The perfect match (TT Janfeb05 p23-25)

Pensions financing is an oddity – and one for which normal financial laws do not apply. For example, £100 of equities is commonly felt to be worth more than £100 of bonds – but this is obviously a misleading concept. Company treasurers do go to great lengths to micro-manage their businesses’ interest rate and exchange rate risks. So why do they not apply the same principles to pension fund management?