Linking Pension Liabilities to Assets - Always need nominal bonds? offered, always, structure, only

Muddahudda

CFAI pg 459

If a plan is frozen and no longer any exposures to future wage growth, there would only be nominal bonds.

BUT, is there ever an instance where the are no nominal real return bonds needed? Or will there always be some, as there is always term structure risk? I'm assuming term structure risk can only be mitigated by nominal bonds (bottom table pg 452).

The only hint I have is that in the same paragraph, if a plan offered 1-1 indexing with inflation (COLA), then nominal bonds replaced with real return bonds. But are ALL nominal bonds replaced?

Any clarification is much appreciated

Analyze_This

Indeed you would, but would you need ANY nominal rate bonds? Because of any remaining term structure risk as the benefits are paid out.