The gilt market rout that forced UK pension funds to rapidly sell assets in September contributed to driving down the value of retirement schemes by as much as £500bn, MPs were told on Wednesday.
Giving evidence to the Commons’ work and pensions select committee, Iain Clacher, a professor at Leeds University Business School, said based on his calculations “roughly £500bn is probably missing somewhere”.
“And this isn’t a paper loss,” he added. “This is a real loss because pension funds were selling assets to meet the collateral calls.”
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