A new era for DB pensions | Insight Investment

Paul Johnson

Former director of the Institute for Fiscal Studies

Paul is one of the UK’s leading economists and economics commentators.

Having worked in economic research, in consultancy and in government he became director of the Institute for Fiscal Studies in 2011, serving for nearly 15 years. In that role he helped cement the IFS’s place as the UK’s go-to organisation for high quality independent analysis in

economics and public policy.

Having moved to be Provost of The Queen's College Oxford in summer 2025 Paul continues to work, write and speak on economics and public policy. He is a columnist for The Times, a regular contributor to other broadcast and print media and author of the bestselling book Follow the Money: How Much Does Britain Cost?

Paul’s expertise spans the UK economy and public finances, tax, pensions, education, health, climate change, and other areas of economics and policy. He has presented numerous programmes for BBC Radio 4, has hosted the popular podcasts The IFS zooms in and The Expert Factor, and is a regular guest on news and current affairs programmes including Any Questions and Question Time. As a former director of public spending and HM Treasury, chief economist at the Department for Education and deputy head of the Government Economic Service he brings practical experience of government and politics to his analysis of economic policy.

Paul was, for a decade, a member of the Climate Change Committee. He has served on the council of the Royal Economic Society and of the Economic and Social Research Council, as well as on numerous commissions for government and others, covering issues such as auto enrolment, inflation, devolution, tax, inequality, health, education and crime.

Paul has received numerous awards and honours, including a CBE for contributions to economics and the social sciences, visiting professorships at University College London and the University of York, and honorary doctorates from UCL, York, Sussex and Exeter. He is also an honorary fellow of the Faculty and Institute of Actuaries and of the Chartered Institute of Taxation.

Steve Hodder

Partner at Lane Clark & Peacock

Steve is a passionate advocate that productive run-on strategies can deliver better outcomes for DB members, sponsors and the wider UK.

Steve led LCP's advice to Stagecoach Group, considering their full range of options for their Scheme and culminating in an innovative transaction to Aberdeen Group.  Steve has also advised a number of large schemes through implementation of other pioneering "run on" approaches, and is delighted at the growing level of innovation in our industry. 

Over the past five years, Steve has led LCP's proposals to reform DB pensions policy, working closely with the UK Government, regulators and establishing an industry-wide working group of advisers and trustees. His ideas fed directly into the previous Government’s “Mansion House” reforms, and the current Government’s 2025 announcements on new powers and guidance for DB scheme surpluses. 

Sir Steve Webb

Former Pensions Minister

Sir Steve Webb was Minister of State for Pensions between 2010 and 2015. During that time he implemented major reforms to the state pension system, oversaw the successful introduction of automatic enrolment and played a key role in the new pension freedoms implemented in April 2015. He was awarded a knighthood in the New Year’s honours in 2017.

Following his time in Parliament he worked for Royal London for four years before joining LCP as a partner in 2020, where he has campaigned successfully to secure an estimated £1 billion in backpayments for over 100,000 women who had been underpaid state pensions. More recently he has been working on proposals for reform of the DB funding system and on innovative ideas for decumulation in DC pensions.

Natalie Winterfrost

Trustee Director at Law Debenture

Natalie is a Trustee Director at Law Debenture.  She has appointments to schemes of over £10 billion as well as sub £100 million schemes, to private sector DB, DC and a DC mastertrust.  She acts as chair and co-trustee as well as taking a lead on LawDeb corporate sole trustee appointments.  While her investment expertise is sought out for chair of investment committee roles, she has a broad interest in all matters pensions and supports her schemes on everything from operations to discretions committees.

Before becoming a trustee Natalie had considerable investment experience gained over more than 25 years working as an investment consultant and in asset management, and prior experience in pensions and insurance.

Natalie likes to take a leading role in the industry, being an active participant in industry groups, such as the Society of Pension Professionals (she has chaired its investment committee twice) and the CFA UK (of which she was chair 2015-2016) and is active in policy advocacy, often engaging with regulators and policy makers.

Natalie is a CFA Charterholder and CFA UK Fellow for her services to the industry. She is also a Fellow of the Institute and Faculty of Actuaries and has Joint Honours in Mathematics & Economics from Bristol University. 

Jo Myerson

Independent Governance Group

Jo has considerable experience as a professional trustee, and is appointed as co-trustee, Chair of Trustees or Sole Trustee to a portfolio of schemes including household name multi-billion-pound schemes. Jo is Head of Innovation at Independent Governance Group.  Jo is a supporter of running pension schemes on and has a “can do” approach to finding innovative ways of investing and spending DB assets for the benefit of members, the UK economy and the planet.

Jo is known for her pragmatic, consensus driven and commercial approach.  She was named Trustee of the Year at Professional Pensions’ Women in Pensions Awards 2020, where judges noted how Jo is “a good role model”, “a clear figure in the community” and “a true hard worker.”

Richard Giles

Independent trustee

Richard is an experienced NED, Chair, Senior Director and Charity Trustee with over 30 years in the pensions industry, working extensively with large DB pension schemes. A Chartered Actuary, he has specialised in integrated funding and investment solutions throughout his career. In 2025, Richard completed studies in Sustainable Finance at the University of Cambridge Institute for Sustainability Leadership.
A prominent voice in the national debate on fiduciary duty and DB scheme Run On, he is currently engaging with the National Wealth Fund on opportunities for pension scheme co-investment. Richard also serves on the Pension Board of the Institute and Faculty of Actuaries and is a member of its Trustees Sustainability Working Group.

Jos Vermeulen

Head of Solution Design

Jos joined Insight’s LDI investment team in March 2011. In his current role as Head of Solution Design within the Client Solutions Group, Jos works on the design and delivery of investment solutions tailored to address the specific risk and return objectives of Insight’s clients. Before Insight, he worked for Alexander Forbes in South Africa as Head of Special Projects. Jos began his career at PSolve. From there, he moved to Lehman Brothers, where he was an associate in the pension advisory unit, before joining Mercer in 2008 as a senior consultant and principal within the Financial Strategy Group. Jos holds a Bachelor of Commerce in Actuarial Science from the University of Pretoria and is a Fellow of the Institute and Faculty of Actuaries in the UK.