Our twenty-year-old deck had been painted three times and was due for another fresh coat but rather than go with something similar to what had been used previously, which was deck paint, I bought an expensive acrylic resin coating. Information on the product is at http://encorecoatings.com/product/encore-wood.
(A video produced by Encore and further information on restoring decks can be seen by clicking on “Deck Restoration” in the menu on the right.)