Tag Archives: LDI
“Long ILGs Revisited” Con & Jon ask why they’re in our DB schemes.
We have just updated http://www.ukrpi.com, with the statistics and various charts updated until the end of 2023. Just over a year ago, Henry Tapper kindly published our short piece (link below), in which we wondered why ILGs have been so … Continue reading
Paint my bandwagon
There are some consultants who see the funding of DB pensions as a mercurial science where schemes can be magically elevated from zero to hero at the click of a chancellor’s mouse. For them the gilt rate determines pension funding … Continue reading
LDI “episode” cost our pensions £166,000,000,000
An Analysis of the Pensions Regulator’s Review of impact on DB landscape following (the) LDI Episode: Part 2 This is the second of our blogs commenting on TPR’s Report to Work and Pensions Committee on LDI. The first can be … Continue reading
Keating and Clacher’s review of the DWP’s proposed Funding Regulations
A Brief Review of the DWP’s Impact Assessment of the proposed Occupational Pension Schemes Funding and Investment Strategy and Amendment Regulations The Impact Assessment is fifty pages long; much of which is concerned only with minutiae. However, the headline conclusion … Continue reading
DB pensions “evolved in size” – down £425bn in 2022
In her preface to the 58 page response given by TPR to parliament’s work and pensions committee, CEO Nausicaa Delfas says that the £425bn loss. a 24% value destruction , was an “evolution”. The “LDI episode” is credited as … Continue reading
2022 and gilt yields – how did pension schemes get it so wrong?
What a wonderful chart. If you do nothing else, play it as a video. Then consider the past two years and ask yourself How did pension schemes get it so wrong? We were given ample warning of the crisis that … Continue reading
£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
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