For most pension schemes the credit crunch was a sobering experience. The impact of plunging asset values was exacerbated by the southward journey in interest rates which piled on the pressure by shrinking the discount rates used to value their liabilities. Even sophisticated schemes such as Dutch civil service leviathan ABP, which has been in the vanguard of risk management, saw their solvency levels fall below a 100% over 2008–09.
But a select few prospered from the carnage on the capital
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