In the context of liability-driven investing (LDI), a large pension fund with a significant portion of its liabilities linked to long-term fixed income cash flows is considering adopting a fixed income indexing strategy. The pension fund's objective is to ensure that its assets adequately match its liabilities, which are expected to increase significantly over the next 20 years due to demographic shifts.

The current management team has proposed utilizing a broad bond index as a benchmark for the fund's liability matching assets. The board of trustees has questions regarding the implications of using a fixed income indexing strategy as part of their LDI approach, including risks, potential inefficiencies, and how this strategy aligns with their liability profile.

Critically assess the appropriateness of fixed income indexing as a strategy for this pension fund while discussing advantages and disadvantages. Additionally, consider how the choice of index might impact the pension fund’s ability to meet its future liabilities.