When thinking about the challenges facing pension schemes over the next six months, my first thought was “more of the same”. That sounds rather low key but the past six to 12 months have been anything but for the pensions sector.

Defined benefit schemes face very serious challenges. The headline-grabbing travails of British Steel, BHS and Bernard Matthews spring to mind but many schemes are grappling with persistent deficits. Brexit adds uncertainty to the UK's economy and low interest rates and quantitative easing apply further pressure on deficit levels. More of the same spells bad news.