Ask not for whom the bells toll

The double whammy of an ageing population and an economic slump has left many social landlords such as Home Group and the Peabody Trust, as well as the Housing Corporation, struggling with multimillion-pound black holes in their pension funds (page 7).

Until very recently, many housing organisations have had their heads buried stubbornly in the sand. But now, with the figures laid bare and finance directors poring over each others' books, they have no choice but to confront the reality. Inaction is no longer an option.

Home Group, for one, has already bitten the bullet by scrapping its final-salary scheme – that most coveted of pension plans – in favour of money purchase schemes, which are dependent on the fluctuations of the stock market.

Many associations fear that a switch to money purchase will turn off potential employees; but they would do well to remember that new talent can just as easily be lured by other perks such as flexible working and childcare provision.

Another solution that finance directors will no doubt investigate is raising both employer and employee pension contributions. This controversial option is what the Social Housing Pension Scheme, which covers 700 associations, will decide on next month – further evidence that housing professionals are finally trying to grapple with this thorny issue.

New talent can just as easily be lured by perks such as childcare as by final-salary pensions

The pensions crisis is almost sure to get worse before it gets better, but the sector can no longer pretend it has not heard the alarm bells. Now it must act.

Team games
Once upon a time, networking with colleagues in the public sector meant, at best, paintballing or, at worst, finger buffets in the hospitality suite of a local hotel.

Now, thanks to the efforts of a growing band of forward-thinking housing staff, there are far less stuffy ways to socialise with your peers: from cricket matches to karaoke nights (page 22).