The name of the game these days for pension managers is long-term performance and no surprises.

As a result, they are making decisions that formerly were relegated to corporate pension managers.

If anything, corporate pension managers appear to be moving toward more risk, not less.

They feared that the continuing investigation of the $7 trillion mutual fund industry would find improper trading by other pension managers.

That decision alarmed pension managers, who said this would make it harder to fund retirement schemes.

But for most pension managers, the only funds they will be able to invest in are the very ones they would be wise to avoid.

For pension managers, having discovered that the venture game, though risky, can add pizazz to any portfolio, this is a problem.

Boots may be unknown to most Americans, but to pension managers it has earned a place in history.

It can mean that many are without the benefit of professional pension managers, although often the options include professionally managed mutual funds.

The caution among pension managers began about five years ago, and some of the driving forces clearly do not apply to individuals.