Tag Archives: Con Keating

USS and Exhaustion – Con Keating

Posted on March 25, 2023 by henry tapper

  Shortly after it was published in early March by USS, I was asked to review their note “USS briefing: Capital funding and exhaustion risk – distribution of outcomes”. The stated reason for it was: “This briefing note provides details … Continue reading →

Posted in pensions | Tagged , , , | 3 Comments

USS – Con Keating

Posted on January 5, 2023 by henry tapper

    I do not envy the task of the new CEO of USS, though I must state that I have no insight who this might be. Over the past decade, the governance of USS has degenerated into a disgrace, … Continue reading →

Posted in pensions | Tagged , , , | 2 Comments

LDI and Gilt Market Disruptions – some meanderings

Posted on December 19, 2022 by henry tapper

Many of the advocates of leveraged LDI have claimed that they were able to weather the March 2020 pandemic panic well. We examine the price movements (using BoE data) over the month of March 2020 below as Figure 1. This … Continue reading →

Posted in pensions | Tagged , , , | 1 Comment

Work and Pensions Committee and the Pensions Regulator ; Iain Clacher & Con Keating

Posted on December 14, 2022 by henry tapper

  This morning the Pensions Regulator will be giving evidence to the Work and Pensions Committee’s inquiry into Liability Driven Investment. Charles Counsell, the Chief Executive of the Pensions Regulator, wrote a letter to the Lord’s Industry and Regulator’s committee … Continue reading →

Posted in pensions | Tagged , , , | 2 Comments

It’s leverage wot dunnit!

Posted on November 24, 2022 by henry tapper

Hidden borrowing, hidden losses and a hidden group of victims from the LDI crisis – that’s what came out of yesterday’s remarkable evidence sessions held in committee room 16 of the House of Commons. Hidden borrowing. The legal argument about … Continue reading →

Posted in pensions | Tagged , , , , | 1 Comment

I’ll argue on my blog – not in parliament.

Posted on November 17, 2022 by henry tapper

The Work and Pensions  Committee announced the line-up for their sessions on LDI (23rd November). There’s been a bit of banter about lining up Con, John and Iain and me. Let’s calm things down. We may have very different views … Continue reading →

Posted in pensions | Tagged , , , , | 4 Comments

WTW take on the nastiest hardest problem in finance – treading the pension pathway.

Posted on November 5, 2022 by henry tapper

Some years back, Con Keating failed to convince a similar audience at a similar event about the merits of a CDC scheme as an alternative way to provide a pension. Only 8% of the audience said they’d want to be … Continue reading →

Posted in pensions | Tagged , , , | 1 Comment

There is another way than LDI – find it at today’s PlayPen coffee morning.

Posted on October 18, 2022 by henry tapper

You can join this morning’s Pension PlayPen coffee morning using this link.   Warning – yesterday’s ad – the event is today – TUESDAY 18th September. It is the most topical of subjects, we must get a new narrative if … Continue reading →

Posted in pensions | Tagged , , , | Leave a comment

The reframing of the LDI narrative will hide a tragedy for both DB and DC schemes

Posted on October 18, 2022 by henry tapper

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 →

Posted in pensions | Tagged , , , | 1 Comment

Keating and Clacher on TPR and LDI

Posted on October 16, 2022 by henry tapper

This blog has been deferred for publication till Wednesday so that it can be published elsewhere first. Apologies to readers – it will be worth the wait. In the meantime , say a thought  for thanksgiving turkeys, who like LDI … Continue reading →

Posted in pensions | Tagged , , , , | Leave a comment