Tag Archives: Iain Clacher

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

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Holding to Account: Analysis and Resolution of a Crisis . (Keating and Clacher)

This post was written before the second intervention of the Bank of England to shore up pension schemes and the financial system on Monday 10th October. Con Keating will be speaking today (Tuesday 11th)  at a Pension PlayPen coffee morning  … Continue reading

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TPR’s role in the current crisis; Keating and Clacher

Dawid Konotey- Ahulu , one of the architects of LDI comments in today’s FT about last week’s events “UK defined-benefit plans existed in a state of uncertainty . . . [they] simply didn’t know whether they had sufficient assets to pay the pensions … Continue reading

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Anatomy of a crisis

    The calls on DB pension schemes for additional cash collateral arose simply because these schemes have effectively borrowed in a secured manner. While the scale of the margin calls we have seen has accelerated hugely since last week, … Continue reading

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Keating and Clacher explain the threat from the proposed DWP funding regulations

DB Funding Regulations  The story so far The DB Funding Code is back on the agenda following the DWP’s draft funding regulations and comments in the FT from TPR Chair, Sarah Smart. The proposals have brought a number of criticisms … Continue reading

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Join Con and Iain to ask “what can possibly go wrong with LDI?”

Too many webinars are promoting products, too few are discussing a product’s achieved delivery. Dr Iain Clacher and Con Keating use data to analyse the real impact of the LDI strategy on the funding position of pensions and come up … Continue reading

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A Roadmap for Increasing Productive Finance Investment

  A Roadmap for Increasing Productive Finance Investment We consider here the case for investment in less liquid assets and the current DC pension scheme landscape as set out in “A Roadmap for Increasing Productive Finance Investment”. We note first … Continue reading

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CDC and Individual DC Outcomes – Iain Clacher and Con Keating

  As a prelude to considering notional contribution allocation within a CDC scheme, it is worth asking the question as to how a 64-year-old and 24-year-old might have fared had they been in individual DC rather than in collective DC … Continue reading

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On risk management in CDC schemes

This is a blog in two parts. The first section covers the design of risk-sharing rules which maintain intergenerational fairness among CDC scheme members. The second part marries those rules with the statutory annual viability valuation. It is self-evident that … Continue reading

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Managing and measuring DB schemes (Keating, Tilba and Clacher)

With the intention of keeping the Pension Regulator focused, Keating and Clacher have recruited Dr Anna Tilba of Durham University to their ranks.  A powerful triumvirate of pension intellectuals whose latest  blog is an antidote to the toxicity of pseudo … Continue reading

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