Illiquidity and the end game

Hymans Robertson’s Michael Abramson urges schemes to review illiquid asset holdings

clock • 4 min read
Hymans Robertson partner and risk transfer specialist Michael Abramson
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Hymans Robertson partner and risk transfer specialist Michael Abramson

Pension scheme asset values have in general fallen substantially over the past few months as interest rates and gilt yields have risen, with a 20-year gilt worth about 30% less today than a year ago.

Of course, these higher yields have also reduced pension liabilities. Pension schemes whose liabilities are not fully hedged are likely to have seen material funding gains over the past few mont...

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