Sometimes it seems like the pensions industry almost relishes an existence under a permanent cloud of gloom. There's been a doomy litany of reports out this week from the likes of Allianz, Aviva, Mercer and now Credit Suisse, bemoaning falling bond yields, rising deficits and the fact we're all not saving enough. So let's try and find a few rays of pensions sunshine ...

Where on Earth shall we find these positive indicators? Surely the world is heading to hell in a handcart, and dragging all our retirement savings down with it - as the investment consultants Mercer dolefully informed us yesterday?