UK - Pension fund trustees are facing average returns of -13% for 2008, preliminary State Street Investment Analytics figures reveal.
But it said the large decline of sterling - which fell 40% against the yen and around a quarter against the dollar and the euro over the year - absorbed some of the pain for the sterling investor.
And it added the economic turmoil - while not so positive for equity markets - was good for government bonds where returns were positive.
The analysis also revealed that, while almost every scheme will record a negative result for the year, individual fund returns will vary widely.
It said those funds that have an equity bias, such as local authority schemes and many charities, will be most adversely impacted while many of the corporate schemes, which have a relatively high commitment to bonds, will fare relatively better.
State Street Investment Analytics vice-president Jeanette Patrizio said: "Although the returns we've seen over 2008 are not surprising given the slowdown in the global economy, we need to remember that these funds are long term investors and the annual results need to be viewed in context.
"The negative returns of 2008 followed five years of extremely strong investment performance. Over the last decade, a period which includes not only the latest year but the negative returns from the fallout of the dotcom bubble, the average fund is still up more than 4% per annum, ahead of RPI for the same period."
This comes as BNY Mellon Asset Servicing said the average UK pension fund achieved an estimated weighted average return of -9.8% over 2008.
The performance management firm said this is the first time it has recorded negative yearly returns for pension funds since the three-year downturn at the beginning of the decade.
Potential changes to accounting standards and increased pressure on companies to accelerate contributions could worsen FTSE 100 scheme funding by up to £100bn, according to Lane Clark and Peacock (LCP).
Smart Pension has taken on over 20,000 active members from the £20m Corpad Master Trust, following a strategic review by the ceding firm's trustees.
The Universities Superannuation Scheme (USS) allegedly obstructed a whistleblower as she tried to discover the true value of the deficit in its defined benefit (DB) section, according to reports.
The Cost Transparency Initiative (CTI) has launched a number of templates and guidance to help pension schemes deliver greater value for savers with enhanced disclosure of transaction cost information.