The self-fulfilling prophecy of public sector pensions

22 March 2024Pensions, Risk Commentaryeducation, pensions, public policy, schoolsNick Dunbar

How costly are unfunded public sector defined benefit pensions? The question looms large in the economic future of the UK.

The last rites of BP’s pension fund

14 July 2023Articles, Pensions, Risk Commentaryinterest rates, pensions, taxationNick Dunbar

BP’s pension scheme was once a leading stakeholder in UK companies, but now it’s been ‘de-risked’ and may soon be hived off to an insurer. The story encapsulates the slow decline of Britain’s private sector defined benefit pension system.

A History of British Actuarial Thought

30 June 2017Book Reviewsbook reviews, derivatives, economics, life insurance, pensionsNick Dunbar

by Craig Turnbull Palgrave Macmillan 2016 The reputation of actuaries in the UK has declined precipitously in the last three decades. Once they were among the most powerful decision makers in Britain’s financial sector, albeit semi-invisible. Today their role has been sharply curtailed by regulation and market trends, while their profession struggles to articulate its…

Gold-plated pension promises and the insecure young

12 October 2016Articles, PensionsBHS, FTSE All-share, inequality, pensions, public policy, UK TreasuryNick Dunbar

QE has driven corporate pension liabilities sky-high, and MPs are considering softening inflation-linked promises amid complaints over generational inequality. But British companies’ ever-increasing dividends makes such a move politically tricky.

Steel and the pusillanimous pension rule

4 May 2016News topics, Pensionspensions, regulation, steelNick Dunbar

How pension policy cowardice helped doom Britain’s steel industry. Tata’s decision to write off the value of its UK steelmaking business and seek a quick sale, while keeping its Dutch business, is really a story about pension regulation.

Back to the future

22 December 2010ArticlesAccounting, eurozone, pensionsNick Dunbar

23rd November 2010 Policymakers trying to find a fair resolution to the current European debt crisis might benefit from the insights of a taxpayer beamed back in time from 2050. That may be impossible, but economists are attempting the next best thing by discounting pension promises and tax revenues and comparing them with today's more…