Shifting Tides in Pension Funding:
Consequences for Investment and Valuation

  • Author:
    Geoff Robinson
  • Level:
    Intermediate to Advanced
  • Study time:
    Always adding content
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Course overview
This research note, written by Geoff Robinson,  examines the impact of new UK regulations on Defined Benefit (DB) pension schemes, focusing on how these rules affect discount rates for valuing pension liabilities and their broader implications for corporate valuation.

We explore the shift towards low dependency asset allocation as schemes mature, leading to lower discount rates due to conservative investments in fixed-income and inflation-indexed instruments.

This change is likely to inflate reported pension liabilities, affecting company balance sheets, cash flow, and overall market valuation. The case of BT's pension fund management serves as a practical example of these dynamics, highlighting the critical intersection of pension regulations, asset allocation, and corporate financial strategy.

What's included?

  • Fundamental research written by Geoff Robinson
  • Analyst-curated insights
  • Embedded podcasts
  • Embedded videos
  • Downloadable models, where applicable

Who should read this?

This research note is highly relevant for financial analysts, investment professionals, corporate finance managers, pension fund trustees, and actuaries, especially those dealing with corporate finance and investment management. CFOs and financial decision-makers in companies with significant pension obligations will find it crucial for strategic planning and risk management. Additionally, it serves as an insightful resource for academic researchers and students in finance and economics, as well as investors and stakeholders in companies with substantial pension schemes, who are seeking to understand the impact of regulatory changes on pension management and corporate financial health.


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Geoff Robinson FCA FMVA MFM

Thought leader, instructor, writer, financial influencer, Former UBS Managing Director and 8x #1 ranked analysts EMEA Institutional Investor Survey
Geoff has had a varied career. He was a Managing Director within UBS Equity Research, leading their Global Fundamental Analytics franchise. During this time, he was #1, ranked 8x in the EMEA Institutional Investor Survey. Before UBS, he was a material equity investor and LBO co-investor in two market exited training consultancies. Geoff has a passion for learning and is well-known for his ability to break down complex subject matter and distil it to an audience in a digestible and engaging manner. He brings this passion to