The idea of matching assets to liabilities has caught on like wildfire in the UK’s £1 trillion pensions sector in recent years, but local government schemes have shown little interest.

This may be changing. This month, the £1.2bn pension fund for Cornwall County Council, one of the £160bn Local Government Pension Scheme's 99 sub-funds, announced it had hired Axa Investment Managers to run £50m in liability-driven investments, as these matching mandates are known.