Twelve months of strong equity market returns have done little to alleviate the crisis facing Europe's pension industry, according to the second Pension Fund Barometer, a survey of 200 funds carried out by Richard Davies Investor Relations on behalf of Financial News and State Street. One in three pension schemes remains less than 95% funded, the same ratio as last year.

They are no longer counting on strong returns from the main asset classes to make up this shortfall. Respondents to last year's survey expected double-digit returns from equities and alternative investments over the next decade, but they have since adopted a more conservative outlook.