For decades, DC flightpaths were built around a simple idea. De-risk along a flight path as retirement approaches, then convert to an annuity. That world hasn’t existed for over a decade. And now we enter a new phase. With the Pensions Act 2026 and the development of guided retirement solutions, schemes need to re-develop default pathways into retirement income.
This raises a fundamental question. What should the later working life investment strategy look like in this brave new world?
We are already seeing several clear shifts:
- Growth assets retained for longer, to tackle adequacy and reflecting later and longer retirements and the need to sustain returns. But how much growth, for how long and in what form?
- Greater differentiation by member cohort, recognising that pot sizes, behaviours and needs vary materially. But how will this change over time, as for example AE matures?
- A wider range of decumulation models to pay an income for life may be needed: from flex and fix to cashflow-driven drawdown, CDC-style approaches, and insured + or longevity-pooled solutions. What model are we moving towards, for whom and when?
This session brings together consultants, providers and in the chair an experienced Independent Financial Advisor to explore what people need, how default strategies are evolving to deliver incomes for life, how asset managers need to adapt, and how the industry will move beyond the traditional DC flight path towards a new “to and through” investment model.
Speakers
Callum Stewart,
DC Investment Partner, XPS Group
Callum Stewart is a Defined Contribution Investment Partner at XPS Group.
He has extensive experience advising and supporting defined contribution pension schemes, having worked both as a DC investment adviser and, more recently, as Head of Investment Strategy and Proposition at Standard Life. In his role at XPS, Callum works with trustees, employers and DC asset managers to navigate evolving regulation, market volatility and the increasing focus on delivering value for money and good member outcomes.
Emily Tann
Senior Solution Designer, Client Solutions Group, Insight Investment
Emily joined Insight in July 2019 and is a Solution Designer in the Client Solutions Group.
Emily works on the design and delivery of investment solutions tailored to address the specific risk and return objectives of Insight’s clients. Prior to joining Insight, Emily spent five years at Hymans Robertson as an investment consultant. Here, she advised DB and DC pension scheme clients on funding and investment strategy, manager selection and LDI. Emily graduated from Oxford University with a Masters in Mathematics (First Class).
She also has an MSc (Distinction) in Actuarial Science from Cass Business School and is a Fellow of the Institute and Faculty of Actuaries.
James Monk,
Workplace Investment Director, Fidelity International
Since February 2023, James is a Workplace Investment Director at Fidelity responsible for the FutureWise TDF Strategy (c. £27bn in July 2026), supporting the design of the retirement proposition (guided retirement and default benefit solutions) and a looking after a few key strategic Investment only clients. Prior to Fidelity, James was Head of DC Investments for 8 Years at Aon. His responsibilities included working on the Bank of England’s Productive Working Finance Group, governing the Aon DC Product (including the Aon Master Trust), reviewing the investment and bundled proposition of pension providers, and advising Employers and Trusts on their workplace investment strategy. With over 15 years DC Investment industry experience, is also a qualified Regulated Financial Planner, with a specialism in DC investment strategy design, sustainability, less liquid asset integration, retirement and provider market knowledge.
Dilara Uyduran,
Chartered Financial Planner, Hymans Robertson Personal Wealth (Chair)
Dilara is a Chartered Financial Planner with over 12 years of experience specialising in goals-based financial planning. She works closely with individuals and families to develop tailored strategies aligned with their aspirations, whether that’s securing a comfortable retirement, funding education, or achieving financial independence.
Dilara believes everyone deserves access to clear, jargon-free financial advice, and is passionate about breaking the taboo around talking about money to help clients feel confident and informed in their financial decisions.
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