Monthly Archives: September 2022

Good job – PPF!

Posted on September 30, 2022 by henry tapper

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 →

Posted in pensions | 2 Comments

“Financial fear” is continuous from board to living room

Posted on September 30, 2022 by henry tapper

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 →

Posted in pensions | Tagged , , , | 1 Comment

Anatomy of a crisis

Posted on September 29, 2022 by henry tapper

    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 →

Posted in pensions | Tagged , , , , | 5 Comments

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

Posted on September 29, 2022 by henry tapper

  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

Posted on September 29, 2022 by henry tapper

  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?

Posted on September 28, 2022 by henry tapper

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

Posted on September 28, 2022 by henry tapper

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 →

Posted in pensions | 2 Comments

LDI – “Blood on the Tracks”

Posted on September 28, 2022 by henry tapper

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

Posted on September 27, 2022 by henry tapper

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 →

Posted in pensions | 2 Comments

Will DB schemes scrambling for cash – cause further carnage?

Posted on September 27, 2022 by henry tapper

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 →

Posted in pensions | Tagged , , , , , | 5 Comments