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Pension fund ownership of the UK equity market has declined steadily over the past 25 years, shrinking from a peak of 30 per cent in 1989 to just 4.7 per cent at the end of 2012, according to UBS Global Asset Management’s latest pension fund indicators study. That trend looks likely to be reversed with the introduction of auto-enrolment and recently announced plans to end the obligation to buy an annuity upon retirement. This is expected to encourage savers to hold on to some of their equity holdings after retirement.

  FT