In search of the perfect match

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Pension fund deficits have yo-yoed over the past two years during a period of extraordinary volatility in equity markets. The problem of plummeting asset values was compounded by a rise in the value of liabilities due to falling interest rates. When equity markets were at their lowest last March, the proportion of UK pension schemes in deficit reached a high of 86%, with a shortfall of £242 billion, according to the Pension Protection Fund’s 7800 Index, a monthly tracker of t