UK/US/EUROPE - Equity markets could face a decade-long recession if property markets fall, State Street Global Advisors warns.
Chief investment officer Alan Brown said a fall in property prices would hit consumer confidence and tip the US, closely followed by others, into a double-dip recession.
As prices have been static since the 1990s, SSgA fears that a recession would send the US, UK and Europe into a deflationary spiral.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.