Pension Scheme Run-on: Recent Developments and Investment Implications
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If you were to play buzz-word bingo at a pensions-industry conference, “run-on” would almost certainly be near the top of the list. The UK government has announced rule changes that could affect many defined-benefit (DB) pension schemes as they prepare their endgame strategies. These changes include the removal of barriers to surplus extraction, part of the government’s push to boost economic growth through investment in productive UK assets.1 This paper presents Goldman Sachs Asset Management’s thinking on these recent developments and what they could mean for investment strategy.
