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Whilst private sector pension schemes have been closing down rapidly in the last few years, public sector employees continue to enjoy 'gold plated' benefits. In addition, rates of ill health retirement in public sector pension schemes are extremely high. Proposed reforms to public sector schemes will make little difference to the benefits available to new employees and no difference at all to benefits of existing employees. Private sector taxpayers have to meet the cost of public sector pensions, so how has this divide between the standard of private and public sector pensions arisen? Part of the answer lies in the fact that the costs of public sector schemes are not properly accounted for.In this monograph, Neil Record estimates that public sector pension liabilities are about GBP1trillion - but the government publishes estimates of the liabilities of only half this level. The author argues that nothing can be done to deal with the liability accrued so far, but that action can be taken to make costs transparent in the future. If costs are made transparent we can start to change the nature of public sector schemes, to the benefit of workers and taxpayers alike.Further reform proposals are discussed by commentators Philip Booth and Nick Silver.
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Currency overlay is the management of the currency exposure inherent in cross-border institutional investments. Exposure to foreign currencies increases the volatility of their returns, without increasing the returns themselves and academics and consultants recommended that the currency exposure should be stripped out of international portfolios and eliminated as far as practicable. This book provides a comprehensive description of currency overlay, its history and possible future developments and growth, the reason for its emergence, the debates and controversies, the different styles of currency management, and the industry's performance track record. This is a subject of international appeal and is an area of particular growth potential for institutional investors. Coverage includes: The theoretical case for eliminating currency risk in international portfoliosThe interplay between asset returns and currency returns, and the effect of this on hedging decisionsBenchmarks - their construction and strategic roleLeast-cost passive overlayThe structure of the currency market, and its 'inefficiencies'Active overlay stylesActive overlay both restricted and unrestricted (currency alpha)Uses diagrams, charts, tables and explanatory boxes to explain concepts