For many, pensions are boring. The opaque acronyms. The fussy regulation. The ever-changing taxation. Small wonder so many make the costly choice to ignore them. Of course, this is well known, and answers like auto-enrolment are the policy response. But unfortunately, even for those who save for retirement, many also make the costly decision to invest in bonds.  Bonds are loans; usually to governments; mostly for a fixed period; paying a fixed income and returning capital at the end. Crucially, the payments are nominal, so inflation eats into them and always risks swallowing them completely. Unsurprisingly, the real return generated…

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