WINNER: Legal and General Investment Management
Endgame Portfolios and the Role of Credit
Pension schemes are maturing and there is an increasing focus on the endgame. Because most pension schemes are closed not only to new members but also to future accrual, this endgame involves either transferring the assets and liabilities to a third party, usually an insurance company (buy-out), or running them off (self-sufficiency). The purpose of this paper, by Paul Sweeting, Head of Research, is to set out a framework for designing endgame investment portfolios for schemes aiming for self-sufficiency.
UK Pensions Risk Transfer Report by Hymans Robertson
This paper by Hymans Robertson tracks key changes and trends in the bulk annuity market across four important areas: bulk annuity insurers; insurance company strategies; regulation; and demand from DB schemes. The authors explain what these changes mean for UK DB pension schemes. They also give their expectations for the medium- to long-term and the possible implications for defined benefit pension schemes seeking to capture opportunities to transfer risk to insurance companies.
UK Pensions De-Risking report 2016 by Willis Towers Watson
Currently, only £150 billion of an estimated £2 trillion of UK DB pension liabilities have hedged longevity risk. More and more schemes are starting to consider a de-risking journey and how to manage risks. This report by Willis Towers Watson shines a light on current market activity. The authors also share their expectations for the future.
2016 Survey of UK Liability-Driven Investing by KPMG
The UK LDI market continues to grow strongly, with over £741bn of liabilities now believed to be hedged across the industry. KPMG has produced this definitive survey of the UK LDI marketplace, revealing that an additional 256 LDI mandates were deployed in 2015.
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