UK - Gilt returns were outpaced by retail prices last year, Barclays Capital's 49th Annual Equity Gilt Study shows.
The firm, which is the investment banking division of Barclays Bank, said gilts were the best performer in 2002. Last year, though, they had a real return of -1.2%.
The study confirms the comeback by equities which delivered positive returns after three negative years and the continued strong returns of corporate bonds. The 6.7% return last year matched the annual average performance of the past 10 years.
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.