It seems there are some areas where CoPilot, Gemini and ChatGPT do substantially outperform DeepSeek...

Analysis by Dean Wetton Advisory finds the key reason for outperformance in any master trust has been how much equity risk they have been carrying - with a bonus for if that equity was weighted towards the US. See: www.professionalpensions.com/news-analysi...

Do we need an alternative to lifestyling in DC? Columbia Threadneedle's Christopher Mahon argues the cost to the saver of excessive de-risking in lifestyle defaults is an average performance drag of 2.3% per year. See: www.professionalpensions.com/sponsored/43...

The People’s Pension (TPP) targets £4bn private markets allocation by 2030. Hire of private markets specialist imminent. Initial focus on infra and real estate. CIO Dan Mikulskis said dependable pipeline of investable opportunities needed to hit target. www.professionalpensions.com/news/4396205...

Emma Reynolds' tenure as pensions minister (189 days) was the third shortest since the role was created in its modern form in July 1998. She is only beaten by John Denham (155 days) and Alex Burghart (38 days). See: www.professionalpensions.com/news/2201473...

On @profpensions.bsky.social this morning LCP's @stevewebb1.bsky.social and Laura Myers propose a very interesting 'comply and explain' alternative to the government's DC megafunds proposals. www.professionalpensions.com/opinion/4394...

What the gilt sell-off means for pension schemes... While collateral top-ups may be needed, pension funds are ‘far from another LDI crisis’ www.professionalpensions.com/news-analysi...

A really interesting piece in the FT by @johnralfe.bsky.social today... In it, Ralfe notes UK equity allocation for DC is already double the “neutral” weighting and asks what savers get out of investing in the UK, other than a patriotic glow? www.ft.com/content/3e67...

Naan bread cheese?

The Stichelton and Baron Bigod cheeses from Neal's Dairy Yard are exceptional this year. Definitely my recommendation for a festive cheeseboard. Oh... And the M&S Delice de Bourgogne. A nice Montgomery cheddar and a small piece of goats cheese on the side. Definitely no chutney.

Some 3.5 million self-employed people of working age save nothing in a private pension. They are, as @stephawthorne.bsky.social says in her latest piece for @profpensions.bsky.social, "left out in the cold". This article looks at how we might solve the problem of pensions for the self-employed...

PensionBee's Romi Savova hits out at intensifying policymaker push for increased allocations to illiquid assets saying it could lead to "poorer retirement outcomes due to higher fees, diminished transparency, and limited flexibility" - www.professionalpensions.com/news/4386080...

The case for pension scheme investment in Bitcoin. In this article for PP, Sam Roberts explains why he believes Bitcoin has evolved from a niche digital asset into a mainstream investment opportunity. See: www.professionalpensions.com/opinion/4384... #Bitcoin

In October, Professional Pensions assembled a panel of experts to look at the options available for smaller schemes – assessing the choices they have in areas such as governance, endgame and investment. Read the discussion in full here: www.professionalpensions.com/sponsored/43...

Two significant BPA deals today - an innovative £500m 'value share' deal between a corporate sponsor and M&G (see: www.professionalpensions.com/news/4382322...) and a £1.7bn pensioner buy-in between the National Grid section of the ESPS and Aviva (see: www.professionalpensions.com/news/4382318...)

Here they are... The winners of the Professional Pensions Investment Awards 2024: www.professionalpensions.com/news/4381258... Congratulations to all the winners!

Two major master trust consolidators - Smart Pension and SEI - have expressed concerns of government DC scaling plans... They say timelines are tight and there are competition concerns: www.professionalpensions.com/news/4380582...

@jackjonestuc.bsky.social Have I inadvertently just made an Omelette Jack Jones?

A very radical set of proposals... On DC we have legislation for a min size and max number of default funds as well as contractual overrides for contract-based schemes AND implementation of multiple default consolidator model. Also massive LGPS reform. www.professionalpensions.com/news/4380189...

PP's Holly Roach spoke to pensions minister Emma Reynolds earlier this afternoon... She was told the Mansion House Compact "does not go far enough" and that the government is "not pursuing or considering the lifetime provider model" Read more: www.professionalpensions.com/news/4379967...

Silly question... HM Treasury says there are currently around 60 different multi-employer DC schemes, each investing savers’ money into one or more funds. TPR lists 34 authorised DC master trusts... What are the other 26? Are they trust-based schemes that aren't master trusts? Or something else?

Mansion House plans to create LGPS and DC 'megafunds' in economic growth bid... But will these megafunds invest in the UK (and in the projects preferred by the government) when better returns may be on offer globally? www.professionalpensions.com/news/4379426...

Finally... My piece on L&G partnering with IFM Investors for the infrastructure sleeve of its Private Markets Access Fund... Thanks to L&G's Jesal Mistry and IFM Investors' Armit Bhambra (pictured below) for the chat yesterday. www.professionalpensions.com/news/4379172...

Next up... A piece from my colleague Jasmine Urquhart on what a Maple 8 model might mean for the LGPS... www.professionalpensions.com/news/4379382...

Three articles for you to look at today... First up, a piece by Sackers' Jacqui Reid, who says says there are two significant problems with the FCA’s proposed approach to VfM... www.professionalpensions.com/opinion/4379...

The responsibility of the first post on a new (to me) social platform... Hello pensions people! Please do follow!