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Mary McDougall

@marymcd.bsky.social
6.7K followers 535 following 72 posts

Pensions correspondent @FT. Tips to mary.mcdougall@ft.com

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Reposted by Mary McDougall
Toby Nangle @tobyn.bsky.social · 17/03/2026
Remember s892 that was going to screw SWFs? SWFs got cross, and @marymcd.bsky.social got the US Treasury to provide on-the-record assurance that existing investments won't be subject to changes. www.ft.com/content/c283...
ft.com
Washington seeks to reassure sovereign wealth funds over tax changes
Top foreign investors have warned they could cut their US exposure if Treasury presses ahead
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Reposted by Mary McDougall
William Wright @williamw1.bsky.social · 18/02/2026
Really interesting article but it's important to note that the 'cost' of these schemes is more than just the cash cost. Moving to a funded model would make them more sustainable, reduce the cost of funding them, boost investment + improve the UK's net investment position www.ft.com/content/afa6...
ft.com
Are the UK’s public sector pensions unaffordable?
The Reform party has set its sights on unfunded schemes — but not everyone agrees they are a ‘major problem’
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Mary McDougall @marymcd.bsky.social · 05/02/2026
USS has had some high-profile investment failures in recent years and its returns have lagged other open DB schemes. But its funding position has improved dramatically and a higher hedge ratio now makes the fund look more resilient. Has its investment strategy worked? www.ft.com/content/f0e9...
ft.com
The questions over strategy at the UK’s largest private pension fund
High-profile losses put spotlight on the Universities Superannuation Scheme’s push into private markets
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Reposted by Mary McDougall
Josh Gabert-Doyon @joshgd100.bsky.social · 20/01/2026
Hosted today's FT News Briefing, featuring segments on Chinese demographics, EVs, Saudi Arabian bank borrowing and an interview with @marymcd.bsky.social on Europe's pension woes. www.ft.com/content/ae01...
ft.com
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Reposted by Mary McDougall
Toby Nangle @tobyn.bsky.social · 15/01/2026
Good FT Big Read on whether Europe can still afford its generous state pensions by @marymcd.bsky.social www.ft.com/content/9c3c...
ft.com
Can Europe still afford its generous state pensions?
Rising numbers of older people across the continent are straining budgets and making for some difficult political decisions
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Reposted by Mary McDougall
Mike Harrison @higheredactuary.bsky.social · 07/01/2026
Excellent to see @marymcd.bsky.social with a full page pensions piece in today’s FT. Politics and pensions mix badly.
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Mary McDougall @marymcd.bsky.social · 13/11/2025
Private equity has been in the doldrums, with groups struggling to exit investments and raise fresh capital. But one of the world’s biggest PE investors isn't holding back: www.ft.com/content/0b97...
ft.com
The $590bn Californian investor betting big on private equity
Calpers believes private markets will outperform in the long term. Sceptics question its strategy
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Reposted by Mary McDougall
Thomas Aubrey @thomasaubreycca.bsky.social · 06/11/2025
Good piece by @marymcd.bsky.social on insurers taking leveraged gilt bets to enhance returns ft.com/content/427a... One reason for this demand is the UK government has closed off the market for public corporation debt (pricing at c.50-100 bps above gilts) Crucially this debt would transform the rate
ft.com
Leverage creeps into gilts market as insurers seek to boost returns
Use of derivatives to enhance bets on UK government bonds raises parallels with strategies that fuelled 2022 meltdown
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Reposted by Mary McDougall
Ian Smith @iankmsmith.ft.com · 06/11/2025
In the ultra-competitive market for corporate pensions deals, and with credit spreads incredibly tight, big insurers are leveraging up their gilts to eke out higher returns. Leveraged gilts backing pensions: never goes wrong obviously www.ft.com/content/427a...
ft.com
Leverage creeps into gilts market as insurers seek to boost returns
Use of derivatives to enhance bets on UK government bonds raises parallels with strategies that fuelled 2022 meltdown
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Mary McDougall @marymcd.bsky.social · 20/10/2025
A new wave of economic nationalism in Canada is pushing the country's largest pension funds to invest more in the domestic economy www.ft.com/content/209a...
ft.com
Pension funds urged to target ‘Canada First’ investments
Industry minister wants financial institutions to help cut the country’s economic dependence on the US
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Mary McDougall @marymcd.bsky.social · 16/10/2025
Move over ‘Maple 8’, here comes UK’s ‘Sterling 20’ group of pension funds… on.ft.com/4n39uYN w/ @aarmstrongsays.bsky.social and @jenwilliamsft.bsky.social
on.ft.com
Reeves to encourage pension groups to team up in push for UK investment
Chancellor’s Sterling 20 initiative will try to make it more seamless for pension funds to back British infrastructure and growth projects
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Mary McDougall @marymcd.bsky.social · 30/09/2025
The 21 local authority pension funds orphaned by closure of Access and Brunel asset pools look set to split almost evenly with seven to Border to Coast, seven to LGPS Central, and four to LPPI (three yet to announce but two expected to go to LPPI). Govt said they could not all move together.
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Reposted by Mary McDougall
Financial Times @financialtimes.com · 28/09/2025
Baillie Gifford among fund managers at risk from pooling of local authority pension funds on.ft.com/4mC6Hpi
on.ft.com
Baillie Gifford among fund managers at risk from pooling of local authority pension funds
Chancellor Rachel Reeves is on a mission to consolidate assets to lower costs and support investment
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Mary McDougall @marymcd.bsky.social · 05/09/2025
Tax-free pension withdrawals have shot up ahead of bringing pensions within IHT and budget speculation that the tax-free lump sum allowance will be cut. FoI response from FCA. w/ @emdunks.bsky.social: www.ft.com/content/f9f9...
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Mary McDougall @marymcd.bsky.social · 03/09/2025
PFZW has pulled €14bn equity mandate from BlackRock and €15bn from LGIM as it pivots to active strategies after a sustainability review. PFZW said it had “become more difficult to align with American managers when it comes to voting”. w/ @attractamooney.bsky.social www.ft.com/content/e8ec...
ft.com
Top pension fund pulls €14bn from BlackRock in sustainability pivot
PFZW dumps world’s largest asset manager as European managers increasingly diverge with US over ESG
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Mary McDougall @marymcd.bsky.social · 01/09/2025
Reform's Richard Tice making some bold claims on LGPS reform. Many agree costs should be lower but are sceptical of his plans: www.ft.com/content/f325...
ft.com
Reform UK calls for end to ‘egregious’ council pension fund fees
Populist party says taxpayers are being ‘taken for mugs’ over Local Government Pension Scheme
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Mary McDougall @marymcd.bsky.social · 29/08/2025
How might Torsten Bell shape the autumn budget? And what's out of scope: www.ft.com/content/4b34...
ft.com
Torsten Bell’s manifesto: how could UK pensions minister shape tax reform?
Rachel Reeves has given the former chief of a left-leaning think-tank a key role in preparing her Autumn Budget
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Reposted by Mary McDougall
Ian Smith @iankmsmith.ft.com · 29/08/2025
Retail gilt splurge that definitely won't go wrong continues www.ft.com/content/f744... Nice story from @marymcd.bsky.social @emilydherbert.bsky.social @lexiter.ft.com
ft.com
Retail investors flock to gilts in record year
Investment platforms report big inflows as yields rise
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Mary McDougall @marymcd.bsky.social · 27/08/2025
www.ft.com/content/8f73... The National Wealth Fund has partnered with Aware Super and Equitix to invest £500mn in battery developement and storage across England and Scotland. Aware Super hopes for double digit returns. Will British pension funds follow?
ft.com
UK National Wealth Fund boosts investment in ‘volatile’ battery storage sector
£500mn cash injection into Eelpower Energy aims to draw investors and ease grid pressures
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Mary McDougall @marymcd.bsky.social · 26/08/2025
M&G, Schroders and Hargreaves Lansdown explore entering the ‘master trust’ pension market, which DWP estimates could grow from about £140bn in 2023 to about £420bn in 2030. www.ft.com/content/685e...
ft.com
M&G, Schroders and Hargreaves Lansdown explore ‘master trust’ pension market
Asset managers aim for new business as UK government pushes fewer, bigger schemes with better governance structures
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Reposted by Mary McDougall
Toby Nangle @tobyn.bsky.social · 17/08/2025
Interesting read on how pension costs are squeezing post-92 universities from @marymcd.bsky.social on.ft.com/4oTBmAW
How much must pre-92 and post-92 universities contribute to pensions?

The schemes have different accrual rates and different levels of security, but this is what VCs see when looking at payroll: it now costs way more to hire an academic (on the same salary) at a post-92 university.
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Mary McDougall @marymcd.bsky.social · 11/08/2025
Big LGPS news - seven of the local authority funds in the ACCESS pool have signalled intent to joing Border to Coast - which will pull its aum from £65bn to over £100bn www.ft.com/content/04b6...
ft.com
Seven UK local authority pension funds to join Border to Coast
Ministers want town hall schemes to combine assets
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Mary McDougall @marymcd.bsky.social · 31/07/2025
The latest in North American investors swooping in on the UK's pension risk transfer market @leeharris.ft.com www.ft.com/content/f460...
ft.com
Brookfield strikes £2.4bn deal to buy London-listed insurer Just Group
Chancellor Rachel Reeves welcomes deal amid concerns over UK stock market departures
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Reposted by Mary McDougall
Henry Mance @henrymance.ft.com · 25/07/2025
The most important story in the world right now.
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Mary McDougall @marymcd.bsky.social · 22/07/2025
HMRC has made some changes to its plans for bringing pensions within inheritance tax estates from 2027 - welcomed by scheme administrators but adds more burden to estate executors. Good news for DB schemes that death in service benefits no longer in scope www.ft.com/content/ec85...
ft.com
Bereaved families to report and pay tax on inherited pensions
Government to switch responsibility away from pension providers
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Reposted by Mary McDougall
Financial Times @financialtimes.com · 21/07/2025
UK launches review into state pension age on.ft.com/3UnSBfu
on.ft.com
UK launches review into state pension age
Move announced as government appoints commission to look at boosting retirement savings
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Reposted by Mary McDougall
Financial Times @financialtimes.com · 20/07/2025
UK pensions overhaul looms as minister warns of slump in retirement income on.ft.com/4fj0ixr
on.ft.com
UK pensions overhaul looms as minister warns of slump in retirement income
Torsten Bell says government will ‘complete the job’ of Blair-era reforms
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Reposted by Mary McDougall
Financial Times @financialtimes.com · 14/07/2025
Lord Mayor criticises UK companies for choosing low-fee pension schemes on.ft.com/44R7H23
on.ft.com
Lord Mayor criticises UK companies for choosing low-fee pension schemes
Alastair King says investing in alternative assets will yield higher returns ahead of Mansion House speech
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Reposted by Mary McDougall
Ian Smith @iankmsmith.ft.com · 10/07/2025
Today in "reasons to be worried about long-term debt demand" #1 @marymcd.bsky.social on Dutch pension funds who are moving from DB to DC and needing a lot less long-dated sovereign bonds www.ft.com/content/8679...
ft.com
Dutch pension funds set to sell €125bn of government bonds
Overhaul of Eurozone’s largest retirement sector is expected to put pressure on continent’s debt markets
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Reposted by Mary McDougall
Thomas Aubrey @thomasaubreycca.bsky.social · 09/07/2025
Great piece by @marymcd.bsky.social and Sam Fleming www.ft.com/content/6505... re: OBR concerns on the growing pressure on the public finances. This also highlights the flaw at the heart of the government's strategy of centralising financing via gilts in the hope that this increases future tax
ft.com
UK faces ‘daunting’ risks to public finances, OBR warns
Britain’s ability to respond to future shocks is ‘substantially eroded’ because of high debt, says fiscal watchdog
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Reposted by Mary McDougall
Financial Times @financialtimes.com · 30/06/2025
Pension pots of savers at risk from new UK rule, industry experts warn on.ft.com/4erPblb
on.ft.com
Pension pots of savers at risk from new UK rule, industry experts warn
Forcing defined contribution schemes to invest a minimum amount in private assets could ‘lead to poorer returns’
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Reposted by Mary McDougall
Mike Harrison @higheredactuary.bsky.social · 24/06/2025
Some BIG pensions numbers on the front page of today’s FT with excellent reporting inside from @marymcd.bsky.social.
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Mary McDougall @marymcd.bsky.social · 19/06/2025
Scottish Widows is preparing to slash exposure to UK equities in its £72bn pension default funds. Bad news for Britain’s ailing stock market. Big jump planned for its US equity exposure. Comes after the Lloyds-owned pension provider refused to sign Mansion House Accord: on.ft.com/4n7SGB9
on.ft.com
Scottish Widows to slash UK equity exposure
[FREE TO READ] Move by Lloyds Banking Group-owned pension provider comes as government pushes for more investment in British companies
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Reposted by Mary McDougall
Financial Times @financialtimes.com · 15/06/2025
Australian pension fund Aware Super cites ‘significant’ opportunities in Europe www.ft.com/content/ee20de60-4787-4a…
ft.com
Australian pension fund Aware Super cites ‘significant’ opportunities in Europe
One of country’s largest funds is ahead of schedule with plans to invest billions in UK and rest of continent
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Reposted by Mary McDougall
Ian Smith @iankmsmith.ft.com · 06/06/2025
“It’s a classic supply-and-demand mismatch problem, but on a global scale” The pressure is building in the long-term government bond market on.ft.com/3Zk9Dhx
on.ft.com
The mounting pressure on bond markets
[FREE TO READ] For the first time in almost a generation, governments are starting to face regular resistance from investors when they try to sell long-term debt
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Mary McDougall @marymcd.bsky.social · 06/06/2025
Interestingly the reserve power in the pensions bill to force DC schemes to invest in the UK is linked to the scale test and regulatory approval. Will not apply to listed securities and has a sunset clause of 2035. No detail on what an asset allocation target could be. on.ft.com/4dSPxkH
on.ft.com
UK pensions bill pushes more investment in private markets
Proposed law would give regulators option to force some defined contribution workplace schemes to back more British assets
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Reposted by Mary McDougall
Financial Times @financialtimes.com · 05/06/2025
Big investors shift away from US markets www.ft.com/content/019a275c-ab14-4a…
ft.com
Big investors shift away from US markets
Donald Trump’s trade war and rapidly mounting government debt have shaken confidence in American assets
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Mary McDougall @marymcd.bsky.social · 05/06/2025
UK pensions bill coming today! Covers key areas including: small pot consolidation, income in retirement, value for money, multi employer scheme consolidation, DB surplus extraction, DB superfunds, ppf levy, and controversial ‘reserve’ power to set asset allocation targets… on.ft.com/4kv5z6L
on.ft.com
UK to unveil pension reform aimed at boosting retirement savings
Parliamentary bill presented on Thursday set to include a ‘reserve’ power that could force schemes to invest more in Britain
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Mary McDougall @marymcd.bsky.social · 04/06/2025
New York City's $290bn pension systems is weighing whether to invest more overseas as it brings forward its strategic asset allocation review following a spate of erratic policy measures in the US www.ft.com/content/65c8...
ft.com
New York pension scheme considers boost to overseas investments
Donald Trump’s erratic policies have prompted ‘gut check’ review of asset allocation, says investment chief
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Mary McDougall @marymcd.bsky.social · 29/05/2025
Phase 1 of UK pensions investment review is in: govt to legislate for ‘backstop’ powers to force investments in Britain and the scale test for DC multi-employer funds has been watered down a bit from initial proposals (to £25bn by 2035): on.ft.com/3FzPNIj
on.ft.com
UK confirms powers to force pension funds to back British assets
Chancellor hopes plan to establish ‘megafunds’, circumscribed by binding allocation targets, will drive returns for savers
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Mary McDougall @marymcd.bsky.social · 25/05/2025
CDPQ, Canada’s second-largest pension fund, plans to invest £8bn in Britain over the next five years (£17bn current allocation). CEO says UK "top of the list" compared with other countries as it looks to lower allocation to US and invest in infrastructure around the world www.ft.com/content/ebba...
ft.com
Canadian pension giant to invest more than £8bn in UK
Government plans for infrastructure are ‘huge opportunity’, says CDPQ chief
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Reposted by Mary McDougall
Toby Nangle @tobyn.bsky.social · 23/05/2025
Terrific @alphaville.ft.com post by Ajay Rajadhyaksha, global chair of research at Barclays, on the long-dated JGB horror-show — and why this is not a niche concern. on.ft.com/4kvBmE8
on.ft.com
The Japanese government bond market is in trouble
The return of the bond vigilantes . . . in Japan?
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Mary McDougall @marymcd.bsky.social · 21/05/2025
Canada's largest pension plan, which manages C$714bn ($516bn), has 47 per cent invested in the US. That's up from 42 per cent last year and 36 per cent in 2023. Private equity has been its biggest underperformer over the past five years. www.ft.com/content/a2cc...
ft.com
Canada’s largest pension plan has nearly 50% of assets invested in the US
Increase in Canada Pension Plan Investment Board’s exposure comes despite geopolitical tensions
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Mary McDougall @marymcd.bsky.social · 21/05/2025
The EU's pan-European personal pension product, launched in 2022 to great fanfare, has attracted only 5,000 users and less than €12mn - or < 0.0002 per cent of its €700bn assets target😑 www.ft.com/content/929c...
ft.com
EU watchdog slams Brussels’ failure to grow private sector pensions
A flagship cross-border product has attracted few users and assets since its launch three years ago
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Mary McDougall @marymcd.bsky.social · 21/05/2025
Meet the European pension funds pulling/reviewing mandates from asset managers over sustainable investing concerns www.ft.com/content/ac82...
ft.com
European and UK pension funds drive transatlantic split on sustainable investing
Number of mandates under review over asset managers’ record is growing, consultants say
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Mary McDougall @marymcd.bsky.social · 19/05/2025
US college endowments funds are in a tight spot. PE distributions have slumped, capital commitments need to be met. Funding cuts are putting pressure on universities and endowment funds will face much higher taxes soon if proposals tabled in Trump’s tax bill become law: www.ft.com/content/b209...
ft.com
Ivy League endowments struggle with secondary private equity sales amid funding crunch
US college funds are also rushing to complete sales ahead of potential changes to investment taxes
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Reposted by Mary McDougall
Ian Smith @iankmsmith.ft.com · 16/05/2025
It is fine bc no one has any other reason not to buy Treasuries rn on.ft.com/4jZTTZx
on.ft.com
Moody’s strips US of top-notch triple-A credit rating
[FREE TO READ] Agency warns of strains caused by rising government debt and a widening budget deficit
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Reposted by Mary McDougall
Toby Nangle @tobyn.bsky.social · 13/05/2025
🚨Reform made huge gains in the local elections. But as well as winning councils, they won influence on £100bn of LGPS pension assets. A US-style war on 'woke investments' looks to be coming to UK asset mgmt. on.ft.com/3ZhOh4j
on.ft.com
Reform UK can now influence over £100bn of pensions. Brace for the war on ‘woke investments’
Farage & Co could make a big splash at the pool party
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Reposted by Mary McDougall
Ian Smith @iankmsmith.ft.com · 10/05/2025
“Frankly, I think we’ve seen peak investment in US assets” Bankers, fund managers and CIOs predict slow bleed out of dollar assets, as real money chips away at a big US overweight. With @marymcd.bsky.social on.ft.com/4jQ7EKf
on.ft.com
Selling of dollar assets signals start of longer-term shift, warn investors
[FREE TO READ] Big institutional money managers said to trim US exposure on concerns over policymaking
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Mary McDougall @marymcd.bsky.social · 22/04/2025
Top Canadian pension funds are stepping back from competing head-on with private equity groups to buy up companies, instead opting to invest alongside them to secure access to the best deals. on.ft.com/3GgAnZP
on.ft.com
Pension groups cut back on pioneering private equity investments
Canadian pension funds are increasingly favouring partnerships with buyout firms
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