Results from our last Pensions Buzz survey of 2022 revealed 54% of respondents felt the last 12 months have not been positive for the industry, against 36% who disagreed and 14% who voted don’t know.

Of the respondents who said 2022 had not been a positive year, several pointed to the liability-driven investment (LDI) crisis as a result of September’s Mini Budget.

One respondent said: “The LDI crisis was very damaging. Stock market has been volatile, pension valises have fallen and recovery seems some way off.”

Another said the crisis has been “costly” for defined benefit schemes.

A third stated: “The LDI debacle has been a useful wake up call.”

A different pundit argued there had been “a lack of progress on nearly all fronts” as well as “a poor financial return on most investments”.

Another blasted the introduction of more “unnecessary and expensive red tape than we had at the beginning of the year”.

Another opined: “Unstable government with no long-term pensions planning, continued freeze on lifetime allowance and both equity and bond markets living negative returns all make it a bad year.”

Of those who said 2022 had been a positive year for the industry, one respondent highlighted they had made “progress on the dashboard”.

Another said: “After a great deal of uncertainty and volatility, our scheme is in a stronger position.”

A different pundit said their schemes’ “deficits have shrunk”, while another stated their deficit has “entirely disappeared, not because of anything we did, of course!”

“We have avoided serious harm from ministers, plus the changes in yields have helped long-term funding,” said another.

Out of the respondents who said they did not know, one said the year was “iffy at best”.

Another said it had been “mixed”, due to the LDI issues but had been bolstered by “improved funding levels”.

Pensions Buzz is conducted each week to anonymously collate our readers’ views on key news and trends. Respondents include actuaries, trustees, investment managers, lawyers, pension scheme administrators and consultants.

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