From Merryn’s Blog (GBR) – If you have a “defined benefit” pension – based on your final salary, linked to inflation and paid for as long as you live – you probably think it is pretty safe. But the events at BHS should make you think again. Its £571m pension fund deficit is big. But it is also the tip of a very nasty iceberg: the companies in the FTSE 350 alone have a total deficit of around £84bn, and of the 6,000-odd funds covered by the Pension Protection Fund (PPF), around 80% are currently running deficits (to a total of over £300bn). If the firms they are attached to stop paying in, they won’t be able to meet the generous pension payments they owe.