The tax timebomb


For Nick Greenwood, pension manager for the £1 billion Royal County of Berkshire Pension Fund, the decision to hedge out 43% of its liabilities through a longevity swap was the culmination of a serious focus on liability management by the fund. “When I joined two-and-a-half years ago, the fund had a very traditional asset allocation and liability risk was never mentioned at board meetings. We’re now looking at the risks on the liability side more than the investment side,” he says.

And this is

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