U.S. and U.K. pension plans went in opposite directions with their equity allocations in the past two years, according to an Aon Consulting survey. U.S. plan equity allocations rose to 62% in 2004, from 59% in 2002; U.K. plans cut their equity exposure to 58% from 60% during that time period. The study surveyed 200 U.K. pension plans and 80 U.S. pension plans. "Some U.K. companies are becoming increasingly aware of the fact that high exposure to equities brings with it a significant level of risk and therefore this may increase the trend away from equity investment in the future," said Andrew Claringbold, senior actuary at Aon Consulting U.K. He noted U.K. companies have become more risk averse since mark-to-market accounting through FRS 17 was implemented last year.