Monthly Archives: November 2022

The fall of FTX – is $32bn a cheap price for a valuable lesson

Posted on November 12, 2022 by henry tapper

No matter how successful the liquidators, the losses incurred by the investors in the FTX business empire are going to be large and painful and -sadly – many who lose money will be vulnerable and the losses will really hurt. … Continue reading →

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Putting a price on CDC – how do we set a rate for these pensions to be paid?

Posted on November 12, 2022 by henry tapper

Warning This is not an expert article, it is a blog written by someone who lies awake at night thinking how pensions can be made better. I don’t have the answers and I don’t necessarily have the right questions so … Continue reading →

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Simon Eagle of WTW will be talking about retiring with a CDC with me on Tuesday morning

Posted on November 11, 2022 by henry tapper

At our next Pension Playpen event we are delighted that Simon Eagle from WTW Towers Watson will be presenting. Simon Eagle is Pension actuary, WTW Senior Director and heads WTW’s GB Collective Defined Contribution (CDC) pensions team. Building on his work advising Royal Mail … Continue reading →

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FTX – “solvent but not liquid” – sound familiar?

Posted on November 11, 2022 by henry tapper

I would be a “jerk” to suggest that the relationship of FTX (the crypto exchange) and Alameda, the hedge fund started and owned by FTX’s boss Sam Bankman-Fried had parallels with pension funds and the shadow banking system that provided … Continue reading →

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Canada also moving from Scheme to Retail CDC plans.

Posted on November 11, 2022 by henry tapper

I am hoping  that we can find ideas from abroad that can help us deliver what was discussed in last week’s retail CDC debate, namely a simple product that provides more income and doesn’t run out before we do. Yesterday, … Continue reading →

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Online harms – twitter adverts are a menace

Posted on November 11, 2022 by henry tapper

This advert appeared as I was browsing tweets of Paul Lewis. It is of course promoting a scam  but it has found its way passed whatever supervision twitter has and is being promoted today. It’s been around since September 15th, … Continue reading →

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Evidence to the WPC on Defined Benefit pensions with liability driven investments

Posted on November 10, 2022 by henry tapper

The impact on DB schemes of the rise in gilt yields in late September and early October; I know  of small DB schemes invested in LDI pooled funds that were blind to their problem and found their hedges taken from … Continue reading →

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The Consumer Duty – what was said and by whom – at Pension PlayPen’s coffee morning this week.

Posted on November 10, 2022 by henry tapper

Judge for yourself how the FCA presents their attitude to the consumer duty by watching the video above or read this account of this week’s  Pension PlayPen coffee morning  in FT Adviser. Michael Lawrence, who didn’t speak under Chatham House … Continue reading →

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Nihilism has no place in CDC pension policy

Posted on November 10, 2022 by henry tapper

This tweet is nihilistic and wrong And, of course, any #CDC scheme which lost 11% of assets in the last year would now be cutting real target pensions and PENSIONS IN PAYMENT by 11%. = #CDC is a complex and … Continue reading →

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Banks, asset managers and regulators – turn the heat on LDI consultants.

Posted on November 10, 2022 by henry tapper

To date, there has been a united front between  asset managers and intermediaries over the LDI crisis. Both have been prepared to brave it out hoping that indignation with Trussnomics will protect them from criticism either from regulators above or … Continue reading →

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