There are two sorts of private pension: the savings plan and the salary-linked pension.

BBC: NEWS | Programmes | Working Lunch | Pensions: Past, present and future

Its employees are guaranteed an inflation-linked pension so it meets that promise by buying inflation-linked bonds.

ECONOMIST: Buttonwood: A trillion here, $500 billion there | The

They say there is no reason to believe the sales costs of an index-linked pension fund will be lower, and that a big cause of high costs is excessive regulation.

ECONOMIST: The great pension debate