Pensioner security needed

Dear Editor, While much debate has focused on the quantum and merits of the UK government's fiscal stimulus measures, far less attention has been given to the structure and potential impact of the new government debt that needs to be issued to underpin these. The sharp deterioration in pension funding positions revealed by the latest numbers from the Pension Protection Fund is symptomatic of the crippling long-term liabilities faced by defined benefit pension schemes and their corporate sponsors. These liabilities are nearly all index-linked and can stretch out over decades, with over £...