Pension trustees face 13% fall in asset values for 2008

The investment services firm says its initial WM UK defined benefit pension fund universe estimates came as the main regional equity markets produced record low returns - with the UK falling 30pc, and the US, Japan and Europe all falling at approximately 40pc in local currency terms. But it says the large decline of sterling - which fell 40pc 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. It adds the economic turmoil - while not so positive for equity markets - was good for government bonds where ...