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GLOSSARY

Absolute return definition

Published by a LexisNexis Pensions expert

What does Absolute return mean?

An investment strategy the objective of which is a given level of long-term return rather than a return relative to a benchmark, index or inflation measure.

Absolute returns advocates argue the pensioners need real returns, not a return which reflects, for example, a falling market. Hedge funds usually adopt absolute return strategies. For pension funds the counter argument is they involve excess risk, especially as no one guarantees the target can be achieved.

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The Pension Protection Fund—reducing the risk-based levy

The Pension Protection Fund—reducing the risk-based levy FORTHCOMING DEVELOPMENT: In its consultation paper published on 12 September 2024, the PPF proposes: • a levy estimate for 2025/26 of £100m (the same as for 2024/25, which is the lowest levy ever and is consistent with the approach consulted on last year) • changes to its methodology to allow the PPF to continue spreading the cost of the levy across a broad pool of risk-based levy payers (rather than allowing the levy to become concentrated on a smaller group). In particular, the PPF proposes to (i) reduce the levy scaling factor so that the PPF doesn’t collect more than the £100m planned, (ii) increase the scheme-based levy multiplier to ensure maximum utilisation of the scheme-based levy, and (iii) increase the asset and liability stresses used to two standard deviations • to make it simpler for schemes to get levy credit for deficit reduction contributions (DRCs) The PPF expects that these changes will have a limited...

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EFAMA publishes interview and procedural overview on the European fund classification

The European Fund and Asset Management Association (EFAMA) has published an interview with the head of market insight at the Investment Association (IA) and chair of EFAMA’s European Fund Classification Taskforce, Miranda Seath, on the European Fund Classification (EFC), along with an EFC procedural overview for fund managers.

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