Global equity markets rose 4.0% (in local currency terms) in December, with longer-dated AAA Eurozone government bond prices also rising sharply (and yields falling).
Annuity prices increased over the month (all annuity rates are 5-year guaranteed and single life).
The funding level of our sample DB scheme increased over December as its assets increased by more than its liabilities.
Our three sample DC schemes were positive for the month with positive returns across the main asset classes.
