Nice stuff as always gents. I entirely agree with your take on the "strategic autonomy" fetish.
On the UPS: I am struggling to see a material difference from the OPS. The only saving grace seems to be an attempt to fund a corpus on an ongoing basis rather than a pure PAYG model (where no liability or expense shows up on the financials for a while). The other major issue with OPS remains - that the government is on the hook for the inflation linked guarantee even if the contingency fund should prove inadequate.
Nice stuff as always gents. I entirely agree with your take on the "strategic autonomy" fetish.
On the UPS: I am struggling to see a material difference from the OPS. The only saving grace seems to be an attempt to fund a corpus on an ongoing basis rather than a pure PAYG model (where no liability or expense shows up on the financials for a while). The other major issue with OPS remains - that the government is on the hook for the inflation linked guarantee even if the contingency fund should prove inadequate.