On 05 November 2003, I gave the first of a new series of seminars, jointly arranged by PRMIA (Professional Risk Managers’ International Association) and Cass Business School (part of City University, London). The title of this presentation included “Pensions Crisis” but I was really concentrating upon explaining why I thought final-salary pension schemes should sometimes invest in equities. Apart from looking at a couple of methods for estimating the return on UK equities, bringing in elements from a contemporary UK working party, I ended up with an explanation of what I call “DVR”.