SPP Conference 2026: The future of pensions at a time of fundamental change
Session 1: The evolving DB market
The defined benefit market is evolving fast. This session explores how new ideas and innovations are reshaping scheme design, funding strategies and endgame planning. We will look at DB alternatives that aim to share risk and rewards more effectively, control costs for sponsors and improve outcomes for members. The discussion will also cover new approaches to risk transfer, consolidation, run on strategies and the practical realities of surplus sharing in today’s regulatory and economic environment.
Speakers
Matt Brown
Director, Isio
Matt is a Director in Isio’s Actuarial & Consulting team advising employers and trustees on all aspects of their defined benefit schemes. Matt has been responsible for developing and designing Isio’s approach to Run-On solutions for DB schemes, including ‘Purposeful Run On’. Purposeful Run-On is an alternative end-game destination where schemes invest beyond full funding on a buy-out basis to gradually share surpluses between members and sponsors over the medium to long-term.
Steve Hodder,
Partner, LCP
Steve advises both corporate sponsors and scheme trustees on DB scheme investment and broader pensions strategy. He has a focus on endgame innovation, advising some of the first large schemes to implement “run-on” approaches actively targeting growing surpluses in a risk-controlled way. He also led LCP’s advice to Stagecoach as part of their innovative “sponsor swap” transaction with Aberdeen in 2025. Steve has also led LCP’s proposals to reform how DB pension schemes are managed, working with government, regulators and industry bodies. He is a passionate advocate that in the right circumstances, well-funded DB schemes can generate positive long-term value to benefit their members and sponsors.
Tom Yorath,
Funding and Valuation Director, Universities Superannuation Scheme (USS)
Director of Funding and Valuations at the USS, responsible for strategic management of the scheme’s funding and risk.
Previously a Senior Partner at Aon, leading advice to a number of the UK’s largest pension scheme sponsors on all aspects of their pension strategy, leading a team of 120 colleagues.
Maria Keen (Chair)
Trustee Director, Independent Governance Group
Maria is an Accredited Trustee and Trustee Director with Independent Governance Group (IGG). She is also a member of IGG’s Risk Transfer Centre of Excellence and Data integrity Team. She has 20+ years’ experience in the pensions industry with a focus on good governance, risk transfer and member outcomes. She enjoys working collaboratively and has a passion for ensuring member communications are clear and jargon free.
View and register for other SPP Conference 2026 sessions:
Innovation in DC retirement solutions
Thursday 10 September
Online
Delivering pensions of the future
Thursday 17 September
In-person, A&O Shearman, London
The future of Fiduciary Duty
Thursday 24 September
Online
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