Monthly Archives: September 2022

Good job – PPF!

It says something when the most stable part of the pension’s ship of state is its lifeboat. But at a time when UK pensions are in danger of hitting an iceberg, we can at least report we have a robust … Continue reading

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“Financial fear” is continuous from board to living room

It now appears likely that the person who blew the whistle on the impending catastrophe facing UK pension schemes that have de-risked using LDI was Kerrin Rosenberg of Cardano who the FT report wrote an email to BOE Governor Andrew … Continue reading

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Anatomy of a crisis

    The calls on DB pension schemes for additional cash collateral arose simply because these schemes have effectively borrowed in a secured manner. While the scale of the margin calls we have seen has accelerated hugely since last week, … Continue reading

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You want “engagement” with pensions? You’ve got it!

  For reasons I won’t go into, I had a Teams call at 4.30 yesterday with Fiona Bruce who was “excited” to be talking about pensions. I have to say I was excited to be talking with Fiona Bruce. Fiona … Continue reading

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Everybody has a plan until they get punched in the mouth – Keating and Clacher

  This is an explanatory note relating to questions posed to us arising from our series of blogs on the proposed Funding Regulations. Our fourth blog led to correspondence questioning our interpretation of the fundamental flaw in these proposals, which … Continue reading

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Should DC trustees be worried by the gilt-crash?

Reading Jonathan Stapleton’s measured reporting on the funds used by DC investors in the “pre-retirement phase” I was drawn to some research from Professional Pensions The scale of the issue Well-diversified master trust default funds tended to fare better than … Continue reading

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Threat of judicial review over steelworker redress

The headlines began in 2017 and have not gone away. In the ongoing reporting of the proposed BSPS redress scheme, much has been heard from the FCA and Government but not much from those affected. As has been the case … Continue reading

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LDI – “Blood on the Tracks”

Well, I wanna be your lover, babyI don’t wanna be your bossDon’t say I never warned youWhen your train gets lost Bob Dylan “It takes a lot to laugh, it takes a train to cry” This article is about the … Continue reading

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Free accommodation for the PLSA conference – October 11-13 hi

Are you going to the PLSA Conference in Liverpool? If so have you booked your accommodation? If not – would you like mine? Stay at Tune Hotel Liverpool October 11 – 13, 2022 Location: 13-19 Queens Building, Castle Street, Liverpool, … Continue reading

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Will DB schemes scrambling for cash – cause further carnage?

I spoke to one CEO of a large DB pension scheme yesterday evening who had spent the day arranging to liquidate a large proportion of the scheme assets to pay the margin calls on its LDI portfolio. The amounts of … Continue reading

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