Illiquid assets - opportunities and challenges for pension funds
The last fifteen years have not been a smooth period for managers of corporate pension schemes. Plunging interest rates and significant equity market sell-offs at the end of the dotcom bubble and during the 2008 financial crisis put a divot in funding ratios that has still not been repaired. Over the same period, regulatory changes have made it increasingly difficult for pension sponsors to smooth the associated impacts on their financial statements.
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