All Liability-driven investment (LDI) articles – Page 9
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Features
What can pension schemes learn from insurers?
Analysis: Prudent liability management features among the priorities of pension funds and insurers alike. Experts have previously called upon investors to think more like insurers, but differences in objectives, regulatory requirements and scale mean that total strategic convergence between schemes and insurers is unlikely.
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NewsBAA switches manager as LDI competition grows
The BAA Pension Scheme is implementing a full interest rate hedge, and has in a first step replaced its liability-driven investment manager to improve “efficiency”.
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NewsQinetiq shields funding level with boost to LDI
The Qinetiq Pension Scheme has seen a £605m boost to its liability-driven investments and has begun discussions over its long-term future as it nears full funding.
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OpinionPPF: An investment strategy for the long term
From the hedging programme to infrastructure investments, the Pension Protection Fund’s Ian Scott explains how the lifeboat fund manages its assets.
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OpinionData crunch: Why DB schemes will change their investments
Cash flow-driven investment will become more prominent in the near future, predicts Magnus Spence from research company Spence Johnson.
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NewsWincanton runs ETV to drive liabilities down
The Wincanton Pension Scheme has embarked on an enhanced transfer value exercise in an attempt to further cap its obligations, after trivial commutations wiped £3.8m from its liabilities.
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FeaturesManchester University upgrades investment strategy
Trustees of the Manchester University Superannuation Scheme have adopted a new liability-driven investment strategy, while dropping a UK equity mandate in favour of global equities.
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FeaturesS&N dives into infra and absolute return funds
The Scottish & Newcastle Pension Plan has agreed to introduce a new allocation to infrastructure debt while increasing its absolute return exposure, as schemes seek steady returns and diversification.
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FeaturesJohn Lewis Partnership protects future with LDI
The John Lewis Partnership Trust has introduced a liability hedging programme increasing its hedge ratio to 60 per cent, in a move experts said would protect significant recent contributions.
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FeaturesVauxhall boosts LDI and DGFs in scheme overhaul
The Vauxhall pension plan has restructured its asset allocation by increasing exposure to liability-driven investments and diversified growth funds, as experts agree these are “sensible” steps to take.
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Features
JLT scheme deficit shows rate pain persists
The UK pension scheme of consultancy and insurance business JLT Group saw its IAS 19 deficit jump during 2016, as bond yields proved a leveller for schemes of all sponsor types.
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FeaturesLeonardo scheme ups hedge after Care switch
The Leonardo Electronics Pension Scheme has adapted its liability hedging strategy to reflect the career salary benefit changes implemented last year to reduce risk and costs.
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OpinionWhy you should look again at LDI
From the blog: Anecdotal evidence says many UK pension schemes have earnestly considered liability-driven investment yet not actually invested. But why? Let’s look at some of the reasons that may be causing those schemes to sit on the sidelines.
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Features
Leicester Uni scheme cuts risk with higher hedge
Following closure to future benefit accrual, trustees at the University of Leicester Pension and Assurance Scheme have decided to double its hedge, as experts emphasise the importance of keeping an eye on triggers and cash flow.
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News
Buyouts more affordable but only for a handful of schemes
Buyouts have become more feasible as annuity pricing for non-pensioners has improved, but some experts say many schemes still have a long way to go before being able to afford a buyout or buy-in transaction.
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OpinionLDI: How hedging strategies should be adapted for the cash flow era
How has liability-driven investment evolved recently, and how does it need to change to be fit for the future? Six experts discuss the issues and opportunities for LDI.
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Opinion
How can LDI be combined with cash flow delivery?
How should maturing pension schemes adapt their LDI strategies to meet increasing cash flow demands, and what solutions can help them navigate collateral issues? Axa Investment Managers’ Jonathan Crowther, Barnett Waddingham’s Sophia Heathcoat, Dalriada Trustees’ Simon Cohen, Hymans Robertson’s Alen Ong, Law Debenture’s David Felder and Standard Life Investments’ Mark Foster discuss.
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Opinion
Is there still a place for triggers in LDI strategies?
How should schemes react to never seeing their hedging triggers hit, and is a time-based strategy better suited to the current rates environment? Axa Investment Managers' Jonathan Crowther, Barnett Waddingham's Sophia Heathcoat, Dalriada Trustees' Simon Cohen, Hymans Robertson's Alen Ong, Law Debenture's David Felder and Standard Life Investments' Mark Foster pick apart the implementation issues for today's LDI investors.
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Opinion
What changes are needed in LDI strategies?
Where are interest rates going to move over the next few years, and should schemes be worried by signs of rising inflation? Is cash flow the overriding concern? Axa Investment Managers' Jonathan Crowther, Barnett Waddingham's Sophia Heathcoat, Dalriada Trustees' Simon Cohen, Hymans Robertson's Alen Ong, Law Debenture's David Felder and Standard Life Investments' Mark Foster discuss.
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FeaturesCancer Research scheme takes the plunge into LDI
Trustees of Cancer Research UK’s defined benefit pension fund have put in place a new liability-driven investment allocation, minimising funding volatility following the EU referendum.