As John Ralfe, a pensions consultant, points out, if companies have matched their liabilities by buying inflation-linked government bonds, they are hedged.
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John Ralfe, an independent pensions consultant, warned that many companies are not even yet recognising the current benchmark assumptions for longevity, let alone more prudent ones.
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"The total cost of the more generous but later pension is the same as the cost of the current less generous but earlier pension", Mr Ralfe says.