This article argues that pension funds need to re-evaluate how they invest in fixed income assets. The industry is currently heavily focused on reducing investment risk through benchmark investing. However, benchmarks may not offer investors a sensible level of risk, especially in fixed income markets where exposures may increase as companies borrow more, and therefore become riskier. Pension funds should look at their investment universe and make sure that they include fixed income assets that contractually provide them with the type of cash flows that they require to meet their liabilities. Long lease property is one such example.