Still Trussed up: UK pensions confront fallout from LDI crisis

Trustees and consultants are making risky trade-offs as interim guidance increases the cost of hedging

At first glance, UK pension schemes have plenty of reasons to be cheerful. Fifteen months of rising interest rates have eroded their liabilities, which move inversely to gilt yields. The result is that more pension schemes are fully funded than ever before, and their assets fully meet their liabilities.

Yet not all UK pensions are so lucky. Around 15% of defined benefit schemes remain underfunded, according to the Pension Protection Fund, and their road towards becoming fully funded is

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