UK/US/EUROPE - Equity markets could face a decade-long recession if property markets fall, State Street Global Advisors warns.
Chief investment officer Alan Brown said a fall in property prices would hit consumer confidence and tip the US, closely followed by others, into a double-dip recession.
As prices have been static since the 1990s, SSgA fears that a recession would send the US, UK and Europe into a deflationary spiral.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.