BoA: The pension Pain Trade

BoA: Pension Managers Could Be About To Give Up

Bond yields have plunged since Brexit, and it looks as if they are set to continue their downward decline going forward as the Bank of England, European Central Bank, and US Federal Reserve all adopt a more dovish tone to calm financial markets.

This is bad news for pension funds. According to the most recent Milliman estimate, as reported in a new research note from Bank of America, the average funded ratio of the top 100 US corporate defined benefit pension plans already had dropped to 77% by the . . .

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