JONATHAN STAPLETON: What do you believe are the biggest issues facing pensions schemes at the moment?
GEOFFREY STAINES: Well, there are two main ones. The first is the problem of the risk created by the defined benefit pension liability to the balance sheet of the sponsoring companies – both the liability itself and the volatility of that liability. I think that’s a serious problem occupying a lot of time, certainly my time. The second issue is a more recent one, and that is the impact of the