Should I include a pension as part of my fixed-income holdings when determining my asset mix?

A defined-benefit pension behaves a lot like a bond, paying a steady cheque for life, so it's tempting to count it as the fixed-income piece of your portfolio and then load the rest into stocks. This piece looks at whether that's a wise way to set your asset mix, and where the idea can quietly go wrong. The trade-off comes down to temperament: treating the pension as fixed income may let you hold more equities and chase higher growth, but it also means a much bumpier ride in the accounts you can actually see and touch. For someone who loses sleep when markets fall, that volatility can be hard to live with regardless of what the math says. It's a useful read for any pensioned investor deciding how aggressively to position the savings they manage themselves.