Skip to main content

Defined benefit pensions with Liability Driven Investments

Inquiry

Increases in yields on long-dated gilts in late September and early October 2022 meant defined benefit (DB) schemes using Liability Driven Investment (LDI) strategies needed to deal with the rapid increase in collateral required to support the LDI trades. This led to the Bank of England’s announcement on 28 September 2022 under its Financial Stability remit of the temporary purchase of long-dated gilts until 14 October 2022.

The Work and Pensions Select Committee conducted an inquiry on the lessons to be learned from this experience, focussed on the impact of the volatility in gilt yields on DB schemes with LDI strategies in September 2022 and their regulation and governance.

Read the call for evidence here.

The Report can be accessed here.

This inquiry is no longer accepting evidence

The deadline for submissions was Friday 3 March 2023.

Upcoming events

View all events

No upcoming events scheduled

Past events

Wednesday 22 March 2023
9:00am Private
9:30am Public
Defined benefit pensions with Liability Driven Investments - Oral evidence 22 March 2023
9:30am
  • Laura Trott (Minister for Pensions at Department for Work and Pensions)
  • Tom Josephs (Director, Private Pensions at Department for Work and Pensions)
  • Andrew Griffith (Economic Secretary to the Treasury at HM Treasury)
  • Lowri Khan (Director of Financial Stability at HM Treasury)
The Grimond Room, Portcullis House
Wednesday 1 February 2023
9:15am Public
Defined benefit pensions with Liability Driven Investments - Oral evidence 1 February 2023
9:15am
  • Tim Bush (Head of Governance and Financial Analysis at Pensions and Investment Research Consultants)
  • Professor David Blake (Director at Pensions Institute, Bayes Business School)
  • Toby Nangle
  • Sarah Breeden (Executive Director for Financial Stability, Strategy and Risk at Bank of England)
10:15am
  • Sarah Breeden (Executive Director, Financial Stability Strategy and Risk and member of the Financial Policy Committee at Bank of England)
Room 6, Palace of Westminster
Wednesday 14 December 2022
9:15am Public
Defined benefit pensions with Liability Driven Investments - Oral evidence 14 December 2022
9:15am
  • Oliver Morley (Chief Executive at Pension Protection Fund)
  • Evan Guppy (Head of LDI and Credit at Pension Protection Fund)
  • Charles Counsell (Chief Executive at The Pensions Regulator)
  • David Fairs (Executive Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator)
10:15am
  • Nikhil Rathi (Chief Executive at Financial Conduct Authority)
  • Simon Walls (Wholesale Director, Sell Side at Financial Conduct Authority)
Room 5, Palace of Westminster
Wednesday 7 December 2022
9:15am Public
Defined benefit pensions with Liability Driven Investments - Oral evidence 7 December 2022
9:15am
  • David Fogarty (Director at Dalriada Trustees Limited)
  • Harus Rai (Chair at Association of Professional Pension Trustees)
  • Rod Goodyer (Head of Investment Consulting at Barnett Waddingham LLP)
10:15am
  • Abdallah Nauphal (CEO at Insight Investment)
  • Kerrin Rosenberg (CEO at Cardano Investment)
  • Charles Prideaux (Group Head of Strategy and Solutions and Chief Executive at Schroders Investment Management Ltd)
  • Dr Jonathan Lipkin (Director of Policy, Strategy and Innovation at Investment Association)
Room 8, Palace of Westminster

Contact us

We can’t usually help you with an individual problem or a specific complaint.

  • Email: workpencom@parliament.uk
  • Phone: 020 7219 8976 | 020 7219 1679 (Media)
  • Address: Work and Pensions Committee | House of Commons | London | SW1A 0AA