20 years ago, in the autumn of 2001, the Boots Pension Scheme hit the headlines because it had invested all of its assets in high quality long-dated bonds, selling over £1bn of equities in the process. I was only three years into my pensions career at the time but I remember being fascinated by this ground-breaking development.
At the time, it was a unique and surprising thing to do, because there was little focus on managing pension scheme investment risk. Indeed, in 2001, pension schemes in the UK invested 75% of their ...
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