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Revealed: how top pension funds crashed even before gilts crisis
Evening Standard
|October 14, 2022
SOME of the biggest pension funds in the City have crashed 50% in value this year, putting the retirement dreams of tens of thousands of people in possible jeopardy.
Today the Bank of England’s support for pension funds via a 65 billion bond buying spree comes to an end. Bank Governor Andrew Bailey said on Wednesday, in a controversial comment, that pension funds had three days to get this done”, by which he meant stabilise the funds before the support ends.
Analysis for the Evening Standard by SCM Direct shows that scores of funds had plunged in value even before the gilts crisis that began after Chancellor Kwasi Kwarteng’s mini-Budget three weeks ago.
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