Is anyone familiar with the 2022 UKs pension system able to help me understand what happened? UK announces tax cuts. Gilts get nervous and rates start to rise. Apparently, UK pensions decided a rising rate environment is a good time to sell guilts for a loss. -Are pensions structures differently in the UK compared to the US? -They base their portfolio on a method of LDI right? - Do UK pensions hold primarily Treasuries or Gilts? The government stepped in and the individual responsible resigned. -How exactly did they bail out (might not be the right word) the pensions? I am aware of funded status and things like that so no need to write out the ins and outs, just trying to understand the catalysts a bit better. Is it as simple as their equity portfolio had too much leverage and they were margin called into selling bonds for a loss? I just assume there is more. Edit: I am using this information for potential positioning in my portfolio if it is relative to today.
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