1557 The interest rate risk of the All Bond Index has been systemically increasing over time. This is driven by persistently high fiscal deficits and the resultant issuance of longer term SA government debt. Many retirement fund investors use the All Bond Index (ALBI) as their benchmark for bond allocations. They should be conscious of the steadily rising volatility of bond returns and that such bond allocations are riskier than they have been historically. While the ALBI has been used as a proxy to match pension funds’ liabilities, the ALBI itself has probably grown more volatile than pensioner liabilities.