US - Public pension funds had the best returns in a poor first quarter of 2008 which saw institutional investors loose an average -5.28% on their investments, according to Wilshire Associates.
Hilarie C Green, managing director and head of Wilshire Analytics' performance reporting division, said: "The performance we saw in the first quarter was expected based on market turmoil globally."
Green continued: "Here in the US, the equity market suffered its worst quarterly loss since the third quarter of 2002 with the Dow Jones Wilshire 5000SM posting a -9.52% return as the first three months of the year each returned negative results."
Larger public and company-run pension plans with over $1bn in assets fared marginally better than the average corporate scheme.
The average equity holding for all schemes was 57.83% of the portfolio, with a sliding upward scale from a smaller exposure leading to a better return in Q1 2008.
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.