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Credit Crisis and
Pension Funds - what now for LDI?
Presentation given to Goldman Sachs Pension Academy explaining how pension fund trustees could consider coping with the credit crisis and updating investment thinking for the future.
Re-evaluating
Investment Risk Presentation given to Institute of Chartered Accountants in England and Wales (ICAEW) in London outlining how pension funds need to think differently about investment risk and recognize that taking risk, especially in equities, does not necessarily mean returns will be high.
FTfm
'Feedback' column, why BT trustees should
not just switch from equities to long
bonds Article published in FTfm explaining why suggestions that BT's pension fund accounting problems and long-term asset-liability mismatch will not be solved by switching from equities to bonds. More radical and broader thinking is required.
Article for Public
Service Review on Liability Driven investing
(LDI) Article published in Public Service Review explaining that LDI is all about understanding and managing risk, not just about switching from equities to bonds.
Delivering Members'
Pensions Presentation given at Coombe Abbey, Coventry for PwC explaining Ros' thoughts on the new world for trustees and dealing with deficits, risk and member protection.
Alternative Investment Strategies for
Pension Funds Presentation for Icelandic pension fund trustees outlining Ros' thoughts on using alternative investments in pension asset allocation decisions.
Press release welcoming PPF levy
announcement Press Release giving Ros’ reaction to the PPF levy announcement which seems prudent and responsible.
Understanding and managing pension fund
risk Letter published in Global Pensions magazine explaining why pension fund trustees should not necessarily be switching to bonds and that searching for asymmetric returns and using alternative assets and derivatives can improve portfolio efficiency.
Modernising Pensions Speech given at the Wallace Collection in London outlining for trustees some new thinking on risk management, liability driven investing and downside protection for pension funds.
Press Release on Pension Protection
Fund investment principles Press Release giving Ros’ view on the Statement of Investment Principles announced by the Pension Protection Fund Board
Alternative investing – new
thinking on Asset Allocation Presentation given at Nordic Alternative Investment conference in Stockholm outlining new thinking for institutions considering moving away from traditional asset allocation models.
New approaches to asset allocation Presentation given at UK Pension and Investment Summit in Brighton, explaining Ros’s opinions on pension funds considering new approaches to asset allocation, emphasising risk control, diversification and protection.
New investment thinking for
trustees Article published in ‘Trustee newsletter’ Volume 2, Issue 3, explaining that pension fund trustees need to focus on risk as well as returns in their investment portfolios.
Trustee Challenges – Facing up to
deficits Presentation given to European Pension Fund Investment Forum in Marlow, explaining Ros’ ideas on new ways for trustees to think about managing both the risk and the return of their assets, in order to address pension deficits and more directly target meeting liabilities and over time.
Concerns about USS pension fund Letter published in Financial Times following John Plender’s article about the decision by Universities Superannuation Scheme to leave employer contributions unchanged, despite large deficit and suggesting that asset allocation can help overcome deficits.
FT Trustee
summer school – Trustee investment
duties Article published in FTfm for their Trustee Summer School examining the demands for Trustee Knowledge and Understanding (TKU) of investment issues and using modern techniques to replace the traditional hopeful ‘punt’ on equities and bonds.
FTfm article on swaps and liability
matching Article published in FTfm comment section explaining why pension funds may be able to better match their liabilities by using swaps and derivatives, rather than just switching to bonds.
FT letter discussing why switching to
bonds is likely to prove unwise for pension funds
with large deficits Letter published by Financial Times explaining why switching to bonds will be unlikely to cure pension fund problems and could make them worse, whereas considering swaps may be a better alternative.
Explanation of possible new structured
products to help pension funds overcome deficits Powerpoint description of a possible structured product approach to overcoming pension fund deficits and meeting liabilities over time.
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