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DB Pension funds typically pay benefits with an inflationary uplift, so it makes sense for schemes to hold inflationary assets. So far, so good. But pension payments can’t go down, and typically any indexation is capped, most commonly at 5%. This means the indexation is not to RPI but to a capped and floored version of RPI, called LPI (here it would be LPI0-5). So, how much sensitivity do liabilities have to inflation? Ultimately, LPI is RPI with options- the scheme is long a call at 5%, and short a put at 0%. This has two major consequences.
At this year’s GIRO Conference in Liverpool, my colleagues at LCP gave several excellent talks on a range of topics – from claims analytics to reserve risk and even the future of the actuarial profession . I wanted to focus on a talk that I think is directly relevant to actuaries working in GI now and in the future. Emerging risk is a topic that actuaries must consider in all areas of their work. It is also proving a constant challenge for insurers to keep on top of.
Whether it’s a defined benefit scheme, a defined contribution scheme or a collective defined contribution scheme, trustees and providers are likely to be thinking about the role that private market investments could play within their pension scheme’s investment mix. Private equity, infrastructure, real estate or private debt are all likely to be under consideration as trustees look at possibilities to diversify their investments, help enhance returns or reduce volatility through asset classes delivering steady income and inflation-linking characteristics.