UK - Balanced pooled funds fell by a further 4.3% in the first quarter, the latest HSBC Actuaries and Consultants IMAGE survey shows.
The survey found that the best-performing manager over the first three months of this year was Royal Life – which saw its fund fall by 2.1% – while Glasgow Investment Managers saw its fund fall by 8.3%, pushing it into bottom place.
Glasgow is also bottom over one and three-year periods.
HSBC believes that continued negative returns are putting schemes under particular pressure at a time when deficits are already high.
HSBC Actuaries and Consultants senior investment consultant, Kevin Frisby, said: “There has been no respite for hard-pressed pension schemes, with a continuation of the double-whammy of falling equity prices and declining bond yields.
“Equities have now underperformed bonds by well over 60% since the end of the bull market three years ago.”
The survey provides performance statistics using capital growth and contribution payments on a monthly basis for 38 discretionary balanced pooled pension funds and five consensus funds.
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