Tag Archives: John Ralfe

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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Why employers should be pig-sick about LDI (as should many DC savers).

  This morning I will be giving evidence to the Work and Pensions Committee as part of its inquiry into Defined Benefit Pension Schemes with Liability Driven Investments. I will be giving evidence with John Ralfe, Con Keating and Iain … Continue reading

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Unfunded pension promises don’t cost less to keep, but they’re more easy to break.

2/2 The cost of public sector pensions depends exclusively on the nature of the promise. Whether funded or unfunded, the promise is identical – and unconditional obligation for taxpayers to meet the pensions when they fall due. — John Ralfe … Continue reading

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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

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John Ralfe turns up to the wrong debate.

The Corporate Adviser master trust conference was a success. I will return to sessions earlier in the day but this blog is about a debate between John Ralfe, an opponent of CDC and Simon Eagle who champions CDC both inside … Continue reading

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“More that unites than divides” – Ralfe and Keating as one on LDI.

    It’s helpful to think about local issues, like the current LDI crisis in terms of investment philosophy. In this article, I argue that two protagonists, who see pension fund investment differently are drawn together by an aversion to … Continue reading

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The fight for fungible pensions continues!

“The tragedy of British pension arrangements is that the attempt to force safety on private arrangements is forcing them into collapse. Worse, it has allowed the older generation of pensioners to extract all the risk-bearing capacity of private sponsors for … Continue reading

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Con Keating explains why John Ralfe is wrong on CDC

  This is a commentary on an article which appeared in FT Alphaville, which was sent to me by a friend in Bermuda. It is a description by John Ralfe of a lecture given by him. The lecture was hosted … Continue reading

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The USS valuation and a way forward

The controversy over the University Superannuation Scheme’s current valuation sums up all that’s gone wrong with defined benefit pension schemes. Let’s start with the view of John Kay, one of Britain’s most respected and outspoken economists. John Kay, one of … Continue reading

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Rejoicing in heaven – John Ralfe returns to the fold!

  I say unto you, that likewise joy shall be in heaven over one sinner that repenteth, more than over ninety and nine just persons, which need no repentance.  Luke 15.7 “Miracles and mirages of #CDC ” Excellent blog by … Continue reading

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