If there are any vultures swooping on steelworkers’ pensions, they’re usually recommending they put the money their funds into unregulated, usually offshore investments offering fantastic guaranteed returns from non-existent beachside properties in Panama or (insert name of dodgy country here). When their non-existence is confirmed, we non-dodgy advisers have to fund the compensation that’s forked out. So apologies to the great and good amongst our regulators if I’m pointing out the bleeding’ obvious; but why not just change the rules so that pensions can’t invest in dodgy, unregulated investments?