As if UK pension schemes weren't under enough pressure already, one of their favourite advisers has just taken it into its head to liken them to hedge funds. To make matters even more galling, the adviser - Cardano, an investment adviser and fiduciary manager - actually has a good point.

Cardano, a firm that has regularly done well at Financial News' annual asset management awards, put out a statement this morning in which its client director Phil Page said the typical UK pension scheme was "effectively a highly-leveraged hedge fund".