PBGC woes
What a difference nine months can make. At the end of last September, the Pension Benefit Guaranty Corporation (PBGC) closed its fiscal year with a deficit of ‘only’ $11bn (€7.9bn) and its director Charles Millard was busy implementing his new “less conservative” investment strategy, under which the majority of the $55bn assets was to be shifted out of bonds and into riskier stocks and alternative asset classes.
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IPE covers a good variety of very current and relevant topics. It is good to read the high-level, independent and objective perspectives from pension funds in other European countries; many of them are dealing with the same issues as we are, so it is interesting to learn from their experiences, especially when they are ahead of where we are on the curve.
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