In the pursuit of higher returns, the decision to allocate pension funds to Bitcoin blurs the line between prudent investing and speculative gambling with retirees' futures. Bitcoin's fundamental characteristics make it an inherently problematic asset for pension funds, with a lack of intrinsic value and cash flow generation, this reduces its utility for future liability matching. Historically, DB schemes have focused on combining government and corporate bonds with large capitalisation equities. Consequently, the shift to Bitcoin is not just a step but a giant leap on the risk spectrum, which may be difficult to justify to scheme members and regulators.

Therefore, this decision appears to be more of a publicity stunt rather than a well-considered investment strategy, which risks trivialising the serious responsibility of managing retirement savings. The primary focus should remain on ensuring the long-term stability and security of retirement incomes, not making splashy headlines.