Ruston Smith: How the Pandemic Impacted Pension Funds | SALT Talks #101

Ruston Smith is the Chairman of the Tesco Pension Fund (DB and DC) and Tesco Pension Investment Ltd, Non-Exec Chair of JP Morgan Asset Management (EMEA), Non-Exec Chair of Smart Pension Ltd, Non-Exec Chair of PTL Ltd, Independent Trustee and Chair of the Funding and Investment Committee for the BAE Pension Fund, Governor of the PPI and Chair of GroceryAid (charity for the grocery industry). Due to the pandemic, pension funds in the UK and Europe were hurt, but are set to return much of their strength as we return to normal. The relative strength of pension plans is due in part to strategic de-risking that started back in 2006. This has involved a significant reduction in equity holdings and an increase in bonds. “The Pensions Regulator is really keen that UK pension funds have a very clear journey plan, which basically is a plan to de-risk so you get to a point of funding where essentially you can have just a low dependency on the employer that supports that pension fund.” As we approach the end of the pandemic and the vaccine rollouts are near completion, there will be an opportunity for a more sustainable recovery. This necessitated investments in areas like infrastructure and job training, important to jumpstart the economy. ————————————————————————— To learn more about this episode, including podcast transcripts and show notes, visit salt.org/talks Moderated by Anthony Scaramucci.