Investment banks have been eyeing the massive pension deficits on the balance sheets of UK companies for some time. With corporates obliged to discount their pension schemes' liabilities using a discount rate based on AA-rated bond yields and to report this figure on their balance sheets, and with falling yields pushing the size of liabilities ever larger, banks thought there was plenty of scope to offer derivatives-based solutions to match assets with liabilities.

A number of financial

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here