How a $1 trillion market collapse led the United Kingdom to the verge of a financial calamity

Pension plans are intended to be boring.

Their only objective of making enough money to fund retiree payments rewards calm decision-makers over bold risk-takers.

However, as British markets went berserk last week, hundreds of pension fund managers in the country

It just required one significant shock. 

Investors fled the pound and UK government bonds after finance minister Kwasi Kwarteng revealed plans to increase borrowing to pay for tax cuts on Friday, Sept. 23.

As a result, rates on some of that debt shot up at the quickest rate in history.


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