UK - New rules on pension scheme investing will make trustees more likely to use liability driven strategies, says the National Association of Pension Funds (NAPF) in a new publication.

However, the new rules, such as Occupational Pension Schemes Investment Regulations 2005, do "not specifically say that schemes must use a liability driven strategy", the NAPF said.

It added: "But they do say that a scheme's investments should be appropriate to its liabilities."

The comments follow the launch of the NAPF's new Liability-Driven Investment Made Simple guide, which describes the complexities of liability-driven investments (LDI).

The new guide "explains how to understand pension schemes liabilities, explores some of the aims of pension scheme investments and sets out in clear terms the four stages of implementing and LDI strategy," the NAPF said.

The guide is available in PDF format, priced £15 for NAPF members and £30 for non-members. It can be ordered from the association's website