Global pension fund assets fell 3.5% to $40.1tn at the end of 2018 from $41.56tn in 2017, the third worst showing in 20 years.

According to a report from Willis Towers Watson Investments, the US is the largest pension market followed, at significant distance, by Japan and the UK. Together they account for over 76% of all pensions assets.

During the last ten yea