Pensions hit by a third in shares slump

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Defined contribution schemes, which account for close to a fifth of all pensions, have taken a £157 billion hit in the past 12 months, according to research today by pension consultancy group Aon Consulting.

Despite staff and their employers paying £6.7 billion into the schemes during the period, the total value of their assets has sunk from £552 billion to £395 billion between October 2007 and October 2008, thanks to losses in global equities, where most of the schemes are invested. This is equivalent to a loss of about £40,000 on average for the 3.7 million employees who hold the pensions.

Losses will now be even greater as the figure does not include the impact of last week's nosedive in the markets. Aon warned the credit crisis could force people to postpone retirement.