As the price of government bonds has risen inexorably over the past year, pension funds in the UK have abandoned their previous "wait and see" strategies and piled into the market at any price, according to the latest survey of their investments by KPMG.

KPMG publishes an annual study of funds in the UK - which has Europe's largest pool of pensions assets - and their use of liability-driven investment strategies, a bonds-heavy investment approach that has come to dominate the market in recent years.