Editor's letter: Nothing for nothing

One of the worst kept secrets in the US and UK pension fund industries is that both are in a bit of a pickle. Television and print media on both sides of the Atlantic have been littered with reports regarding pension fund 'holes' or shortfalls since the global equities markets started heading south in early 2001. The continued poor performance of the equities markets, combined with increased longevity of pensioners – clearly obesity and heart disease are not affecting life expectancies quite