Pensions should change the de-risking strategies they’ve pursued since the 2008 financial crisis to embrace a wider array of investments, JPMorgan Chase & Co. said in a report.

Equities, hedge funds, real estate and emerging-markets sovereign debt are among the investment categories that can help pensions “fine-tune the level of risk relative to the expected return,” the New York-based bank said Thursday in its report. Defined-benefit employee retirement plans have leaned on long-duration fixed-income securities for too long, according to the report.

“The pension community has been sold a story by insurance companies and low-skilled fixed-income managers that hibernating their pension plan and ultimately terminating it is the best use of that capital, and that is false,” Jared Gross, JPMorgan’s head of institutional portfolio strategy, said in interview. He co-wrote the paper with Michael Buchenholz, who heads the bank’s pension strategy.

Back-to-back financial market crashes in 2001 and 2008 prompted pensions to aggressively de-risk, Gross said. Plans previously had much more equity exposure, and the shift into fixed-income securities was a natural response to the ravages of the dot-com crash and the Great Recession. Plan sponsors should now seek out opportunities to develop a more robust and diverse portfolio, he said.

Funding levels for plans sponsored by S&P 1500 companies stand at 94%, according to data from pension-advisory firm Mercer. That makes it an opportune time for companies to offload obligations through a pension risk transfer. The market for such transactions is on track for its busiest year since 2012.

Read more: Companies Decide Time Is Right to Offload Pensions to Insurers

Gross said the JPMorgan report isn’t meant to warn companies away from the pension risk transfer market, which he said has a role to play in managing liabilities. Rather, the goal is to make sure pensions aren’t making de-risking decisions that don’t add up.

“Funds that stabilize will still make use of the pension risk transfer market. They should,” Gross said. “But only when it makes economic sense. They shouldn’t push themselves to a point of inefficiency where a slightly less efficient solution suddenly looks good.”

This article was provided by Bloomberg News.