LGPS funds are cutting equities – but long-term data suggests high equity holdings pay off. : According to reports, global bond ETFs had their best quarter on record in the first quarter of 2017 with $44.5bn of inflows UK public sector pension schemes posted an average 4.5% investment return in the 12 months to the end of March, aided by double-digit property gains. Data collated by Pensions & Investment Research Consultants (PIRC) showed that property investments for funds in the Local Government Pension Scheme (LGPS) returned an average 10% for the 2017-18 financial year.