Fieldfisher's Podcast

The Pensionist - Episode 5: Inside the DB Endgame: A Conversation with PwC

In this episode of The Pensionist, we discuss the defined benefit endgame through the lens of current market conditions and real‑world transaction experience.  With defined benefit schemes increasingly well-funded and insurer pricing and capacity remaining attractive, many trustees and sponsors are considering whether now is the right time to transact, and what being “ready” truly looks like in practice. Hosted by Larisa Gordan, Senior Associate in Fieldfisher’s Pensions team, the episode features Dweenisha Caleechurn, who leads PwC’s bulk annuities practice, alongside Oliver Reece, Pensions Partner at Fieldfisher. Together, they explore how schemes approach risk transfer in different funding and governance scenarios, what typically differentiates a smooth journey from a challenging one, and why preparation particularly around data, benefit specifications and residual risks is critical both pre‑ and post‑buy‑in. The discussion also draws from PwC’s latest Risk Transfer Quarterly Insights report (a link to the report can be found here), reflecting on recent market developments, including insurer consolidation, pricing dynamics, and the outlook for 2026. It considers how wider geopolitical and macroeconomic is influencing trustee and sponsor decision‑making. Particular attention is given to the issues that can arise for smaller schemes and how they can best position themselves to achieve strong outcomes in a competitive market.

The Pensionist - Episode 4: DB de risking and buy out readiness: A Professional Trustee's Perspective

In this episode of The Pensionist, we explore a question that is firmly at the top of trustee agendas: how do you de‑risk a defined benefit pension scheme without falling into common — and costly — traps? With buy‑in and buy‑out activity at unprecedented levels, many schemes are suddenly asking whether now the right time is to move — but “well‑funded” doesn’t always mean operationally ready.  Hosted by Larisa Gordan [https://www.fieldfisher.com/en/people/larisa-gordan], Senior Associate in Fieldfisher’s Pensions team, this episode features Annabelle Hardiman [https://www.linkedin.com/in/annabelle-hardiman-37a2567b/] (Head of Professional Corporate Sole Trustee at the Independent Governance Group), Hatty Goodwin [https://www.linkedin.com/in/hatty-goodwin-07715136/] (Trustee Director and Head of Risk Transfer at the Independent Governance Group) and Oliver Reece [https://www.fieldfisher.com/en/people/oliver-reece] (Pensions Partner at Fieldfisher). Together, we discuss the governance and delivery essentials that underpin a successful transaction — including setting an endgame strategy, coordinating advisers as one team, and getting data and benefit specifications “insurer‑ready”, as well as implications for smaller schemes.

The Pensionist, a pensions podcast - Episode 3: Passing Wealth - Inheritance Tax and Pensions

In this episode of The Pensionist, we discuss one of the most pressing and complex challenges currently facing pension scheme administrators and trustees: the changing environment of inheritance tax.  Larisa Gordan [/en/people/larisa-gordan], Senior Associate in Fieldfisher’s Pensions team, is joined by David Gallagher [/en/people/david-gallagher], Partner and Head of Pensions at Fieldfisher, and Sir Steve Webb, Partner at Lane Clark & Peacock and former Minister of State for Pensions. Together, they explore what these legislative changes really mean in practice, where the biggest impacts will be felt, and how schemes can prepare for what comes next.  Read more here. [https://www.fieldfisher.com/en/insights/the-pensionist-a-pensions-podcast-episode-3-passi]

The Pensionist: A pensions podcast - Episode 2 - Ready for compliance? ESOG & ORA

In this episode, we unpack what readiness really means under the Regulator's General Code. From defining and documenting an Effective System of Governance (ESOG) to planning and delivering your first Own Risk Assessment (ORA), we explore the practical steps trustees need to take now. We cover proportionality, efficiency, and the consequences of non‑compliance - so you can approach the 2026 ORA deadlines with confidence, not panic.  This discussion covers important topics, such as: * How to measure readiness: key steps for ESOG and ORA compliance * The legislative journey and why deadlines matter * Practical sequencing: gap‑analysis, governance framework, ORA planning * Tips for embedding ORA findings into “business as usual” If you’re asking, “Are we ready?” then this episode gives you guidance. Read more here. [https://www.fieldfisher.com/en/insights/the-pensionist-a-pensions-podcast-episode-2-ready]

Introducing The Pensionist: A pensions podcast - Episode 1 - Cyber resilience: Prevention, response & continuity planning

We are excited to launch The Pensionist – our new podcast series dedicated to exploring the most pressing issues in the pensions legal industry. Each episode will unpack complex topics and provide practical insights for trustees, employers and advisers navigating today's challenges.  This episode offers guidance to help trustees and other key stakeholders safeguard sensitive information and maintain compliance in an increasingly digital world.