So much for the rise of Asia. This time last year, the continent moved up to second position in an annual ranking of the 300 biggest pension funds in the world. However, as equity markets recovered throughout 2009, Europe's pensions savings recovered with them, allowing the region to regain its habitual number two slot and pushing Asia back to third.

Consultancy Towers Watson releases the ranking every year in September based on the performance of pension funds to the end of the previous calendar year. In last year's survey, the generally conservatively-invested pension funds in Asia overtook Europe for the first time, and the world's total savings pool declined by 12.6% to $10.4 trillion.