Reports of DB's return are greatly exaggerated

In the pensions world, some commentators have also remarked that reports of the death of defined benefit schemes are also exaggerated. That may have a grain of truth in it, but more recently these claims have become more bullish. Thanks to the combination of rising equity markets and higher long-dated gilt yields, deficits are falling. Not only will DB schemes survive, they may even stage a comeback, according to the soothsayers. I take issue with this because these reports of the almost rude health of DB schemes still don’t tell the whole truth and nothing but. The reason for this is that...