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Tag Archives: LDI
£626,000,000,000 of our retirement money was lost in the financial markets last year.
Yes, I know that Pension Scheme liabilities are projected to be lower by more than £626,000,000,000, but you can’t eat projections. The money that was lost by UK DB pensions last year is gone. It has been collected by those … Continue reading
The Government had been warned about LDI – it just didn’t listen.
We saw the LDI crisis coming – we called it. Lis Truss had not been warned because none of her people were listening. If regulators had seen the Sep22 pensions crisis coming – and Truss had been warned – … Continue reading
Time for PPF to lose its pocket money?
Imagine running a business where you can’t stop charging your customers and your customers can’t stop paying you. That’s the Pension Protection Fund, a public corporation, set up by the Pensions Act 2004, that has been protecting members of eligible … Continue reading
16bn reasons why USS was saved by the discount rate
Saved by the discount rate! — Richard Disney (@RichardDisney) July 26, 2023 Richard Disney’s verdict on the state of the USS pension scheme , which as I mentioned last week, is showing that it lost £16bn of its asset base … Continue reading
Posted in pensions
Tagged Bill Galvin, dc, LDI, Pensions, Private Equity, Simon Pilcher, USS
1 Comment
Pension Professor finds trustee investment in Leveraged LDI “speculation” and “ultra vires”
Philip Bennett, one of Britain’s top pension lawyers , has published a paper prepared for the APL Summer Conference held on 16th June, 2023 Leveraged LDI: Prudent deficit risk management or ultra vires speculation? The paper looks at the underlying … Continue reading
Derek Benstead provides a fresh view on collective pensions this morning at 10.30am
Pension PlayPen Coffee Morning 10.30 am Tuesday 4th July Fresh from his visit to Parliament to explain to the Work and Pensions Committee why open DB schemes have a future (along with CDC) , he’s now joining us for … Continue reading
Derek Benstead, DB by name – collective by nature! PP Coffee Morning – July 4th
Pension PlayPen Coffee Morning 10.30 am Tuesday 4th July Fresh from his visit to Parliament to explain to the Work and Pensions Committee why open DB schemes have a future (along with CDC) , he’s now joining us for … Continue reading
Were LDI pooled funds technically bust – last September?
When the Bank of England stepped in to the long dated gilts market in September last year, it did so to stop contagion from the collapse of certain pooled LDI funds. It is now becoming clear that at least two … Continue reading
The real cost of de-risking ; Keating and Clacher’s submission to parliament
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
Posted in pensions
Tagged Con Keating, de-risking, DWP, Iain Clacher, LDI, TPR, Work and Pensions Committee
1 Comment
“The next European financial mess is unlikely to start with a bank”
Thanks to Robert Armstrong of the FT for the quote and to the ECB for providing this handy table, which serves as a sort of glossary of how things can go wrong: The thing that seems common to the stress … Continue reading