You don’t have to spend a great deal of time researching global pension issues to establish that threats like longevity and adverse equity and interest rate environments have contributed to the near-demise of Defined Benefit (DB) plans. As a result, the risk of not having enough money in retirement now falls firmly on the individual member instead of the company. However, regardless of where the risk lies or the type of scheme, the SA retirement fund industry has recognised that liability- driven investment, or LDI, is the only framework to use to formulate an investment strategy.