A new pulse survey by WTW has revealed a portion of U.K. defined benefit (DB) pension schemes are actively reconsidering their U.S. exposures amid trade policy uncertainty and investor concern about global volatility.
According to the survey, 25 percent of schemes are considering a reduction in U.S. asset holdings. Meanwhile, 34 percent of schemes that could answer reported a rise in member queries about market movements — a sign geopolitical turbulence is filtering down to beneficiary sentiment.
Nevertheless, the majority of pension schemes are maintaining current allocations.
“What’s new here is the scale and clarity of this emerging pivot,” said Alasdair MacDonald, head of investment strategy U.K., at WTW. “One-in-four schemes changing course is a meaningful shift in what has historically been a long-horizon, slow-to-move segment.”
He added, “This also does not appear to be a reaction to any one policy. It’s the recognition that policy
