V-FM: The Pensions Podcast

Hosted by vfmpensions

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Episodes

100

Latest episode

Jun 2026

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About the show

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

Listen to episodes

60 recent

June 12, 2026Episode 1631 hr 28 min

V-FM Pensions #163: Former Pensions Minister Paul Maynard

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.

June 5, 2026Episode 1621 hr 9 min

V-FM Pensions #162: Darren and Nico catch up

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, 2026Episode 1611 hr 12 min

V-FM Pensions #161: CAPA's Sam Seaton

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, 2026Episode 1601 hr 18 min

V-FM Pensions #160: Scottish Widows' Jerry Butcher

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, 2026Episode 1591 hr 6 min

V-FM Pensions #159: Going Dutch... with AF Advisory's Jasper Haak

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.

May 8, 2026Episode 15855 min

V-FM Pensions #158: To scale or not to scale?

In this episode of the podcast, Darren and Nico catch up on some of the recent pensions news. In a surprisingly fiery episode we throw out some difficult questions for regulators and the industry, alongside a fair bit of ranting... We cover: * The Pension Schemes Bill becoming law * The Pensions Regulator admitting that scale is not a guarantee of success * Bank of England warnings about the AI investment bubble * The upcoming Pensions Commission interim report

April 24, 2026Episode 1571 hr 5 min

V-FM Pensions #157: As live from the PMI - Housing and Pensions

In this episode of V-FM, hosts Darren and Nico are 'out and about' at the PMI's DC and Master Trust Symposium where we recorded an 'as live' session on Pensions and Housing. We are joined by Anna Brain who led a significant piece on research for NEST Insight and Schroders' Rich Fox who was involved in the Lifetime Savings Initiative, as we examine the evidence and debate whether pensions could and/or should be used to support home ownership.

April 17, 2026Episode 1561 hr 12 min

V-FM Pensions #156: Standard Life's workplace decumulation guru Esther Hawley

In this episode of V-FM pensions, hosts Darren and Nico chat to Standard Life's Esther Hawley about all things decumulation. We hear about Standard Life's approach to helping people with the knotty challenge of how to turn pensions into income including segmenting members, the anchoring decisions around essential versus discretionary income, and offering a guided “starter” solution rather than simply presenting the customer with a blank page. We chat through the range of challenges in helping people at retirement particularly around couples and data integration, and, of course, touch on the total nonsense (Darren's words) of having separate regulatory regimes for people in contract schemes and trust-based schemes. But underpinning it all is a sense of hope... the new regulatory direction on retirement income defaults gives providers greater licence to act.

April 10, 2026Episode 1551 hr 24 min

V-FM Pensions #155: Listener Q+A part two

In this episode of V-FM Pensions, hosts Nico and Darren continue ploughing through listener questions, with a focus this time on how the system actually turns pots into pensions. We chat retirement income and pension freedoms; investment in the UK; pension dashboards; product innovation; lessons from Australia; regulation and what the future might look like.

April 3, 2026Episode 1541 hr 11 min

V-FM Pensions #154: Listener Q+A (part one...)

In this episode of V-FM Pensions, hosts Darren and Nico put themselves at the mercy of listener questions in this Q+A special (part one...) that lays bare some of the current and emerging fault lines in UK pensions... Listeners’ questions push Darren and Nico to discuss whether VFM is about member outcomes, system outcomes, or society at large? Pensions exist to pay money in retirement, and anything else is a bonus only if it doesn’t cost members.... discuss? From net zero to DB schemes quietly propping up government debt, the episode surfaces a deeper tension that is at the heart of the system... are pensions private savings vehicles or instruments of public policy? The hosts are critical of the current VFM framework as being too focused on inputs, blind to real-world outcomes, and ill-equipped to judge a 60-year savings journey. Meanwhile, engagement remains superficial, policymaking short-term, and adequacy the elephant in the room. And hanging over it all, a bigger doubt: what if the long-term equity growth story the whole system relies on doesn’t hold?