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"Where schemes are fully funded and there are protections in place for members, we support efforts to help trustees and employers consider how to safely release surplus if it can improve member benefits or unlock investment in the wider economy," said Nausicaa Delfas, chief executive of TPR.

Texas Military Department “did not deny that it had blocked access,” reports TPR, but claims a unit “actively searched the river with lights and night vision goggles. No migrants were observed,” then later observed Mexican authorities “responding to an incident on the Mexico side of the river bank.”

Nearly two-thirds of Britain's defined benefit pension schemes use LDI funds, according to TPR.

TPR had "consistently alerted trustees to liquidity risk", CEO Charles Counsell said this week.

TPR says no scheme has been at risk of going insolvent -- rising yields actually improve the funding position of funds -- but schemes lacked access to liquidity.