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Tag Archives: LDI
USS – you’ve never had it so good/bad – (delete as necessary)
How USS sees itself and how others see it. I have just read an article that relates the views of Simon Pilcher on the success of USS’ investment strategy in the 12 months to September 2022. The Universities Superannuation Scheme, … Continue reading
Posted in pensions
Tagged assets, gobbledeegook, LDI, leverage, Pensions, Simon Pilcher, USS, VFM
6 Comments
The Lords’ findings and recommendations on leveraged LDI.
In a strongly worded report, the House of Lords Industry and Regulators Committee has criticised the use of leveraged liability-driven investment (LDI) strategies by defined benefit (DB) pension funds, which played a significant role in the financial turmoil following the September … Continue reading
PIRC tells WPC – LDI crisis a product of poor accounting standards
This blog is a transcription of the submission of Pensions & Investment Research Consultants Ltd (PIRC) to the Work and Pension Committee’s inquiry Defined benefit pensions with Liability Driven Investments 1 Summary Problems with the accounting standards which have led to … Continue reading
Posted in pensions
Tagged LDI, Pensions, PIRC, Tim Bush, Work and Pensions Committee, WPC
2 Comments
The PPF report a £400bn fall in DB assets in 2022
The PPF’s estimate suggests that 23% of the asset base of Britain’s £1.8 trillion pound funded DB pensions has evaporated during 2022. This is equivalent to 23% of the assets. What goes down, will come back up but … Continue reading
BOE pins LDI crisis on the “obscurity” of small DB funds.
Yesterday I reported on BOE +PRA batting for the pensioner against Government – batting for insured buy-out. That discussion was played out in front of parliament’s Treasury Committee on Monday and that same meeting – part of an inquiry into … Continue reading
Time for the FCA to review its DC lifestyle guidance ?
Thanks to James Farr of Aviva for helping me out with the FCA’s most recent pronouncements on pension lifestyling. James and I worked together at Zurich some 20 years ago and it’s great to know compliance experts at a time … Continue reading
“How do we tell the children?” Our awkward problem over lifestyle.
For the purpose of this article – I will refer to some savers as our “children“, those under our care who have suffered loss while sleeping. They are the unwitting victims in the collapse in bond markets , including … Continue reading
Could DC consolidation cause a fresh pension crisis?
In this blog I argue that DC has its own version of LDI which is still embedded in many occupational DC schemes. Transferring out of these schemes risks crystallising losses for savers – akin to “losing the LDI … Continue reading
Posted in pensions
Tagged consolidation, DC pension, Hedge, LDI, Pension consolidation, Trustee liability
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Burnt at the stake – the 2022 “lifestyle” fiasco is no joke.
End of the sub-zero bond yield era https://t.co/4iygBZ3Z4o — Josephine Cumbo (@JosephineCumbo) January 5, 2023 Over the Christmas period , Japan decided to join the rest of the world and call time on “free money”. You now have to pay … Continue reading
How private pensions became a synthetic version of SERPS
Once upon a time , the Government used to pay pensions based on contributions made by employers and employees. There was no formal pension fund that backed up this pension scheme but the Government , if it did not have … Continue reading