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The Top 10 White Papers for UK Pension Schemes

Savvy Investor PLSA Partner

Savvy Investor is delighted to be partnering with the PLSA for this year's Investment Conference in Edinburgh. In honour of the event, our Research Team has put together this list of the top 15 white papers for UK pension schemes. Actually, we tried to do a "top ten", but there were just too many great papers to leave out!

Global Pension Funds: Best practices in the investment process (PwC, 2016)
This paper by PwC examines investment process best practices by global pension funds. It looks at growing asset allocation trends, regulations, governance models, and other drivers of change.

UK Pensions De-Risking 2016: Buy-ins, Buy-outs and Longevity Swaps (LCP, Dec 2016)
This report by Lane Clark & Peacock looks back over the year in the pensions de-risking market. It seeks to help trustees, finance directors, and other decision-makers understand opportunities available to them for transferring risks association with DB pension plans.

The Future of Monetary Policy (Credit Suisse, 2017)
This paper by Credit Suisse examines the major changes that central banks in developed markets have undergone since the global financial crisis. The paper concludes that the key issue for policymakers now is to determine the next steps monetary policy ought to take.

Factor Investing and Asset Allocation (CFA Institute Research Foundation)
Factor investing is as old as the hills yet it has only recently become a widespread practice. What is behind this sudden change in the fund management industry?

Endgame Portfolios and the Role of Credit (LGIM)  
UK pension schemes are maturing and there is an increasing focus on the endgame. Because most pension schemes are closed not only to new members but also to future accrual, this endgame involves either transferring the assets and liabilities to a third party, usually an insurance company (buy-out), or running them off (self-sufficiency). 

The world's 300 largest pension funds (Willis Towers Watson, Sep 2016)
This comprehensive paper by Willis Towers Watson provides invaluable insights into the financial state of the largest 300 pension funds in the world.

Financial Market History: Reflections on the Past for Investors Today (CFA Institute Research Foundation, 2016)
This 279-page book, published by CFA Institute Research Foundation, provides a detailed, varied and fascinating look at the history of financial markets.

BNP Paribas Investment Outlook 2017: Beyond the shadow of quantitative easing
This paper by BNP Paribas Investment Partners discusses the new monetary policy landscape and the post-QE possibilities.

Equity/Bond Correlation: History and Future Prospects (BlackRock, July 2016)
In this 6-page paper, BlackRock's Nuno Luis (Associate) and David Caplan (Quant Researcher) examine the history of the equity/bond correlation and discuss the likely future path.

ESG Risk in Default Funds: Analysis of the DC Pension Market (PLSA/Sustainalytics, 2017)
The PLSA has published this new discussion paper on this subject of UK defined contribution (DC) workplace schemes authored by Sustainalytics. The number of savers enrolled in DC workplace schemes in the UK is expected to rise to 17 million (up from 11 million today) while the aggregate pension pot value is forecasted to reach £554 billion by 2030, and could potentially be as high as £914 billion - and 90 per cent of current DC savers are in their scheme’s default fund.

Fundamentals of Efficient Factor Investing (FAJ, 2017)
This paper adapts traditional portfolio theory to more recent factor-based investing. It simulates optimal combinations of factor and security portfolios, using the largest 1,000 common stocks in the US equity market from 1968 to 2015.

UK Investment Management Salary Survey 2016 (Mason Blake)
This insightful report by Mason Blake looks into the UK investment management employment market. It reveals compensation levels across a variety of investment roles split by role and experience.

Global Macro Outlook: Waking up to reflation (BlackRock, Jan 2017)
BlackRock's Macro GPS uses big data signals to provide a handle on the economic growth outlook.

Expected Returns 2017-2021: It's Always Darkest Just Before Dawn (Robeco)
The paper examines a variety of key issues for global markets and sets out Robeco's forecasts for returns from the world's major asset classes over the next five years. Despite the negative surprises experienced in 2016, Robeco continues to hold an optimistic view of the future, arguing that a gradual monetary normalization is likely to unfold over time.

Outlook for 2017: Paradigm Shift (KKR, Jan 2017)
Donald Trump's rise to the US Presidency confirms a political and economic paradigm shift, a shift that started with Brexit but is likely to continue for the foreseeable future.

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