Some of the main findings from the study are:

The focus of the study is ‘P11’ (the top 11 pensions markets globally) which account for roughly 85% of all pension assets (note the power law here)

We have hard data for all periods up to 2007 and make estimates in respect of 2008

The US, Japan and the UK remained the largest pensions markets in the world

P11 assets shrank by 19% during 2008, from US$25 trillion to US$20 trillion

Global pensions balance sheet funded status deteriorated by 29% in 2008 after improving by 4% per annum the previous 5 years

Last year's markets have produced a big swing in asset allocations to a global average of 42% equities, 42% bonds and cash, 16% other assets

The DB: DC split is now 55: 45 globally. Ten years ago it was 70:30.