Pension fund risk manager of the year: Pension Protection Fund

The past two years have been tough for pension fund managers around the world. The combination of equity market volatility, falling bond yields and an extended period of low interest rates has played havoc with investment portfolios, while at the same time pushing up the size of liabilities. This has resulted in heavy deficits for many pension schemes at various points, but the instability of markets has caused the funding positions of schemes to whipsaw. In the UK, defined benefit pension