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Artwork for Changing World, New Opportunities

Changing World, New Opportunities

Defined Contribution Invest Forum (DCIF)
Private Markets
Artificial Intelligence
Net Zero
Pensions
Climate
Governance
Legal and General Master Trust
DC Pension Schemes
CDC (collective Defined Contribution)
Smart Pension
Nest
Futurewise
Natwest Cushon
SEI
Master Trust
Aegon Master Trust
Lifetime/long-Term Asset Funds (ltafs)
DC Master Trusts
Sustainability / RI
Asset Ownership / Segregated Mandates

In our second season of the podcast, we’re interviewing senior investment figures from large defined contribution pension schemes. We’re asking them to reflect on the investment challenges reflecting them as DC leaders. What are they excited about – and what’s keeping them awake at night? In this show, we chat to experienced members of the investment world, broadcasting their insights, as well as ... more

PublishesTwice monthlyEpisodes46Founded4 years ago
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Artwork for Changing World, New Opportunities

Latest Episodes

In this episode, hosts Louise Farrand and Dave Whitehair sit down with Ben Lewis, head of Mercer's investment DC workplace proposition, for a wide-ranging conversation about how Mercer's master trust is building out its investment strategy for the lo... more

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 bet... more

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... more

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 ... more

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 ... more

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 reshap... more

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 ... more

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 e... more

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Recent Guests

Ben Lewis
Head of Mercer's Investment DC Workplace Composition
Mercer
Episode: Private markets, consolidation and the future of DC investment with Mercer's Ben Lewis
Tegs Harding
Professional trustee and chair of the investment committee at LG master trust
Legal and General Master Trust
Episode: Step inside the L&G master trust with Tegs Harding
Jo Sharples
Chief Investment Officer, Aon DC Solutions
Aon DC Solutions
Episode: Cutting Through the Noise: Jo Sharples on Conviction Investing in DC
Lorna Blyth
MD of investment decisions, Aegon
Aegon
Episode: From Art School to Asset Management: Meet Lorna Blyth, head of investment proposition for Aegon UK
Naomi Clark
Head of Investment Product Management at USS
USS (UK)
Episode: Naomi Clark on USS' Investment Strategy
Jonathan Parker
Independent trustee; chair of the investment committee of the Aviva Master Trust
Aviva Master Trust
Episode: Private markets, value for money and the next evolution of master trusts with Aviva’s Jonathan Parker
Steve Charlton
Managing Director to Find Contribution for EMEA and Asia, SEI
SEI
Episode: Investment strategy, consolidation and the future of DC with SEI master trust
Veronica Humble
Chief Investment Officer
NatWest Cushon
Episode: The future of Master Trusts: climate, private markets and member engagement with NatWest Cushon
James Monk
Investment Director at Fidelity, leads FutureWise strategy
Fidelity
Episode: Navigating DC pensions in 2025: private markets, sustainability, and innovation with Fidelity

Hosts

Louise Farrand
Host of the show and journalist; DC pensions expert and long-time DCIF contributor
Dave Whiter
Co-host; senior DC investment commentator and host across episodes

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Prof G MarketsVox Media Podcast Network
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Wake Up to WealthBrandon Brittingham
Money Guy Show
Money Guy ShowBrian Preston and Bo Hanson

Talking Points

Recent interactions between the hosts and their guests.

Dan Mikulskis on value for money, private markets and profit for members
Q: What role does governance and the trustee relationship play in your change program?
He describes becoming regulated, acting as the appointed advisor to trustees, and emphasizes 'wins on the board' through transparent governance, staged changes, and close dialogue with trustees to balance pace with safety.
Dan Mikulskis on value for money, private markets and profit for members
Q: How does private markets fit into your strategy, and what steps are you taking to build that platform?
Dan explains private markets as a growth play, starting with infrastructure and real estate, with a view toward scalable, institutional structures like SMAs and co-investments to lower fees and improve alignment, while maintaining some exposure to pooled funds as part of a broader toolkit.
Dan Mikulskis on value for money, private markets and profit for members
Q: What is the high-level investment strategy and the asset ownership model you've adopted at People's Pension?
The interview covers two layers: a traditional investment strategy (growth-focused for early careers and a pre-retirement, risk-managed approach) and a global asset ownership model that moves from fully outsourced, single-manager setups to multiple managers under segregated mandates with in-house decision-making support, enabling more control and better alignment with members.
Dan Mikulskis on value for money, private markets and profit for members
Q: Dan, tell us a bit about your career path and how you arrived at your current role.
Dan outlines a 22-year career in pensions consulting, including Mercer, Reddington, and LCP, with a stint in Sydney in investment banking before returning to pension schemes. He emphasizes his actuary training and transition from consultant to CIO, driven by the chance to apply long-held ideas in practice.
Investment strategy, consolidation and the future of DC with SEI master trust
Q: How has the investment approach adapted to recent volatility and regulatory changes?
The strategic allocation remains largely stable; the long-term goals drive the plan, with only minor tactical tweaks. Regulation is seen as potentially useful but not a driver of change to the strategy. The emphasis remains on maximizing value and outcomes for members, rather than chasing short-term market noise, and on improving communications and accessibility for members as they approach retirement.

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Frequently Asked Questions About Changing World, New Opportunities

What is Changing World, New Opportunities about and what kind of topics does it cover?

This series centers on senior investment leaders from large defined contribution pension schemes, exploring what excites them about the future of workplace pensions and what keeps them up at night. Episodes typically dissect strategic shifts in master trusts, including governance redesigns, the growing role of private markets, sustainability and net-zero commitments, and the evolving regulatory landscape. A recurring thread is balancing long-term member outcomes with short-term liquidity and cost transparency, as well as how technology, dashboards, and member engagement tools can improve decision-making and trust. Noteworthy is the consistent emphasis on scale, consolidation, and innovative investment strategies across different master trus... more

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1. V-FM: The Pensions Podcast
2. The Archers
3. Parenting Hell with Rob Beckett and Josh Widdicombe

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Changing World, New Opportunities launched 4 years ago and published 46 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Changing World, New Opportunities?

Recent guests on Changing World, New Opportunities include:

1. Ben Lewis
2. Tegs Harding
3. Jo Sharples
4. Lorna Blyth
5. Naomi Clark
6. Jonathan Parker
7. Steve Charlton
8. Veronica Humble

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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