Redington's work indirectly led to the development of Liability Driven Investment (LDI) techniques for corporate pension funds.
'Marking to market' accounting standards that highlighted the risks being run by defined benefit (DB) pension schemes, together with more rigid regulation, solvency requirements, dividend tax, low interest rates and improving longevity, have all contributed to DB pension scheme decline in the private sector.
Ross Goobey, as Imperial Tobacco's pension fund manager, first noticed that dividends from shares could rise over time and provide a real rate of return, albeit volatile and not certain.
Frank Redington was born in Leeds and attended Liverpool Institute for Boys, and Cambridge University.
He joined the staff of the Prudential life insurance company in 1928 and became its Chief Actuary in 1951, continuing in that capacity until his retirement in 1968.