Tag Archives: Iain Clacher

Con and Iain asked “what can possibly go wrong with LDI?”

Posted on March 20, 2025 by henry tapper

For those who don’t believe in the analysis of Keating and Clacher on UK pension matters, the publication of their excellent paper on pensions capacity to revive UK and European economic prospects will be disregarded. They might want to return … Continue reading →

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Defined Benefit Pension Funding – Iain Clacher & Con Keating

Posted on January 14, 2025 by henry tapper

Defined Benefit Pension Funding Iain Clacher & Con Keating The article  appears in the Securities Institute Review which is the house magazine of the Chartered Institute of Securities and Investment (CISI) It is here  In a range of conference presentations, … Continue reading →

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How strong is Britain’s DB funding? The video trustees and sponsors should not ignore

Posted on January 10, 2025 by henry tapper

  I expect that this issue will continue to receive minimal attention on this from the consultancy teams advising trustees on funding, from the press which is generally driven by he consultants and from the majority of pension experts who’s … Continue reading →

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Headwinds for Productive Investment in the UK – Iain Clacher & Con Keating

Posted on December 17, 2024 by henry tapper

Over the past ten years, according to Yodelar, the average returns of the Investment Association (IA) fund sectors were led by the Technology and Technology Innovation sector, amounting to a total return of 365.29%, a compound annual return of 16.6%. … Continue reading →

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TPR Leveraged LDI survey – Iain Clacher & Con Keating

Posted on October 24, 2024 by henry tapper

This article has kindly been written for this blog by Con Keating and Iain Clacher TPR Leveraged LDI survey This year, TPR’s annual DB and hybrid (mixed benefit) scheme return template contained new questions on liquidity and leverage. There are … Continue reading →

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Final thoughts on the impact of the “LDI episode”.

Posted on February 29, 2024 by henry tapper

An Analysis of the Pensions Regulator’s Review of impact on DB landscape following (the) LDI Episode: Part 4 This is the fourth, and last (for the time being), of our blogs concerned with TPR’s Report on LDI to Work and … Continue reading →

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PPF considered “actuarial with the truth” (Keating/Clacher)

Posted on November 27, 2023 by henry tapper

At nearly 17,000 words this blog is a quarter of a way to being a book. But it is an important piece of work and has become more important since HMT have published plans to repurpose the PPF as a … Continue reading →

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The real cost of de-risking ; Keating and Clacher’s submission to parliament

Posted on June 11, 2023 by henry tapper

This is Con Keating’s and Iain Clacher’s submission to the Work and Pensions Committe’s call for evidence on “Defined benefit pensions with Liability Driven Investments”. Written in March of this year, it represents an important perspective on the subject that … Continue reading →

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DB Scheme Funding: Some Empirical Results and Consideration

Posted on May 13, 2023 by henry tapper

  We have been collecting the reported funding ratios of DB schemes since December 2022. Through this analysis we are finding some fairly large discrepancies between reported funding ratios and the widely broadcast narrative of highly significant improvements of those … Continue reading →

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Portfolio Resilience – the transition to LDI II

Posted on April 12, 2023 by henry tapper

Advocates of Liability Driven Investment (LDI) have been busy reassuring the authorities that LDI no longer constitutes a threat to financial stability. They have been doing this, in increasing volume and frequency since the end of the Bank of England … Continue reading →

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