Today’s release of the Flow of Funds Accounts by the Federal Reserves shows the private pension fund sector asset allocation.  Though a slight uptick from 2Q2010, the data show private pensions remain significantly under allocated to equities compared to historical benchmarks.  We posted similar analysis in September.   Private pensions are also historically over allocated to Treasuries.   The potential reallocation from bonds to equities is fuel for a 2011 rally.