The €3,500bn (£2,968bn, $4,385bn) European pension industry has endured a torrid year, with double-digit declines across a vast panoply of asset classes eroding valuations and expanding deficits.
Yet Amin Rajan, the chief executive of UK-based Create Research and a veteran industry commentator, pins much of the blame for the woes of the continent's pension sector, woes that threaten the very existence of private sector defined benefit provision, on the industry itself.
