An actuarial lens on the UK's Whole of Government Accounts 2023-24: £5 trillion of liabilities, £1.3 trillion of unfunded pensions, and a balance sheet with less margin than ever. Revenue, expenditure, the pension iceberg, PFI, migration, and what it all looks like scaled to a household earning £50,000.

I expanded my IAS 19 analysis to 12 FTSE companies and derived a metric from public OCI data that reveals how well each scheme's assets track its liabilities: the hedge ratio. Five companies show ratios above 100%, consistent with leveraged LDI. Investment strategies have shifted dramatically since the 2022 gilt crisis — and the disclosure gap around leverage is a problem.

Four FTSE companies, 20+ data points each, one hour. AI-extracted IAS 19 pension disclosures from BT Group, BAE Systems, Tesco and BP — compared side by side.

AI is coming for most white-collar jobs. Blue-collar too, but it will take longer because of the delay before hundreds of millions of robots can be manufactured. So it is now vital for you to use AI to increase your productivity by a multiple.