British pension funds face cash calls as gilt yields surge amid market turmoil from the Iran war, drawing uncomfortable comparisons to the 2022 Liz Truss mini-Budget crisis.

UK pension funds are facing cash calls to cover hedging positions as ten-year gilt yields spike above 5.1% amid market turmoil caused by the Iran war, echoing the 2022 Liz Truss mini-Budget crisis but with less severity due to LDI reforms.