The outlook for pension scheme investment in 2023

We have lived through an extraordinary period in markets (particularly in the last 15 years) – an era of ‘cheap money’, with ultra-low interest rates meaning that the cost of capital for businesses was low and stable, and negligible inflation meant that there was no eating into real returns for investors – this kept salary growth low and stable too. 2022 saw an end to all that – inflation was already picking up when we started the year, but the idea that it was “transient” quickly disappeared following the Russian invasion of Ukraine, which pushed up fuel and other costs, and saw interest rates...