What else can you do when your task is to deliver a fixed income stream to pensioners and interest rates are 5% one year and 0% the next?
The fundamental problem of our current monetary system is unstable interest rates. Pension funds can't fulfill their purpose under these circumstances. Not without taking risks, at least.
Internet rates have been more stable over the last 14 years than at any point in recent history. Even with the combined problems of covid recovery shocks and the Ukraine war it wasn’t going terribly until the inexplicable budget last week.
The fundamental problem of our current monetary system is unstable interest rates. Pension funds can't fulfill their purpose under these circumstances. Not without taking risks, at least.