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Mar 31, 2002

Leader: Retirement planning

Pension funds

Ah! Pension funds. Those oh-so-desirable investors who are the acme of good shareholder form. They invest for the long term. They don't panic and sell at the merest hint of a hiatus in profits or revenue growth. And their focus is more actuarial than quick-buck. So that's a good thing. Because they're just the sort of investors who might be willing to sit through the temporary hiccups caused by a small accounting change being introduced in the UK with worryingly far-reaching repercussions:

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