Opting for LDI

Liability-driven investment


Pick up a UK newspaper, and chances are you'll see a story about the size of pension deficits at one of the FTSE-100 companies, and the urgent remedies it is taking to plug the gap between assets and liabilities. It is therefore something of a surprise that UK life insurance group Britannic opted to comprehensively restructure its £1 billion closed pension fund and implement liability-driven investment (LDI) principles in 2004 - even though the scheme was fully funded.

Before the restructuring

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