US - The California Public Employees' Retirement System had estimated its total fund risk has doubled over the past year.
The document said: "A significant increase in both realized and forecasted market risk has occurred in the recent quarter reflecting the surge in volatility in the financial markets."
Like other pension funds, the US$183.3bn CalPERS has been placing an increased emphasis on risk management.
Staff plan to introduce a revised risk policy to the board in mid-2009 that outlines the various forms of risk measurement staff is employing - including credit risk, leverage and stress testing.
Separately, the pension fund said it returned -13.7% in the quarter ending 31 December.
The pension fund's US$15.2bn cash equitization program lost 23.2%, the worst performer in the quarter. The best performer was the $44.6bn fixed income portfolio which returned 2.3% for the quarter.
CalPERS investments returned -27.1% for the year and -2.5% annualized for the three years ended 31 December.
CalPERS also approved making two test portfolios permanent and increasing the allocation to a fundamental portfolio at the 17 February meeting, according to recently posted minutes.
The board graduated two internally managed active emerging markets test portfolios from the pension funds' developmental portfolio totalling 3% of global equity, or $2.1bn, to each.
The board also increased the cap for a fundamental developed markets international portfolio to 10% of global equity, or about $7bn, from a cap of $1bn now.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.