SPP Event: Conversations about consolidation - scaling-up and contractual overrides
Online
Tuesday 10 November 2026
09:00-10:15
As the DC pensions market adapts to the new consolidation requirements introduced under the Pension Schemes Act 2026, scale is no longer simply a strategic commercial ambition but is likely to become a regulatory necessity. However, whilst the direction of travel is clear, the practical realities are considerably more complex. This session will examine what “good scale” will look like in reality, and whether consolidation will genuinely deliver better member outcomes, stronger governance and operational resilience, or simply create larger, “too big to fail” schemes that ultimately limit competition. The panel will explore how schemes, providers and advisers are responding to increased pressure to consolidate, the emerging role of contractual override provisions in facilitating change, and the potential operational, governance and member risks that could arise when scale is pursued without sufficient infrastructure or oversight.
The session will bring together perspectives from both TPR and FCA, alongside industry advisers, and the discussion will focus on the real-world implications of consolidation post-Royal Assent, including where the market may still be underestimating the challenges arising from practical matters ranging from administration capability and contractual constraints through to legacy arrangements and data quality.
Speakers
Chris Moore
Investment Consultant, The Pensions Regulator
Chris Moore is an Investment Consultant at The Pensions Regulator, focused on the supervision of the commercial master trust segment. He currently leads delivery for the scale requirement at TPR, working alongside colleagues in the policy team.
Prior to joining TPR in 2023, Chris enjoyed a 30-year career with BlackRock and its predecessors, working with public and private sector DB and DC schemes to deliver asset and liability management strategies across all asset classes. He also spent many years in portfolio management, marketing, pooled fund development, and distribution.
Nike Trost
Head of Department, Wholesale Buyside – Market Analysis and Policy, Financial Conduct Authority
As Head of Department Nike is responsible for delivering the FCA’s strategy and risk outlook in relation to the asset management sector, policy approach to asset management and FCA regulated pensions.
Nike has 20 years regulatory experience gained from working across the FCA, including in overseeing asset management supervision, various capital market policy roles, oversight of primary capital markets transactions and heading the FCA’s prospectus approval function.
Principal, DC Proposition Leader, Gallagher Benefit Services
With over 30 years’ experience, John leads the DC Consulting team and sets the strategic direction for helping corporate and trustee clients improve the financial lives of their people through defined contribution pensions and financial wellbeing solutions.
Hannah Tebbutt
DC and Benefits Consultant, Isio (Chair)
Hannah is a Senior Manager at Isio with over 20 years’ experience in the pensions industry, based in their Manchester office.
Hannah is part of the Employee Benefits team and specialises in Defined Contribution pensions. She is experienced in delivering technical pensions advice to both trustees and companies; including ongoing governance, DC provider selection exercises and strategic advice on delivery vehicles.
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