No, you're still not understanding. This impact would be the equivalent of switching a stable high dividend yielding share for another one in another sector, or in the same sector in the another country. The impact could be positive or negative or none at all. It could add to, or take away, or make no difference to people's pockets, just like every other investment decision made by an pension fund investing. You're continuing to make the case for the ill-informed to cry that this would be bad for pension funds. My point is that it would likely make no difference if transacted at market value, and that it would if transacted at below market value.