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Tag Archives: Clacher
The Costs of LDI – Keating and Clacher
Iain Clacher and Con Keating The ONS has just published its Financial Survey of Pension Schemes (FPFS) as of September 30th 2022. At the end of December 2021, the ONS reported net pension assets of £1,821 billion which was essentially … Continue reading
“I’m all right, Jack” – LDI apologists get short shrift from Keating and Clacher
This blog is written in response to an FT article entitled “A different perspective on LDI”. We quote it in its entirety and respond after each quotation. LDI is very far from the light entertainment of an Ealing comedy. “It … Continue reading
Those whom the gods would destroy, they first make mad
There is an aspect of the letter from TPR to Work and Pensions Select Committee which we believe warrants unpacking: “Schemes that used LDI strategies to lessen the impact of falling or volatile interest rates over the past … Continue reading
The reframing of the LDI narrative will hide a tragedy for both DB and DC schemes
The past two weeks have seen significant amounts of time, energy, intellect, and ink spent analyzing what went wrong with liability-driven investment (LDI), and the ex-post rationalization of what was not a black swan event. Higher inflation and the concomitant … Continue reading
Keating and Clacher’s last post; the DWP Funding Regs. consultation ends today
The DWP’s Funding Regulations consultation closes today (17/10/22). This is the 9th and closing article from Keating and Clacher dealing with the consultation. This is the ninth and last in our series of blogs addressing the questions posed … Continue reading
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
Keating and Clacher’s conclude their evisceration of DWP’s proposed funding regulations.
This is the analysis promised in our previous Blog covering the supplementary matters required under the proposed Regulations, contained within Schedule 2 of the Regulations, and on which no discussion was invited by the Consultation on the proposed Regulations. These are … Continue reading
‘Comply or explain’ becomes ‘comply or else’ – Keating and Clacher on DWP funding regs. (4)
This is the fourth in our series of blogs addressing the questions posed in the DWP’s Funding Regulations consultation. Links to previous blogs may be found at the end of this blog. We follow the same conventions as in … Continue reading
Posted in pensions
Tagged Clacher, DB, DB defined benefit, defined benefit, DWP, fudning, Keating, Pensions
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Is CDC more threatened by regulation than markets?
CDC and Stochastic Investment Returns Con Keating and Iain Clacher In an earlier blog we examined the decumulation performance of CDC schemes under deterministic investment returns and inflation This blog considers the excessive volatility and the wildness of outcome introduced … Continue reading
Paritarian Pensions – Straw Men for Collective Defined Contribution Schemes
This note has been written to accompany a Pensions Management Institute virtual panel taking place on April 22nd on the topic of CDC pensions. It takes, as a straw man for some of the issues, a recent blog by Stefan … Continue reading