V-FM: The Pensions Podcast

In this episode of V-FM Pensions, hosts Darren and Nico take a meander through some recent pension news stories.

The pair discuss:

• Reform’s proposal to consolidate the LGPS into a single UK-focused sovereign wealth fund and shift new entrants from DB to DC, questioning both the investment logic and the politics;
• the government’s VFM framework, highlighting a core tension between a system measuring capital growth with policy pr...

In this episode of V-FM Pensions, hosts Nico and Darren welcome their first-ever podcast guest back to the show: David Butcher.

They catch up with David to hear how his mindfulness coaching through Positively Aware is going and to get his thoughts on V-FM, trusteeship, and the insight he has gained from recent trustee experiences.

David also shares a brilliant story about gatecrashing a festival… a moment that somehow didn’t make i...

In this episode of V-FM Pensions, Darren and Nico chat through their thoughts on the FCA and TPR's latest consultation on value for money (CP 26/1).

In a must listen episode for anyone developing their response to the consultation, the duo's personal thoughts (not those of their employers...) include:

1. This isn’t Value for Money it’s a performance regime: The consultation has morphed into a capital-performance test with a costs...

In this episode of V-FM Pensions hosts Darren and Nico chat to Pan Trustees' Nicholas Chadha to explore what value for money means in modern trusteeship.

Nick reflects on his journey from actuarial adviser to professional trustee, and shares insight into schemes at very different ends of the spectrum, from those entering the PPF with recovery plans acting as a drag on sponsors, to schemes managing surplus and difficult decisions ar...

In this episode of VFM Pensions, hosts Nico and Darren are joined by Claire Altman, who leads Standard Life’s work across pensions risk transfer and individual retirement solutions. Claire shares her brilliantly unconventional journey into pensions, from lawyer to trustee to commercial innovator.

We explore what it really means to deliver value for money in retirement, why emotional certainty often matters as much as mathematical o...

In this episode of VFM Pensions, Nico and Darren are joined by "Red" Rory Murphy,  trustee chair, board adviser, pensions commentator and lifelong trade unionist.

Rory brings a refreshingly different perspective to the pensions debate, shaped by decades in the trade union movement and hands-on experience of running smaller schemes.

In a typically wide-ranging conversation we touch on the role of trustees and why they are too cautio...

In this episode of V-FM Pensions, hosts Nico and Darren chat to Kim Gubler. Kim wears many hats in the pensions industry, among them Managing Director of KGC Associates, President of PASA, and is an independent trustee Director of the Smart Pension mastertrust.

Another wide ranging conversation that, as well as talking about horses and pigeons (only on the V-FM podcast....), focuses on the importance of elevating administration to ...

In this episode of V-FM Pensions, hosts Darren and Nico chat to SuperRatings' Kirby Rappell.

SuperRatings has been conducting value for money assessments in Australia for 17 years, starting out as the first firm dedicated to super fund research.

We hear from Kirby about how the Aussie's do V-FM and look at learnings and insights that could benefit UK thinking.

And we discuss the Pound for Pound initiative that SuperRatings has been...

In this episode of V-FM Pensions, hosts Darren and Nico chat to Willis Towers Watson's Simon Eagle. Simon has been instrumental in the development of CDC in the UK, being the scheme actuary for the Royal Mail CDC scheme.

We chatted through the evolution of CDC in the UK, the original ideas behind defined ambition, the introduction of the Royal Mail scheme, and what next for CDC, including retirement-only CDC. We also discussed the ...

Happy New Year to all our listeners!

In this episode of V-FM Pensions, hosts Nico and Darren welcome 2026 in what will be (another) busy year for pensions.

As well as chatting about the festive season (and Nico’s house fire - don’t worry all ended up ok!), we take a look at what to expect in 2026... and have an impromptu discussion about the Pensions Schemes Bill and Fiduciary duty among a ...

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...

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...

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...

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 emer...

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 mar...

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 ...

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 manda...