What's the Impact of QE on the Pension Fund?

The Bank of England intervened with an announcement that they would do daily auctions of up to £5 billion each in long dated securities. The announcement just collapsed long yields by 100 basis points. And then the second question was about like, what was the impact on pension funds? Well, some of these pension funds will be cleared out of their hedges, whether through their choice or through their managers choices, up when long dated yields were above 5%. I don't think anyone knows the impact systemically yet as to what the hits have been for them. Hopefully it's small. In macro economic terms, it'll be small, but it'll be hugely painful for a number of schemes.