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ARTICLE · 05 DECEMBER 2022

Pensions Regulator Statement – Maintaining LDI Resilience

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The Pensions Regulator has published a guidance statement setting out its recommended actions for trustees of DB schemes that use liability-driven investment (LDI) in light of the recent gilt market volatility.

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The Pensions Regulator has published a guidance statement setting out its recommended actions for trustees of DB schemes that use liability-driven investment (LDI) in light of the recent gilt market volatility. The Regulator expects trustees with investments in segregated leveraged LDI mandates and/or single client LDI funds to:

  • Maintain a specified level of liquidity buffer to withstand a fast and significant rise in gilt yields.
  • Review and, where necessary, improve their scheme's operational governance.

The Regulator is continuing to monitor this area and to discuss it with a range of external stakeholders. It plans to issue a further update in its 2023 annual funding statement and will issue further statements and investment guidance as necessary.

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