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@lifeaintagame Fair enough. I am well versed on US pensions but have very little expertise on UK pensions. From what I do know is short term obligations are treated and regulated differently and they can use leverage and other instruments that you would not expect from a pension fund...

@lifeaintagame It is basically right. Generous defined benefit plans hashed out in the 60's to 80's are coming due and some fuckery in accounting standards subsequently led to underfunding pensions for decades. They realized this in the 90s and the political will to tax more or cut other...