BarCap slams UK pension accounting rules

February 28—Barclays Capital has likened pension funds piling into long-dated index-linked gilts to the tech bubble of 1998 to 2000. And its top London strategist believes the fault lies with new accounting rules that force an unreasonably inflexible discount rate on pension funds.

Although the UK’s Debt Management Office has gained widespread industry praise for issuing the world’s first 50-year inflation-linked government bond last year, excess demand from pension funds looking for instrume

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