The survey provides:

• year-by-year comparisons of standard asset allocation information that form a comprehensive reference document for trends within the European pension industry
• an indication of how pension schemes in different countries are responding to topical issues
• market profiles on 14 individual countries

Many of the themes in this year's survey are a continuation of the trends that we have seen over the last couple of years. The major themes emerging continue to show a focus on risk management and recognition that good governance can improve the investment performance of institutional investors.

Key findings:

• a continuation of past trends; continued move away from equities towards both bonds and non-traditional investment opportunities, and less reliance on domestic equities
• plans have become more proactive in their approach to investment strategy e.g. last year they sought opportunities in corporate bonds now looking to emerging market debt
• pension funds are actively considering the impact of changes in the economic environment; their biggest concern is how to protect the assets against a resurgence in inflation given the high price of inflation linked bonds

Mercer is a leading global provider of investment consulting services, and offers customized guidance at every stage of the investment decision, risk management and investment monitoring process. We have been dedicated to meeting the needs of clients for more than 30 years, and we work with the fiduciaries of pension funds, foundations, endowments and other investors in some 35 countries. We assist with every aspect of institutional investing (and retail portfolios in some geographies), from strategy, structure and implementation to ongoing portfolio management. We create value through our commitment to thought leadership; world-class, independent research; and top-notch consultants with local expertise.