Defined-benefit pensions are, for the most part, no longer among the perks that big companies offer to new hires. But for some corporations, that prudent move may have come too late. As investors start moving their funds back into equities, many of the firms gaining from the so-called “Great Rotation” are being dragged down by the pensions they’ve already committed to paying, and the current low-yield environment has left them raiding their revenue to keep plans solvent. Shareholders banking on a rebound in corporate earnings – and central banks hoping for renewed investment in machinery and equipment to boost GDP growth – should brace themselves for a less robust environment than stock markets appear to be signalling.