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.