Schroders, the FTSE-listed fund manager, has upped its older pension plan’s investments in lower-risk debt and credit funds to around 80%, to tackle rising annual bills for paying out pensions to former staff.

Such “cashflow-driven investments”, comprising bonds with a similar term and interest-payout profile to the pension fund’s liabilities, plus other higher-yielding credit investments such as infrastructure debt, are popular among older UK pension funds that have closed to new joiners.