Checkmate for Pensions?

We have reached a dangerous level of underfunding in pension plans across the world and politicians have not addressed this issue. In fact, the pension crisis was totally ignored at the G20 last week.

And let there be no doubt, the scale of this problem is global. In Japan, the $1.5 trillion state pension fund is likely to cut back its purchases of domestic stocks and foreign bonds this year, removing a key source of support for the Nikkei but providing some relief for the sliding yen: