One in four pension schemes are considering reducing exposure to the US amid ongoing uncertainty around President Trump’s tariff policy.
The survey of DB schemes, by WTW, shows many are actively reconsidering global allocations amid political and economic uncertainty and investor concern about global volatility.
Polling conducted at WTW’s recent client forum showed that while the majority of schemes are maintaining current allocations, around a quarter are considering pulling back from both US assets and dollar exposure.
Meanwhile, 34 per cent of schemes reported a rise in member queries about market movements—an early sign that geopolitical turbulence is filtering down to beneficiary sentiment.
WTW head of investment strategy UK Alasdair MacDonald says: ”What’s new here is the scale and clarity of this emerging pivot. One in four schemes changing course is a meaningful shift in what has historically been a long-horizon, slow-to-move segment.
“This also does not appear to be a reaction to any one policy. It’s the recognition that policy uncertainty itself is now a market factor. We note recent positive negotiations between major trade blocs are a step in the right direction – but do little to remove this uncertainty.”
