Private pensions lose $5trn in 2008

Total pension assets across the group of developed economies have seen their value fall by 20%, and the OECD had called on governments to reform their private pension systems. In December 2007, the OECD estimated total private pension assets amounted to $28trn, but have tumbled since the financial crisis began. The US has seen the biggest losses, with total assets down $3.3trn, while just five countries, including the UK, account for a further £1.2trn fall in asset values. OECD research found countries where funds have high exposure to equities have seen the biggest loss in value. Ire...