, Columnist
There's a Toxic Cloud Behind the Stock Recovery
Rising share prices haven’t helped to alleviate the looming pension crisis.
Every silver lining has a cloud.
Photographer: RapidEye/E+/Getty Images
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Every silver lining has a cloud. Stock markets’ recovery since March has been prodigious. Now the notion of a reflationary 2021 is turning into a new orthodoxy. But the combination of events in the last few months has been toxic for some of the crucial building blocks of the financial system that was already in trouble — pensions.