❓Did you know❓Earlier this year, @USSpensions proposed a new investment strategy to employers that would ramp up their leveraged liability driven investments (LDI). Yes, that's the very strategy that's in the news for having caused major problems for pension schemes... 1/
The claim from USS in a message from @Barker4Kate to employers is that they've weathered the storm (so far). This is believable, because their cashflows are much easier to manage than in closed schemes, and they may not have got far ramping up the leverage when the crisis hit. 2/ 
But this has all the hallmarks of a bullet dodged. You wouldn't know it from outgoing (🙏) CEO Bill Galvin's message to employers at the end of last month, which seemed to paint their new strategy as their saviour rather than the potential pitfall. 3/
And on that leveraged investment strategy, remember that there was significant criticism of the plans from some of the highest profile employers (including @Cambridge_Uni), who warned of the dangers (see @JosephineCumbo's report). 4/ ft.com/content/20c2e8…
Incredibly, @Barker4Kate's message from earlier this week talks of 'broad support' from employers for the strategy, despite linking to a document that puts the support at around a quarter of respondents (weighted by liabilities). Post-truth? 5/
So, in summary: @USSpensions have dodged a bullet, employers should demand a rethink, and members' pensions are unharmed. Let's hope the leveraged LDI strategy is the final act of damage to the scheme that Bill Galvin has a hand in. #USSmess #ucuRISING 6/6
@USSpensions @Barker4Kate And here's Bill Galvin's earlier message to employers: ddlnk.net/t/2PRX-1BL7H-2…
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