Sainsbury's

Practitioner profile

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Fiercely competitive and teeming with corporate predators, the UK's retail sector has become a pensions battleground. The final salary pension schemes of long-established chains like WH Smith or Marks & Spencer have played an unexpectedly prominent role in derailing takeover attempts. The sector is also something of a laboratory for pensions risk management, such as the bold liability-driven investment (LDI) strategy adopted by WH Smith late in 2005 (see Life & Pensions, November/December 20