UK - Schemes are facing serious risks in the aftermath of the Greek economic crisis, Redington said.
Founding partner Dawid Konotey-Ahulu said there was huge volatility arising out of the crisis which, coupled with the prospect of a hung parliament next week, means the risk of uncertainty and contagion is very real.
The UK is facing an election May 6 and polling numbers suggest there could be a hung parliament, where neither the Labour Party, Liberal Democrats or the Tory party hold an overall majority in parliament.
Konotey-Ahulu's warning comes after Standard & Poor's downgraded Greece's long-term credit rating to junk status yesterday - a move which led to significant falls in stockmarkets both in Europe and the US.
Konotey-Ahulu said: "If you ally that with the possibility of a hung parliament we are in a position of real uncertainty."
"Pension funds need to recognise the weather has changed and the skies are dark."
He said spreads on gilts indicate liquidity issues in the market and the long-term perception of the UK government being risk less is now being questioned.
Also, he said pension funds should have a "game plan" to carry out a detailed risk analysis and diversify their assets accordingly. For example, if a scheme held a lot of gilts it may look to diversify across other sovereign debt.
Pension funds should also check counterparties in terms of their exposure to troubled areas - "don't treat them all the same", he said.
However, Konotey-Ahulu also said the crisis was also likely to bring opportunities. He said in times of high volatility some bonds are oversold and some have too much of a discount applied to their price.
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