The £8.1bn (€10.3bn) pension fund for the UK's publicly-owned broadcaster, the British Broadcasting Corporation, has become the latest retirement plan to signal a move away from equities as it moves to reduce its investment risk after losing about £50m last year in turbulent markets.

The BBC Pension Fund has benefited from an over-allocation to equities in the past couple of years - as of March 31, it had 57% of its money in stock markets, against an internal target of 50%.