V-FM: The Pensions Podcast

The podcast from Darren Philp and Nico Aspinall talking all things pensions and investments.

Chatting all things pensions and investments

 

'V-FM'... It's the podcast you've been waiting for...

 

Darren Philp and Nico Aspinall having a chat about pensions, investment and anything else that takes their fancy. Join us for an hour of geekery and topical discussion.

 

Got a topic you'd like us to cover... get in touch at vfmpensions@gmail.com

Episodes

4 days ago

1hr 15 min

In this episode of V-FM Pensions, hosts Darren and Nico chat to The Pensions Regulator's Ben Gunnee. As well as being an Arsenal fan, Ben is TPR's Executive Director for Market Oversight and is responsible for TPR's engagement and interaction with industry.
In a wide ranging discussion we chat about TPR's Corporate Strategy, DB endgame and surplus release, Collective Defined Contribution, and some of the key themes in DC, picking up a discussion on private markets. We also hear how Ben ended up at TPR and, of course, find out what value for money means to him.
The key question though... which the podcast didn't quite resolve... egg on pizza? Is Nico a lone egg man, or are there others out there?

Jul 10, 2026

1hr 16 min

In this episode of V-FM Pensions, hosts Darren and Nico are joined (again) by Matt Roberts, Head of Alternative Solutions, at Fulcrum Asset Management.
As well as Darren ranting about FIFA and the lack of democracy in the UK, the podcast discusses resilience, value for money and why the future of pension investing is about far more than chasing returns.
We chat about whether productive investment can help create a virtuous circle of stronger economic growth and better retirement outcomes, what the UK's shrinking public markets mean for DC savers, and challenge some of the assumptions driving the private markets debate.
In a wide ranging episode, we also discuss natural capital, venture capital, governance, and systemic risk.

Jul 3, 2026

1hr 11 min

In this episode of V-FM Pensions, hosts Nico and Darren chat to Mohammed Ali Yasin from Lunate Capital and Ghaf Benefits about the UAE's end of service benefits system and how it compares to the UK pensions landscape.
We chatted through how the UAE system has evolved from paying expats (a significant majority of the UAE's population) a lump sum based on years of service with balances sitting unfunded on employer balance sheets, to one allowing contributions to be invested. We discuss with Mohammed what the future holds for the development of the UAE system, and, of course, find out what value for money means to him.

Jun 26, 2026

1hr 21 min

In this episode of V-FM Pensions hosts Darren and Nico chat to Hymans Robertson's Head of DC Kathryn Fleming. Kathryn is a PPI Trustee and co-chair of the Pension Equity Group's Data and Research Workstream.
We chat about the work of the Pensions Commission, including the recent PEG report arguing that a financial safety net needs to be introduced to support any future reforms. We talk adequacy, fairness and affordability, and discuss what more employers can do to support better retirement outcomes. We touch on early access to pension saving, CDC, and manage to get in a dig about DC chair's statements.
We also find out how Kathryn got into pensions and, of course, ask what value for money means to her.
 

Jun 19, 2026

1hr 24 min

In this episode of V-FM Pensions, hosts Darren and Nico are joined by SEI's Head of DC, EMEA and Asia, Steve Charlton.
Steve chats about SEI’s investment-led approach to running a master trust, and how the business has evolved from its roots as a technology firm into asset management and pensions. We cover some of the big issues currently shaping the DC landscape, including the role of AI and technology, Mansion House and the debate around mandation, private markets, investment philosophy, and the Government’s continued push for greater scale in DC workplace pensions.
We also find out about Steve's career and how he got into pensions, and, of course, hear what value for money means to him.

Jun 12, 2026

1hr 28 min

In this episode of V-FM Pensions, hosts Darren and Nico are joined by Paul Maynard, former Pensions Minister and MP for Blackpool North and Cleveleys.
In a wide ranging chat about pensions, politics and what really happens inside government, we cover pension dashboards, Mansion House, productive finance, consolidation, tax relief, the Pensions Commission and why policy often looks very different from the ministerial hot seat. Paul also brings a powerful constituency perspective, challenging some baked in industry assumptions as he does so.
We discuss how Paul got into politics and pensions and, of course, find out what value for money means to him.

Jun 5, 2026

1hr 9 min

In this episode of V-FM Pensions, hosts Darren and Nico catch up on a whole host of topics that are currently making the pensions news.
We talk about Retirement CDC, Pensions UK Retirement Living Standards, the PPI Megafunds report, and start to unpack some of the key themes from the Pensions Commission's interim report.

May 29, 2026

1hr 12 min

In this episode of V-FM Pensions, hosts Nico and Darren chat to Sam Seaton, CEO of CAPA Data.
Through CAPA Data, Sam provides the data platform behind the Corporate Adviser Master Trust and GPP Defaults Report, which takes a deep dive into the performance, asset allocation and structure of DC workplace pension defaults.
We chat about pensions adequacy, auto-escalation, member engagement, legacy data challenges, and the risks of relying on blunt retirement glide paths. We also cover why investment outcomes matter most, and how better data could reshape scrutiny of workplace pension defaults.
And, of course, we find out how Sam got into pensions and ask what value for money means to her.
 

May 22, 2026

1hr 18 min

In this episode of V-FM Pensions, hosts Darren and Nico chat to Scottish Widows' Director of Workplace Jerry Butcher.
In a very wide-ranging episode we chat about engagement, defaults, the use of AI, the FCA's Consumer Duty, the Scottish Widow's Retirement Report and the latest analysis from the Pensions Commission amongst a whole host of other things! We find out how Jerry moved from parachuting to pensions and, of course, find out what value for money means to him.

May 15, 2026

1hr 6 min

In this episode of V-FM Pensions hosts Darren and Nico chat with AF Advisory's Jasper Haak.
We discuss the "Wet toekomst pensioenen", the Dutch "Future of Pensions Act", which came into force in 2023 and refocuses the second pillar away from defined benefit / ambition towards collective and individual DC. We chat through what this all means for the Dutch pension system from a member and investment perspective, the transition of assets and its impact on accrued rights, and, of course, ask Jasper what value for money means to him.

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