The US government’s trade policy, characterised by imposing or threatening to impose tariffs and then putting them on hold, is unsettling the stock markets and thus leading to high volatility. It is unclear how this will affect globalised supply chains in which semi-finished goods cross national borders multiple times during the manufacturing process.
Negative equity returns are currently (as at mid-April 2025) leading to negative performance for PUBLICA in the form of book losses.
PUBLICA is taking advantage of the tactical bandwidth offered by its strategic asset allocation, but it is not making any changes in response to US trade policy.
It is impossible at present to predict what the funded ratio will be at the end of 2025.
PUBLICA will remain able to pay current pensions at all times. Members leaving PUBLICA or retiring in 2025 will not see a reduction in their pension.