Tag Archives: LDI
The Lords and the Pension Schemes Bill – the game is on for pension surplus!
This comment was fed into my mail yesterday evening by someone who’d watched the debate in the House of Lords about the choices facing trustees and employers with defined benefit pension plans they are responsible for. Re the Lords and … Continue reading
Posted in pensions
Tagged Bryn Davies, henry tapper, House of Lords, Jiohn Hamilton, LDI, Ros Altmann, Surplus, William McGrath
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The scandal of our “DB capitulation” to “de-risking”.
Meg Baynes’ piece in the Times which I featured on this blog is beginning to get some traction around the world Astounding. I think because investment literacy is so low in the UK and saving-via-homebuying is so embedded, people don’t … Continue reading
Posted in pensions
Tagged British Airways, BT, CDC, de-risking, LDI, Pensions, returns, Shell, USS
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Insurers competing for pensions using leverage to boost annuities? Surely not.
The bulk purchase annuity market comes under the scrutiny of the FT this morning. They are reporting what we have heard rumoured but have had no solid evidence of. The insurers say this has nothing to do with the leveraged … Continue reading
Posted in advice gap, pension genome
Tagged Annuties, Insurance, L&G, LDI, leverage, Liability Driven Investment, Pensions, Phoenix, PIC
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CDC: “How do you make it fair?” not through liability driven investment!
The point of multi-employer CDC is that you share things. You cannot run a scheme on a lifestyle basis, where you invest for how long your members are going to choose to be in the scheme, you must assume they … Continue reading
Let’s not celebrate anything about the pension disaster of Sept 2022.
Yesterday the Pension Regulator came out with the heartening news that our pension schemes are in surplus of the most part. Corporate Adviser report David Hamilton, chief actuary at Broadstone who tells us “This analysis formally evidences the step change … Continue reading
How Honda lost £500M (and Aga didn’t) in a few easy steps!
Next Tuesday morning , William McGrath and Con Keating will tell us of a Pension Scheme Comparison. You can familiarise yourself with the comparison between The Aga Rangemaster pension scheme and the Honda pension scheme by reading this recent blog … Continue reading
How to lose £500M in a few easy steps!
Next Tuesday morning , William McGrath and Con Keating will tell us of a Pension Scheme Comparison. You can familiarise yourself with the comparison between The Aga Rangemaster pension scheme and the Honda pension scheme by reading this recent blog … Continue reading
Posted in pensions
Tagged Aga, BPA, Con Keating, Honda, LDI, Pensions, William McGrath
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Con and Iain asked “what can possibly go wrong with LDI?”
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
TPR Leveraged LDI survey – Iain Clacher & Con Keating
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
TPR still checking the cost of leveraged LDI
In the first 20 years of this century, DB pension schemes were told to “de-risk” by loading up on what was referred to as “risk-free” investments – long term and inflation linked gilts. “Loading up” meant borrowing money to buy … Continue reading