Tag Archives: ft

Is LDI fundamentally unsuitable to small DB schemes?

Posted on November 30, 2022 by henry tapper

  Evan Guppy runs a multi-billion pound leveraged LDI program for the Pension Protection Fund. The collateral calls it met over the September/October crisis involved posting £1.5bn in cash and gilts For the first time before during or after the … Continue reading →

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The Funded Pension System – as an engine of economic growth – has hit the buffers.

Posted on November 9, 2022 by henry tapper

  In a major article , labelled an FT “big read, Jo Cumbo and Jonathan Ely , examine the LDI crisis and try to establish how pension schemes will change the way they invest. In its central session it contains … Continue reading →

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Waking up to systemic risk signalled by the LDI crisis.

Posted on October 26, 2022 by henry tapper

It’s estimated that the “leverage” or borrowing within LDI inflated the exposure of UK pensions to long dated and index linked gilts by £1tr (£500bn became £1.5 trillion through the use of shadow banking). These numbers are so huge that … Continue reading →

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“Rewrite the rules of the UK private pension system” – David Pitt Watson

Posted on August 20, 2022 by henry tapper

Below is an article first  published in the FT and written by David Pitt-Watson with the assistance of Hari Mann. David and Hari set up and Chair the RSA’s CDC Forum. Published at the request of the authors.    

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Pension Expert’s raising the bar with its young diverse team.

Posted on August 1, 2022 by henry tapper

 Pensions Expert is going through a remarkable resurgence under the editorship of Maria Espadinha  Deputy Editor Alex Janiaud  and Senior Reporter Ben Mercer. Add to that line-up FT intern Calum Kapoor who is publishing articles that he’s researching that don’t … Continue reading →

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Ouch!

Posted on March 12, 2022 by henry tapper

Savers and spenders are being hit with bad news as the cap comes off energy prices and their  investments suffer heavy write downs. Ouch! https://t.co/dDSJgAr2BN — Josephine Cumbo (@JosephineCumbo) March 11, 2022 Investing in BRICS economies was widely touted as … Continue reading →

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Picking an IFA who’ll stay the course.

Posted on February 16, 2022 by henry tapper

  My friend John Quinlivan is fond of asking me “capital or covenant?” He means me to answer whether my business case is  based on the weight of money I can call on , or my trust that I am … Continue reading →

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A USS CDC scheme “makes sense” – says the FT’s Martin Wolf

Posted on November 15, 2021 by henry tapper

UK university pensions suffer from misplaced prudence https://t.co/F7woRK31aL @martinwolf_ calls for the USS to consider risk-sharing through CDC rather than insuring uninsurable risks. — Henry Tapper (@henryhtapper) November 15, 2021 This is the first time I have seen a mainstream … Continue reading →

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Has Nest detonated an investment big bang?

Posted on August 29, 2021 by henry tapper

The Financial Times reports;- Nest, one of the UK’s largest workplace pension schemes, has announced a £1.5bn private equity spending spree in the biggest move by a British retirement scheme into the asset class. The £20bn state-backed pension fund with … Continue reading →

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Pressure mounts on pensions for a CDC alternative.

Posted on July 26, 2021 by henry tapper

“The CDC alternative must now be introduced, because the status quo is so unsatisfactory.” Martin Wolf , writing in the FT In another important article , published today, Martin Wolf points out what we close to pensions cannot see, that … Continue reading →

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