Following the report of the Myners Inquiry into pension fund investments in 2001, pension funds trustees, managers and others have had their investment responsibilities increased. They are now required to have an understanding of investments generally, and the issues of pension fund investments in particular. This book explores in an up-to-date and practical fashion, the duties of trustees, the varieties of investments available, the issues of risk-reward, and the considerable changes resulting from the introduction of the Pensions Protection Fund. It also covers the European Pensions Directive, the Pensions Act 2004, and provides guidance on pensions fund design of statement of investment principles and compliance with the statutory rules and provisions of trust law. The book is designed for trustees, pension scheme managers, administrators, asset managers, solicitors, actuaries and investment consultants.