personal agenda.

The mallowstreet Indaba* series continues in 2025, this time turning to Credit and Defined Benefit Run On. As more Defined Benefit Pension Schemes approach or already exceed full funding, what are the options apart from buyout? How much investment risk can you keep on the table, and what are the best ways of doing this? At this full day gathering with your industry peers, collaboration is actively encouraged as we seek answers and share perspectives whilst discussing the challenges faced by all and the possible opportunities that emerge as a result. 

  

As pension professionals, we stand at the forefront of safeguarding the financial futures of countless individuals. Our commitment to prudent, informed investment decisions is paramount to ensuring stable and robust returns for the pension funds we manage. 

  

Throughout this Indaba, we will explore a comprehensive range of topics related to Credit and Defined Benefit Run On solutions and investigate the opportunities and challenges in running a maturing scheme. Our agenda is designed to provide deep insights, highlight innovative strategies, and discover the latest trends shaping the market. From the fundamentals to advanced portfolio management techniques, our speakers and panellists will seek to unlock the complexities and opportunities that that can be found through using Credit and other Run On strategies. 


This event is FREE to attend for investment decision makers and their advisers.


Why Attend:


*An Indaba (pronounced in-dar-bah) is an important conference held by the izinDuna (principal people) of the Zulu or Xhosa people. The term comes from a Zulu language word meaning "business" or "matter".


At mallowstreet we adhere to a principles-based approach to ensure a meaningful and respectful experience for all attendees. We believe that upholding these principles will contribute to a thriving and inclusive professional environment. Please review our Code of Conduct here: Code of Conduct

Speakers

Program

  1. Registration & Breakfast

  2. Welcome Address

    Dawid provides an overview of the conference, speakers, and key themes for the Indaba.

    Speaker

    Dawid Konotey-Ahulu CBE DL, Co-founder, mallowstreet

  3. How and When DB Run-On Strategies Work

    DB scheme run-on has been the talk of the town over recent years. This session will delve into the practical experience of implementing run-on strategies, exploring how they can benefit members and sponsors, the circumstances under which they can be effective, and the critical factors for successful implementation. It will also examine the implications for investment strategy and, perhaps most timely, consider whether recent government policy changes will make adopting such strategies easier.

    Speaker

    Steve Hodder, Partner, LCP

  4. Session Transition

  5. Investment Masterclass I

    Delegates split into four Investment Masterclass sessions over the course of the Indaba.

  6. Tea, Coffee, and Networking

  7. Investment Masterclass II

    Delegates split into four Investment Masterclass sessions over the course of the Indaba.

  8. Session Transition

  9. A Trustee's Experience of Running On

    In this presentation, Alan reflects on his experience as a trustee contemplating the decision insure a scheme or not. He shares the challenges he faced while weighing the impact on members and other stakeholders (including the trustee). Alan explores the dynamics of board governance, the need for fresh perspectives, and the importance of ongoing engagement between trustee and sponsor. Through his story, Alan offers valuable insights into the role of trusteeship, leadership, and the thoughtful consideration required when deciding to "run on."

    Speaker

    Alan Baker, Director, Law Debenture Pension Trustees

  10. Lunch & Networking

  11. The Defined Benefits Landscape in Funding Level and Risk Terms

    In this presentation, Hiten will provide an overview of the performance of Defined Benefit (DB) pensions schemes in light of the significant increases in real interest rates since the end of 2021. The presentation will cover two key areas: First, an analysis of the estimated improvements in funding levels and reductions in market risk in recent years. Second, a discussion on the implications for both the industry and the regulator.

    Speaker

    Hiten Nandha, Investment Consultant, The Pensions Regulator

  12. Session Transition

  13. Investment Masterclass III

    Delegates split into four Investment Masterclass sessions over the course of the Indaba.

  14. Tea, Coffee, and Networking


  15. Should our DB pension Plan Run on? A Decision-making Framework

    How should a DB pension plan decide if run-on is the right endgame solution? The answer depends on several considerations which are both interdependent and specific to each plan. Nevertheless, there are two fundamental and essential elements needed for an informed understanding of the risks and potential rewards of running-on: first, applying a corporate finance perspective to assess the impact on the sponsor; and second, adopting an appropriate approach to integrated risk management (IRM) for the pension plan. This presentation introduces a structured framework designed to help trustees and sponsors work together in making this important decision.

    Speaker

    Guy Coughlan, Trustee, COO, Clota Värde; J.P. Morgan JPMC UK Retirement Plan

  16. Closing Remarks

    Speaker

    Dawid Konotey-Ahulu CBE DL, Co-founder, mallowstreet

  17. Drinks and Networking

  18. End