Before taking up his latest responsibilities, John Dewey ran the Marathon des Sables, a seven-day 257 km ultramarathon across the Sahara Desert in Morocco, hailed as one of the toughest foot races on Earth. He not only finished the race but was the first British competitor over the line, in eighth place overall. 

He will be looking to channel some of that steely determination in his latest role as the chief investment officer of the £21 billion ($28 billion) West Yorkshire Pension Fund. The Local Government Pension Scheme (LGPS) is a funded, defined benefit pension scheme in the UK public sector, managed by over 80 local authorities, comprising more than £400 billion in assets under management, and central to the government’s pension reform agenda. 

John brings extensive experience from senior roles at HSBC, Aviva Investors, and BlackRock. He leads the fund’s internal investment team and collaborates with leaders from Merseyside and Greater Manchester LGPS funds within the Northern LGPS pool, which recently received government approval under the ‘Fit for the Future’ consultation. 

He took some time to talk about his start in the industry, his views on the changing pension landscape, and a handful of other topics.

How did you get started in the investment-management industry?

I studied Applied Mathematics at university and was hungry to apply these quantitative skills in my career. Despite leaving university clueless about the financial world, I was lucky to find an entry into investment management, where I was given incredible opportunities early in my career.

What I love about the industry is how all-encompassing it is. It combines great people, a truly global landscape, economic growth, good outcomes for society and the environment, technological change, and intellectual challenge. 

What are your plans in this new role?

The LGPS is in a period of significant change, and that opens a real opportunity to rethink how we manage assets across the sector, now over £400 billion. It is not just about performance; it is about delivering for our members and employers, building strong teams, and creating great places to work. With the recent legislative shifts, we have a chance to shape consolidation in a way that works best for the sector. What makes LGPS special is its purpose-driven culture and the impact we have on securing the financial futures of members of our funds. As pools grow and structures evolve, governance will be key, ensuring the right level of scrutiny without losing the flexibility to be counter-cyclical and take advantage of our long-term horizon. That kind of agility is a rare competitive edge in the institutional investment world, and it is something we need to protect.

What are your views on the consolidation in the LGPS sector?

We have just come through a period of intense consultation and change, so the clarity we now have is a welcome shift. What’s key now is taking the time to build the right structures that align with this new landscape. That means being deliberate: avoiding unnecessary costs and making sure we do not miss opportunities. Stability gives us the breathing room to implement well, and that is something we should take advantage of.

How do you see the role of private markets in the pension industry?

At West Yorkshire Pension Fund we have long been committed investors in private markets, especially in areas that drive economic growth, job creation, and climate solutions, including across West Yorkshire and Northern England. That focus has not changed with the UK government’s recent legislation; if anything, it has sharpened. We have made some exciting investments in social, digital, and energy infrastructure, housing, fast-growing tech and biotech, and even natural capital. These are areas where pooling and consolidation help, bringing scale, ambition, and expertise together. And by combining resources across the Northern LGPS pool, West Yorkshire, Greater Manchester, and Merseyside, we are in a strong position to expand our reach, explore new asset classes, and take on larger, more complex transactions. It also opens new ways of working with our asset management partners, which is a huge opportunity. At West Yorkshire, we allocate 20% of our fund to private equity, infrastructure, real estate and alternatives.

What are some of the important considerations that you have when you work with asset managers across various asset classes?

The dynamic with asset managers is evolving. With more scale and deeper expertise across LGPS, we are seeing opportunities to form stronger, more strategic partnerships. That might mean co-investment structures, bespoke mandates, or targeting specific sectors and geographies. It is about creating symbiotic relationships where managers can access larger transactions than they might through a fund, and we leverage the scale LGPS brings. There is also a broader trend toward working with fewer managers but in a much deeper way. And yes, we are seeing that too. To get the most out of these relationships, it takes time, flexibility, and a more focused approach to partnership.

What opportunities and challenges are you seeing as the pension industry shifts from defined benefit to defined contribution models?

In many ways, my move into public pensions runs counter to the broader industry shift toward defined contribution. LGPS schemes like ours still operate with open membership, long time horizons, and in the case of West Yorkshire Pension Fund, over 70% of assets in return-seeking investments, reminiscent of corporate DB plans from 20 or 30 years ago. I have spent a lot of time working on DC, and there are challenges there: accessing private markets, unitising holdings, and delivering institutional-grade sophistication to individual members. But that is a vastly different end of the spectrum from where I am operating now. What is interesting is that our position allows us to pursue opportunities others might overlook, whether that is due to shorter time horizons or tighter risk budgets. The corporate DB space has seen significant de-risking, and while DC is growing, most members are still in accumulation. That demographic shift, combined with rising government bond yields, is creating new dynamics and opportunities we are well placed to explore.

Do you think the UK is a follower or a leader in global pension industry trends?

The UK pension system stands out as a leader in many respects. Sure, there’s always value in looking at models like Canada or Australia and learning from what they do well. But the UK has built an incredibly sophisticated system with deep expertise. That puts us in a strong position, not just to keep pace, but to lead the way in shaping the future of pensions across multiple dimensions.

How much weight do you give to geopolitics in shaping your investment strategy?

Absolutely. It is a big part of the picture. We are seeing shifts in the market that have not happened in years, and some of it is entirely new territory. With our long-time horizon, we are well-positioned to take on certain types of risk, but we are also focused on being rewarded for it. Currency is a good example: we have seen the US dollar depreciate sharply against developed currencies for the first time in a long while, and we are spending time assessing the impact. Inflation’s another area we are watching closely. Equity markets are fascinating right now, too. The level of concentration, especially in the US technology sector, is something we have not seen in years. It is a challenge for active managers: you might question the valuations or dynamics, but there’s career and reputational risk in not participating. So, we are asking ourselves: what are the long-term trends that will truly deliver over decades, and what is just riding the AI hype? Our long horizon gives us the ability to step back from short-term noise and focus on those deeper, structural opportunities. But it is a balance, we are active investors, and sometimes that means taking uncomfortable positions and holding them with conviction, even when they go against the consensus.

Could we be heading toward a future where state support in retirement dries up?

It is tough to predict, but there is no question that fiscal pressures in developed economies, including the UK, are raising questions about the sustainability of state pension benefits. We could see changes to retirement age, adjustments to the triple lock, or other reforms. Regardless of where that lands, the shift from defined benefit to defined contribution means individuals now carry much more responsibility for their retirement outcomes than previous generations did. That is a serious challenge: for individuals, for society, and the industry. The UK’s auto-enrolment framework has been a strong step forward, but contribution levels still fall well short of what DB schemes used to offer. Bridging that gap will take a mix of economic growth, better financial education, earlier and higher savings, and providers offering products that deliver long-term compounding and security. There is a lot to do, but also a lot of opportunity.

What do you like to do to unwind outside of the office?

I am hugely passionate about sport and the outdoors, for many reasons: health, wellbeing, personal development and recreation. I trained with British Cycling and volunteer as a coach at my local youth cycling club at the weekends. We are a community club for 8-16-year-old children, whether their ambitions are social or competing at an elite level. My two children, aged 12 and 9, participate in many sports, which is both a pleasure and a logistical challenge!