The main points covered in this article comprise:

1. UK pension funds are major equity market players (times have since changed)
2. implications of independence probably not fully recognised
3. trustees not aware how far they can ignore short-term effects
4. assets accumulated against long-term liabilities
5. assets and liabilities should be tackled together
6. trustees have longer planning timeframe than other investors
7. six reasons why market value results can be misleading
8. trustees would like to know underlying “locked-in return”
9. my approach appears to provide this information