UK - Pension fund investments plummeted by 11.3% in 2002, Russell/Mellon CAPS estimates.
This is the first time that UK pension funds have suffered three consecutive years of negative returns since records began and represents the worst period of returns since the mid-1970s.
Russell/Mellon CAPS says the poor performance in 2002 was driven by dismal global equity market performance with UK markets falling by 22.7% and US markets dropping by 27.4%.
Russell/Mellon CAPS res-earch and development director Alan Wilcock said: “Despite some recovery in equity markets in the final quarter of the year, 2002 was a major disappointment for UK pension funds – a situation that is compounded by the negative results in both 2000 and 2001.”
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