UK pension funds endured a negative return of nearly 13% in the value of their portfolios in the three months to September, taking their decline over the first nine months of the year to 17%, according to performance measurement firm WM.

Severe falls in value of 19.6% in UK equities and 21.3% in overseas equities were offset by a rise equivalent to 5.4% in UK bonds and 2.3% in overseas bonds. Overall weightings in bonds have risen to 26.9%. Property, which has a 6.9% weighting, contributed a positive 2.3% performance.