The corporate pension industry landscape has evolved more in the last five years than in the previous five decades. Similarly, the thinking and overall approach to managing corporate pension schemes has also undergone a revolution of sorts, with the concept of scheme ‘de-risking' at the heart of a new investment paradigm.

There can be little doubt that, across the pension industry equation – consultant, trustee, sponsor, investment manager – the critical issue faced today is that of funding level shortfalls and in turn, how to ensure future member benefits.

The key consideration in any approach is gaining a comprehensive, detailed understanding of the risks involved, both general and scheme specific.