Last October, Chris Jackson posted on this blog about how the PPF’s power to disclaim onerous terms was concerning some banks which held derivative contracts with pension scheme trustees (see link).  The PPF has taken some welcome steps to address these concerns.  But are we ignoring an elephant in the room?   

(more…)

After recent press articles showing cute photos of pygmy hedgehogs, a number of people are trying to persuade me to buy some of them.

I’m still making up my mind on that, but back in the world of work there is only one type of hedge which is hogging my time, and that is when trustees decide to hedge some of their pension liabilities using swaps. 

(more…)