UK Pension Funds invest in Gilts. Quantitative Easing by the Bank of England has depressed the yield on Gilts so pension fund managers are forced to look for higher-yielding investments which, by definition, are higher-risk. Currently, pension scheme deficits for companies in the UK’s FTSE 100 companies are at about £43.9 BILLION, with not enough fund assets to cover Pension Scheme obligations. What is euphemistically called the Pension Funding Gap. That means that company pension funds have neither the assets nor the cash to pay their current projected pension liabilities. A good start (apart from making an example of a few Actuaries!) would be for future governments to stop the constant legislative and regulatory changes which have blighted the pensions industry for the last thirty years.