All Pensions articles – Page 5
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White papersFrance: The pension reform puts politics under strain, but major instability unlikely
In the National Assembly (lower house), the centrist alliance Ensemble (Renaissance, Modem, Horizons) represents 250 deputies, which is not enough to obtain an absolute majority (287). The absolute majority (289 votes in normal circumstances) is currently 287 because four seats remain unfilled.
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White papersNotes from the Road: Inflation, Private Assets and a Cautious Consensus
The beginning of the year always offers a chance to catch up with a broad range of clients who are in the mode of thinking about the big picture outlook: pension funds, insurers, consultants and sovereign wealth funds across Australia, Asia, Europe and North America. This note reflects on the key issues that clients have wanted to talk about in the early months of this year. Collectively, these topics give us a picture of what’s on investors’ minds.
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White papersCurrency hedging policy for institutions
“Investors should focus on currencies as a potential source of return and risk diversification for a portfolio.”
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White papersPensions investment outlook 2023: New realities, big decisions
Pension fund investors have endured a roller coaster two years. After a strong 2021, 2022 saw record losses on sovereign bonds and a major correction in equities.
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White papersFiorino: Leverage will tear us apart, again
Fiorino charts the gravitationally risky path of the UK pension system after it veered dangerously close to the point of implosion.
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White papersAmundi Pension Funds Letter n°16
December, the month where festive end-of-year preparations and celebrations shift into top gear, just as commentators become busy reflecting on the past year and making predictions for the next.
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White papersPension funds: reorienting asset allocation in an inflation-fuelled world
After a prolonged era of cheap money and double-digit returns, the sharp spike in inflation to its 40-year high in 2022 was a game changer.
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White papersPensions Watch | Issue 22: What’s been happening and what’s on the horizon in the world of pensions
Given the ever-greater regularity of unanticipated impactful events with equally unpredictable tipping points, we look at the importance to pension scheme fiduciaries of risk management. In particular, we consider the need for both more inventive scenario analysis and stress testing of schemes’ resilience against a multitude of ever-present and emerging risks allied to more nimble governance.
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White papersAmundi Pension Funds Letter - Special Edition: UK LDI Crisis
Given the yield increases at the announcement of the UK accommodative mini-budget a week ago, pension schemes suffered a massive liquidity crisis related to their leveraged LDI strategies. This drove the Bank of England to temporarily halt Quantitative Tightening.
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White papersThe impact of credit risk for pension plans engaging with CDI
Cashflow-driven investing (CDI) has gained significant traction in recent years as pension plans have successfully de-risked and strengthened their balance sheets over the last decade. Increasing numbers of plans are able to allocate significant proportions (potentially all of their assets) to fixed income like assets so that cashflow income closely matches expected liability payment, thus providing a simpler hedge and reducing the complexity of portfolios. Investment products, strategies and asset classes have developed to facilitate this approach.
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White papersAmundi Pension Funds Letter n°15
As holidaymakers resume their familiar summer breaks and crowds return to the Champs-Elysées to cheer on the final stage of the 2022 Tour de France, elsewhere established customs and trends seem less secure. One could say that this period of transition has been ongoing for some time. But in 2022, a new phase clearly unfolded, one unique to our times, but at the same time also hugely familiar. A phase where everything takes on a geopolitical slant.
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White papersA well-founded pension fund uptake in central clearing
Pension funds play an important role in the financial industry and the lives of European pensioners. Regulatory changes such as the mandatory clearing of over-the-counter financial instruments (OTC IRS) and the increase in capital requirements for banks pose major challenges for European pension funds.
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White papersChoice Overload participation and asset Allocation in French savings Plans
This paper employs administrative data from one of the largest plan providers in France to investigate the role of plan and default characteristics in affecting whether employees participate in the plan and whether they accept its default investment option.
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White papersPensions Investment Outlook: Challenges and Opportunities
There are several uncertainties in the economic and market outlook that are important for pension funds.
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White papersPensions Watch – Issue 16: What’s Been Happening And What’s On The Horizon In The World Of Pensions
In this edition of Pensions Watch, the first for 2022, we consider what’s on the horizon over the next 12 months for UK pension schemes, what these initiatives mean for schemes and why each is key to improving member outcomes.
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White papersRevolution on the horizon: will the Dutch pension system still set the bar for sustainability, adequacy and integrity?
Despite the seismic demographic, economic and regulatory shifts that have challenged many other pension systems over the past couple of decades, the Netherlands’ three-pillar pension system, introduced in the 1950s, remains uniquely generous in many respects, with collectivity and intergenerational risk sharing central to the system’s ethos.
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White papersDB plans in their End Game in the post-pandemic era
An inopportune toxic confluence of three unrelated forces has badly undermined the finances of employer-sponsored defined benefit pension plans, in which employers bear most of the risks involved in providing decent retirement pensions to their employees.
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White papersA smoother journey to the endgame
After years of seemingly always being at least 10 years from full funding, UK Defined Benefit (DB) pension schemes appear to be moving closer to the end of their journey. But what is their destination, what is the plan for getting there and how can fiduciary management help?
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White papersCase Study: Avoiding cash drag using Equity Index futures
Cash is a necessary component of most investment portfolios. It’s present in a portfolio for operational reasons, including managing subscription/redemption flows and income streams such as dividends.
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White papersInvestment Insights - Closing the funding and income gap
In this current low-yield environment, how can UK defined pension schemes position their portfolios to improve funding levels and cashflows as they continue de-risking?
