Just when it seemed safe to go back into the water, UBS has put the frighteners on company pension schemes by suggesting they should avoid investing in equities altogether.

On the face of it, the timing of the report from the Swiss bank's equity research department is very odd. Equity markets are finally recovering from the worst bear market in 70 years and bond prices have begun to fall after the prolonged bubble in the fixed-income market. Surely this is not the moment to be switching from equities into bonds?