Best Pensions Paper 2019 (UK and Europe)
PLSA wins "Best Pensions Paper 2019 (UK and Europe)"
Long-term investors operate from a fortunate perspective - a long-term premium can be captured if these assets are managed well. This gives pension funds the opportunity to allocate more to illiquid assets with long-term investment horizons. PLSA's winning paper, on Patient Capital and Illiquid Investment, provides guidance in this area, using case studies as a guide for other UK and European pension schemes.
WINNER: PLSA
Patient Capital and Illiquid Investment: A Guide for UK Pension Funds (PLSA)
The Pensions and Lifetime Savings Association brings together several case studies about pension schemes and asset managers that have invested in illiquid assets such as private equity, infrastructure, and venture capital. These case studies are intended to serve as a guide for other schemes that are contemplating similar investments with long-term investment horizons.
HIGHLY COMMENDED
UK Investment Management Fees Survey 2019 (LCP)
UK defined benefit pension schemes and other institutions would be wise to review their fees paid to external asset managers, as fee levels for many asset classes (including global equity, multi-asset diversified growth funds, multi-asset credit funds, and LDI strategies) have fallen. This paper discusses the results of the 2019 LCP Investment Management Fees Survey, including how changes in the overall asset mix affect fee levels, variations in transaction costs, and other related issues.
Responsible Investment as a Motivator for Generation DC (Franklin Templeton)
For compliance reasons, this paper is only accessible in certain geographies
Franklin Templeton defines 'Generation DC' as the cohort of individuals (22-38 years old) who primarily rely on DC pensions for their retirement needs. A recent survey of these individuals found that if responsible investing was incorporated into their pension options, many of them would be likely to increase their employee contributions.
UK DB Consolidation: One year on (Hymans Robertson)
For compliance reasons, this paper is only accessible in the United Kingdom
Hymans Robertson reports on regulatory and market activity supporting the consolidation of defined benefit pension schemes in the United Kingdom. Insurers, commercial consolidators, insured self-sufficiency, DB master trusts, investment platforms, fiduciary management, sole trusteeship, and mergers are all options for schemes considering DB consolidation.
What is CDC and how might it work in the UK? (PPI)
For compliance reasons, this paper is only accessible in the United Kingdom
What is a collective defined contribution (CDC) scheme? Intended to be a middle ground between defined benefit and defined contribution schemes, CDC schemes are defined by the sharing of risks between members in the collective and defined contribution rates (for employee and employer). As CDC schemes have not yet been implemented in the UK, this PPI report discusses some of their advantages and disadvantages, as well as lessons gleaned from other countries.
The future of retirement (Aviva Investors)
For compliance reasons, this paper is only accessible in certain geographies
Life expectancy is steadily increasing, leading to changes in retirement expectations. Essentially, people are working longer and retiring later in life. Rather than the traditional three stages of education, employment, and retirement, sociologists suggest that people should prepare for the reality of a multi-stage life that encompasses varied activities such as the blending of work and leisure, volunteerism, and social activities.
CPI liabilities: the wedge and the hedge (LGIM)
For compliance reasons, this paper is NOT accessible in the United States and Canada
UK-based pension schemes face a unique problem in that many of them have assets that are linked to the retail price index (such as RPI-linked gilts) and liabilities that are instead linked to the consumer price index (CPI). In this paper, LGIM explains the differences between RPI and CPI, the related issues involved in the management of UK DB pension schemes, and potential solutions.
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Savvy Awards 2019 Magazine
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