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  • UK DB liability hedging surges 23% year-on-year

    first_imgUK defined benefit pension schemes are choosing to hedge more liabilities in spite of rock-bottom bond yields, with the volume of liabilities being hedged increasing by 23% in 2016 to £908bn (€1,024bn), according to a new study by KPMG.Its June 2017 UK Liability Driven Investment (LDI) Market Survey, which uses 2016 data, also showed that the number of pension schemes using LDI as a risk management tool climbed to 1,808 from 1,423 a year before.Barry Jones, head of LDI at KPMG, said: “This year‘s KPMG LDI survey confirms that LDI remains the most important de-risking tool for UK defined benefit pension schemes, with growth continuing to be relentless despite record low yields.”Established providers still dominated the market for LDI products, he said. The survey showed that LGIM was still the largest provider, with the firm hedging 42% of Total UK DB liabilities.LGIM, Insight and BlackRock continued to be the largest managers within segregated LDI, the study revealed.Within pooled LDI, these three managers along with BMO and Schroders were the biggest providers, the data showed.“Unless the insurance industry creates a lot more capacity for pension schemes, there will be an increased need for well-funded schemes to create their own risk controlled annuity payment streams over the long-term,” Jones said.KMPG expected LDI to become increasingly important in the current environment and predicted further LDI growth in the years to come, he said.“Furthermore, LDI managers appear to be on the front foot in developing cash-flow delivery solutions to operate alongside their existing LDI ranges and build on their credentials in cash-flow modelling and hedge design,” he said.According to the study, providers are continuing to develop new types of product in the LDI market segment, with new LDI funds being launched last year which combine LDI with growth assets such as equities or diversified growth funds.In the survey, 82% of LDI managers said regulation was the most important issue facing the LDI industry in 2017.Some 44% of managers said the central clearing of derivatives was the most important issue facing the sector, and 38% cited other regulatory or legislative changes.Commenting on the survey results, Shaj Alam, head of solutions research, UK LDI at AXA IM, said that even though some £900bn of liabilities were now hedged, there was around £1trn that remains to be hedged, which meant there was still plenty of room for growth. “The survey confirms that a quiet revolution is afoot – pensions schemes are maturing and increasingly need to meet pension payments from their assets,” he said.This had translated to demand for LDI managers to respond with solutions that generate cash, leading to innovation in the industry, Alam said.last_img read more


    first_imgDonegal Action for Cancer Care are delighted with the news that Minister for Health Leo Varadkar will visit Letterkenny General Hospital to meet with both DACC and Cooperating for Cancer Care North West next Thursday.Betty Holmes of DACC.DACC had written to the Minister in August 2014 and asked him to visit Letterkenny Hospital to meet with them.At that time the Minister was unable to do so but DACC have kept their request to the Minister to the fore and continued with our request. Betty Holmes of the DACC says it is key that the Minister visit the hospital to see first-hand the great work that happens there and the difficulties that they experience.It is also important that DACC have the opportunity to continue to highlight the difficulties that we are aware off among which are Breast & Prostate/ Urology Services.“We are asking the Minister please that he reverse the Centralisation of the Referral Process for appointments to the Breast Unit at Letterkenny. Why are women who maybe in the early stages of breast cancer no longer being referred to see a specialist Breast Consultant in Letterkenny Hospital? Instead a large number of women whose referral letters from their GP to Letterkenny Hospital now have to travel to Galway where they are offered appointments by GUH.DACC ask “Why in these times of cuts in hospital budgets etc is it feasible to have staff at the Breast Unit in Letterkenny Hospital sending the requests for appointments to the breast unit at LGH….impact on time, service etc!! “ Where are patients in these plans? And more importantly who cares? Why should patients have to wait for a surgeon in Galway to allocate appointments twice a week? Hospital from Galway Hospital.The Breast Unit at Letterkenny Hospital has worked well for almost 10 years, indeed was a leader in it’s field, was able to allocate it’s own appointments, see & treat it’s own patients. Removal of this key service & practice is not working in the best interest of the patients. No matter what we are told this is primarily the first steps in taking Breast Cancer Services from Letterkenny Hospital.“When we met at the Dept of Health in Feb this year there are 425 men with prostate cancers and 160 women & men with bladder cancers that needed to be followed up. We were assured that the resources that were needed to treat the patients at Letterkenny Hospital would be made available. We are aware that this number now is very much larger and clinics at Letterkenny Hospital are not happening. Patients who usually had review appointments every six months are now waiting a year and longer and still no appointment. We believe that the Galway Consultant is now not travelling up to LGH for clinics…..another key service being taken from Letterkenny Hospital down the road to Galway!!“We would hope that our map that we took to our meeting at the Dept. of Health in Feb & sent to the Minister again this week highlighting the travel distance for cancer & other patients to Galway Hospital will be beneficial in our meeting.“We have been told that our questions are really questions for the Saolta Hospital Group but at this stage DACC say that these key matters & responsibility must rest at the Minister for Health’s door! “DACC ask the people of Donegal are we really going to sit back & let key cancer & other health services be taken from us?”DACC WELCOME MEETING WITH MINISTER VARADKAR was last modified: September 28th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more