Falling equity markets wiped £75 billion ($120 billion), an average of 11.5%, off the value of British pension assets in 2002, the third straight calendar year of negative returns, according to data from Russell/Mellon CAPS published today.
From a survey by UBS Global of more than 1,600 pension schemes in Britain, it was estimated that total U.K. pension assets fell to £608 billion from £683 billion over the past year.
In Britain, an average of 65% of assets is invested in stocks.
