Defined Benefit Pension Schemes in the UK

This is a timely book bringing in one place the asset liability management of defined benefit pension schemes. There is something for everyone in the book, an overview and details on liability and assets risks as well - the structure of the book is particularly good. The best thing about the book is that it presents ALM in a simple and easy to understand way, which is really helpful to trustees and pension managers of schemes. This book certainly brings an alternative approach to managing pensions. * Dinesh Visavadia, Head of Pensions, Britvic plc * Defined Benefits Pension Schemes in the UK is a timely and valuable contribution for decision-makers to prepare investment committees, ask the right questions, challenge solutions provided by investment experts and fully understand the consequences of their decisions. It is a major achievement. * Bernard Marois, Emeritus Professor Finance HEC, Honorary President of the HEC Finance Club * Marcaillou takes us inside the way the assets and Liabilities of DB schemes work and explains how to maximise both sides of the capital structure; he leaves no stone unturned in his exploration and practical conclusions that he has decided to pass on. The depth of the book will make it a valuable addition to everyone interested by this strategic and complex topic ... Highly recommended. * Jean Eyraud, Chairman Af2i French Association of Institutional Investors * Philippe's book develops a powerful methodology for maximizing investments and making better investment decisions. He has consolidated his extensive experience, summarizes practical conclusions and enables the reader to improve their knowledge without being overwhelmed by the more obscure elements of the investment and actuarial professions. * Richard Waterbury, Chairman of Trustees, Akzo Nobel CPS Pension Fund * This book is an important contribution to the industry. The author brings a holistic view of a complex topic, making it simpler to grasp. This tour de force brings unique insights and useful references to practitioners, regulators and academics. Marcaillou brings all his inside knowledge together in Defined Benefit Pension Schemes in the UK. * Pascal Duval, Chief Executive Officer, Russell Investments, EMEA * This book must be read by anyone with specialized interest in investments and Asset & Liability Management...educational, well researched, there are numerous examples and illustrations...I strongly recommend this text to those involved in the Pension industry. * Vincent Cornet, Managing Director - CIO La Banque Postale AM President LbpSam * Defined Benefits Pension Schemes in the UK is an ambitious book which will be valued particularly for its careful explanations of how the performance and risk of the Asset and Liability structure of DB Schemes and its components can be analyzed, maximized and monitored...a collection of valuable practical and academic contributions! * Michel Peretie, Partner & CEO at RiverRock European Capital Partners LLP, Non-executive Chairman Riverbank S.A. * An important new book...an authoritative tool kit for experts and non-experts on the maximization of the management of Asset & Liabilities of Pension Funds which can be applied to countries worldwide. * Henri Ghosn, Chairman Club HEC Finance International, Chairman SOFRAGI (Asset Management) * Defined Benefit Pension Schemes in the UK is a first and an excellent guide for trustees. The book will decidedly aid the thinking of trustees about the right investments and hedging solutions. It will also prepare investment committees and help trustees challenge solutions provided by investment consultants and asset managers. * Alan Burns. Trustee, MGN Pension Fund and a member of the Investment Committee * The book delivers profound and practical insights on investments and hedging solutions used by investment experts in the Pension Industry. Marcaillou provides finance experts and students interested by this topic a practical guide to capture value creation opportunities in the complexity of today's global and dynamic markets. * Denis Dubois, Honorary Professor of Finance, Conservatoire National des Arts et Metiers, former Director - EFAB Department,(Economie, Finance, Assurance, Banque) * This practical tool-kit is a powerful one for decision makers who wish to protect the interest of members of DB schemes whilst protecting the interest of the shareholders and bondholders of sponsors. The book's value comes from Philippe-N. Marcaillou's willingness to share his experience, the best practices and the lessons learned. * Philippe Messager, Chairman AFTE (French Association of Corporate Treasurers) * I found that Philippe-Nicolas' book Defined Benefits Pension Schemes presents a strong methodology for optimizing investments strategies and making robust liability hedging decisions. This book is a strong contribution for CIO's, Trustees and anyone with interest in Pension Asset & Liability Management. * Regis Henry, Head of Capital Markets and Pension Assets chez Solvay * I found this work to be comprehensive and well written. * David Fortune, The Fund *