Tag Archives: Con Keating
USS and Exhaustion – Con Keating
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
USS – Con Keating
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
LDI and Gilt Market Disruptions – some meanderings
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
Work and Pensions Committee and the Pensions Regulator ; Iain Clacher & Con Keating
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
It’s leverage wot dunnit!
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
I’ll argue on my blog – not in parliament.
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
WTW take on the nastiest hardest problem in finance – treading the pension pathway.
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
There is another way than LDI – find it at today’s PlayPen coffee morning.
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
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 on TPR and LDI
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