About the Forum
Private DB funds are still growing due to investment performance, despite negative cash flows in the majority of cases. In less than a decade, however, the overall size of the sector will begin to shrink irreversibly. At that point, risk tolerances will become significantly constrained. In the meantime, considerable opportunities remain to improve the funding position from investment choices. For the LGPS, the story is very different. Not faced with a run-off any time soon, and blessed with inbuilt strong covenants, public sector plans can face the future with more confidence. For both, however, choosing the right mix of investments to bets deliver the various objectives of the plan remains key.