All Gilts articles – Page 3
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PodcastsPodcast: LDI, PLSA and PIPAs - looking back with Andy Cheseldine
Podcast: Andy Cheseldine, professional trustee at Capital Cranfield and chair of the Small Pots Co-ordination Group, joins Pensions Expert to discuss market turmoil, the recent PLSA conference, small pots and the 2022 Pension and Investment Provider Awards.
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NewsBoE acted to prevent a gilt market ‘fire sale’, MPs told
The Bank of England had no choice but to intervene in the gilt markets, having received signals from pension funds that a “fire sale” may occur, BoE deputy governor for financial stability Sir Jon Cunliffe has told MPs.
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NewsMini-Budget blows £11bn hole in BT Pension Scheme
On the go: The £46.9bn BT Pension Scheme sustained aa £11bn hit to its assets following the government’s September “mini” Budget, before the Bank of England intervened to stabilise gilt markets.
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NewsTruss commits to pensions triple lock as inflation hits 10.1%
Prime minister Liz Truss has confirmed that the triple lock will be maintained, even as September’s figures showed inflation rising to 10.1 per cent.
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NewsLDI funds prepared for ‘much larger increases in yields than before’
Liability-driven investment funds have built sufficient capital to shield themselves from the impact of further spikes in gilt yields, the Bank of England has said.
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NewsKwarteng out as LDI derivative losses set to hit £149bn
Market moves: Liz Truss sacks Kwasi Kwarteng, with Jeremy Hunt installed as chancellor; JPMorgan estimates market-to-market losses from liability-driven investment derivatives could hit $167bn (£149bn); and schemes rush to prepare as the Bank of England ends its bond-buying programme.
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NewsBoE demands ‘appropriate levels’ of market resilience
On the go: The Bank of England has called on market participants to learn lessons from the current volatility in gilt markets and has said that it is monitoring the behaviour of liability-driven investment managers, with its gilt-purchasing programme set to end on October 14.
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NewsTPR reached out to BoE for gilt market intervention
The Pensions Regulator has told MPs that it contacted the Bank of England and other regulators before the launch of its gilt-purchasing programme, to establish what actions they could take in response to volatility in the gilt market.
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NewsTPR moots LDI power of attorney as Bailey rules out more support
The Pensions Regulator has called on defined benefit pension schemes to review their liquidity, liability hedging and governance processes, suggesting that managers of their liability-driven investments could be granted power of attorney over some assets to quicken trading.
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NewsYields ‘can’t spike again’: Schemes respond to liquidity pressures
Analysis: On September 23, chancellor Kwasi Kwarteng rose to his feet in the House of Commons to deliver a “mini” Budget that would have profound consequences for pension schemes.
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NewsPPF urges trustees to plan for funding and risk changes
On the go: The Pension Protection Fund is encouraging trustees to have a contingency plan due to changes in funding and risk profile, despite the PPF 7800 index surplus continuing to rise.
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NewsLDI: Pension funds appeal for more BoE support
Market moves: Some pension funds think the Bank of England’s gilt market intervention should go further, while schemes pull capital out of multi-asset credit funds.
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NewsBoE widens gilt purchases after continued bond market volatility
On the go: The Bank of England has widened its bond-purchasing programme to include index-linked gilts after another turbulent day in UK bond markets.
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NewsLDI fund managers look to lower leverage in wake of market turmoil
Managers of liability-driven investments are likely to reduce the level of leverage used in their funds in the aftermath of the Bank of England’s intervention, investment consultants say.
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NewsBoE expands measures to protect schemes from market turmoil
The Bank of England has announced additional measures to support pension funds through the current market turmoil, including an increase in the size of its gilt daily auctions and a temporary initiative to ease liquidity pressure on schemes holding liability-driven investments.
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PodcastsPodcast: TPR should not regulate LDI despite pensions crisis
Dalriada Trustees director David Fogarty and Cartwright director of investment consulting Sam Roberts discuss the causes to the recent market turmoil that precipitated the intervention by the Bank of England, what was done to stall it, and what the future holds.
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NewsMPs question TPR role in LDI market turmoil
The Work and Pensions Committee has questioned the Pensions Regulator’s role in the market turmoil that led to the Bank of England’s intervention, asking if the watchdog should have “taken stronger action” earlier and what actions it was taking to monitor risks.
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NewsCould gilt market shock push schemes towards insurers over LDI?
The market shock prompted by the government’s “mini” Budget could see a shift away from liability-driven investment strategies and toward insurance deals, experts have suggested.
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NewsTPR: Schemes had right structures in place to face market crisis
The Pensions Regulator believes defined benefit schemes had “sensible waterfall measures in place” to face the collateral calls prompted by rising gilt yields and has advised struggling trustees to speak to their advisers.
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OpinionSeven days in pensions
Broadstone technical director David Brooks details how the events that took place during last week have disrupted the pensions industry.