Reaching retirement? Don't take your foot off the pension risk pedal

Final salary pensions are what can only be described as the holy grail for retirees.

Generous pension income paid out based on your pay cheques until you die rather than eking out a miserable retirement based on the whims of the stock market throughout your working life; no wonder the former has a £150 billion collective black hole to fill.

You read it correctly: £150 billion. Currently final salary pension schemes, also known as defined benefit (DB) schemes, have assets of £1,133 billion (amount in the pension pot) but have liabilities (need to pay out) £1,283 billion, according to some clever maths by consultants at JLT Employee Benefits.