U.K. pension schemes rose in value by 16% last year, largely due to a...

U.K. pension schemes rose in value by 16% last year, largely due to a shift to international equities from U.K. stock, according to a Russell/Mellon CAPS survey. The increase in overall value is the largest since 1999 and reverses three years of losses. The average scheme holdings of overseas stock rose to 26.7% from 25.1% in 2002, while U.K. equity holdings fell to 41.5%, from 43.4%.