V-FM: The Pensions Podcast

V-FM Pensions #139: Budget 2025 reaction

In this episode of V-FM Pensions Nico and Darren (slightly croaky and end-of-year tired) chat glow-in-the-dark dog walks, North London derby emotions and the Pensions Expert Annual Conference at Pennyhill Park… before diving head-first into the Budget and the chaos that surrounded it.
We unpack Darren’s recent comment piece in Pensions Expert, the OBR leak that turned out to be more cock-up than conspiracy, and why pre-Budget “kite flying” left real people scrambling over tax-free cash decisions. From ISA tweaks to salary sacrifice caps and frozen tax thresholds, we ask what any of this says about trust, growth and whether the government actually has a story to tell.
We also loop back to interviews with three of our World Pensions Summit guests (Tina Fordham, Amlan Roy and Sonja Laud) and link the Budget madness to the bigger themes of volatility, broken forecasting and the end of the “great moderation”.

V-FM Pensions #138: Maurits van Joolingen from Ortec Finance

In this episode of V-FM Pensions, hosts Darren and Nico chat to Maurits van Joolingen, Managing Director Climate Scenarios and Sustainability, at Ortec Finance.
This is part of a series of episodes recorded at the World Pensions Summit in early November. A proper climate and scenario analysis geek out!
We also discuss the news covering: the Budget, the state pension triple lock, the FCA pension scheme's investments in UK assets (or lack of), and Smart Pension landing the £580m WS stakeholder pension scheme.
 

VFM Pensions #137: Nordea's Eric Pedersen

In this episode of V-FM Pensions, hosts Darren and Nico chat to Nordea's Head of Responsible Investment, Eric Pedersen. This is part of a series of interviews recorded at the World Pensions Summit.
The central tenet of Eric's argument is true decarbonisation requires investing in and engaging with high-emitting sectors rather than divesting from them. Nordea have a created a Climate Transition Engagement Fund that targets companies demonstrating credible pathways to reduce emissions, supporting practical, real-world impact over superficial portfolio footprint cuts. Eric highlights how pragmatic engagement and long-term stewardship can deliver both climate progress and competitive returns.
We also take the opportunity to catch up on the latest news, discussing the recent LSE/FTSE letter to the Chancellor begging for pension funds to invest in UK equites and also talk a bit about salary sacrifice and Budget 2025.

V-FM Pensions #136: LCP's Amlan Roy

In this episode of V-FM Pensions recorded at the Pensions and Investments World Pensions Summit, hosts Darren and Nico chat to economist and demographic expert, Dr Amlan Roy.
We talk to Amlan about why demographics is really about how people live, work and spend across their whole lives, and what that means for pensions and markets right now, not just in 30 years’ time.
We cover micro pensions for gig and informal workers, why emerging markets are central to future growth, and how location can make a massive difference to retirement costs.
Amlan explains why scenario-based planning beats traditional models, highlights six sectors with demographic tailwinds, and tackles the big value-for-money and fairness questions: how much return should we give up for sustainability, and is it time to rethink promises to older generations?

V-FM Pensions #135: L&G Asset Management's Sonja Laud

In this episode of V-FM Pensions recorded at the World Pension Summit, hosts Darren and Nico chat to L&G Asset Management CIO, Sonja Laud.
Sonia reprises her opening keynote session giving insights into how the investment universe is evolving, picking up on the key theme of the Summit: Resilience in the age of uncertainty. Her key message... prepare, don't predict! 
 

V-FM Pensions #134: A quick chat with geopolitical strategist, Tina Fordham

Hot off the press from the Pensions and Investments' World Pension Summit in The Hague, hosts Darren and Nico chat to geopolitical strategist, Tina Fordham.
It's an understatement to say there is a lot going on in the world right now that affects pension fund investors... but we hear the latest from Tina as to what's going on, including quick-fire reactions to the recent US local elections.

V-FM Pensions #133: To CDC or not CDC, that is the question...

In this episode of V-FM Pensions, hosts Darren and Nico take a deep dive into the Government's proposals for 'at retirement' only CDC. What is the Government proposing and will it become a new norm of pension provision? 
 
We also discuss a few news items that have been on our list to cover, including: the sale of Cushon by Natwest, the consultation on professional trustee companies and recent ABI stats on investment in private markets.

V-FM Pensions #132: Hyman's James Smith talks pension reform

In this episode of V-FM Pensions, hosts Darren and Nico chat to defined contribution and financial wellbeing consultant, Hymans' James Smith.
We spend a lot of the podcast focusing on James' blueprint for pensions reform - Retirement Reimagined - which is co-authored in a personal capacity with Alexandra Miles. We discuss and debate many of the ideas in the paper, including changes to the state pension, the creation of a Universal Employment Pension, the use of CDC, and sidecar savings... all with the aim of delivering better retirement outcomes for normal people.
Massive hats off to James and Alexandra for committing their own time and resource to this - it's a fab read!
We also, of course, find out how James got into pensions and ask what value for money means to him.

V-FM Pensions #131: Nico and Darren chat about Pensions UK's 2025 Annual Conference

In this episode of V-FM Pensions, hosts Nico and Darren reflect on the Pensions UK's 2025 Annual Conference that took place in Manchester between the 14th-16th October.
In a surprisingly short episode (it's amazing how a hard stop for a meeting focuses the minds), as well as reflecting on the nature of the conference we discuss a few of the themes that made the news, not least the Pensions Minister's session with questions on mandation and the announcement of a new consultation on the future of Professional Trusteeship.

V-FM Pensions #130: P&Is Sophie Baker

In this episode of V-FM, hosts Darren and Nico chat to Pensions and Investments International News Editor, Sophie Baker. Sophie has had an amazing career in pensions journalism and also is Programme Director and Chair of the World Pensions Summit.
In an investment heavy episode, we discuss PGGM's recent major portfolio overhaul, where they shifted from passive to active investing (reducing their investment universe from 3,500 stocks to 800), equally weighting return, risk, and sustainability in their decision-making process. We also chatted about how partnerships are emerging globally to institutionalise retail access to private markets and discuss progress so far (or the lack of it) with UK pension fund investment into venture capital.
We take a look forward to the upcoming World Pensions Summit that is taking place in The Hague on 4-6 November 2025. In breaking news, we also announce that your hosts will attending the conference and interviewing some of the speakers.
And, of course, we find out how Sophie got into pensions and journalism, and find out what value for money means to her.