The average UK pension fund booked a negative annual return for the first time since 2008 last year, nudged into the red by a marked rise in stock market volatility caused by the euro zone crisis, an early survey of the industry showed. Returns were minus 0.9 percent for the year, BNY Mellon estimated, due to a negative return of 4.8 percent during the third quarter. All other quarters of the year saw slightly positive returns.
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