October 2025
03Oct

A systematic review and meta-analysis of air pollution and increased risk of frailty

By Zahra Jafari, Melissa Andrew & Kenneth Rockwood Background Environmental air pollution is increasingly recognised as a potential contributor to frailty. This systematic review and meta-analysis aimed to synthesise existing evidence on the associations between environmental air pollution and frailty in middle-aged and older adults, providing insights into the impact of air pollution on public health. Methods The systematic review and meta-analysis were conducted according to the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Statement 2020. Four electronic databases were searched without...

October 3, 2025
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03Oct

Venture & growth capital in Europe – mapping pension funds’ attitudes

By Pensions For Purpose Across Europe, pension funds manage over €3tn in assets, yet only roughly 0.12% is allocated to venture and growth capital (VC). Meanwhile, VC investment in Europe totalled €15bn in 2023. These numbers together highlight two persistent questions: can allocation to VC be compatible with the fiduciary duties of pension funds? If so, why has the historical aggregated allocation of pension funds to this asset class been so modest? To address these questions, we embarked on a journey...

October 3, 2025
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03Oct

Pension Design and General Public Finances: Beyond Baseline Actuarial Neutrality

By Didier Blanchet & Gilbert Cette The design of pension benefits cannot be considered in disconnection from the constraints related to the general public finances. A change in the average retirement age has an impact not only on pension funding, but also on resources available for other public spending. Incorporating this externality implies penalties/bonuses for earlier/later retirement that are much higher than those designed to balance the pension system alone. Source SSRN

October 3, 2025
Articles, Pension design, , ,
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03Oct

Part-Time Penalties and Heterogeneous Retirement Decisions

By Kanta Ogawa Older male workers exhibit diverse retirement behaviors across occupations and respond differently to policy changes, influenced significantly by the part-time penalty—wage reduction faced by part-time workers compared to their full-time counterparts. Many older individuals reduce their working hours, and in occupations with high part-time penalties, they tend to retire earlier, as observed in data from Japan and the United States. This study develops a general equilibrium model that incorporates occupational choices, endogenous labor supply, highlighting that the...

October 3, 2025
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03Oct

Population Aging in ASEAN+3: But is 60 the New 40?

By Aruhan Rui Shi & Hongyan Zhao Population aging is becoming a significant concern, particularly as its pace accelerates, especially in emerging market economies. However, labeling all individuals aged 65 and above as elderly can be misleading and inaccurate when life expectancy is increasing. Therefore, using the prospective old-age dependency ratio to define what is elderly would allow for more precise measurements and facilitate research into the impact of aging on economic growth. Our findings suggest that while a negative...

October 3, 2025
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September 2025
26Sep

Aligning your pension scheme with the Taskforce on Climate-Related Financial Disclosures recommendations

By Department for Work and Pensions This guide aims to help trustees evaluate the way in which climate-related risks and opportunities may affect their strategies. Trustees should consider how different investments and strategies could be impacted by transition and physical risks, at an asset class, sector and firm level where appropriate. Schemes should set out what risks and opportunities they consider to be relevant or material to them over the short/medium/long term time horizons for their scheme. They should use scenario analysis...

September 26, 2025
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26Sep

2025 Individual Investor Survey: Welcome to the age of diminished expectations

By  Natixis Investment Managers Investors have been on an emotional roller coaster over the first 25 years of the 21st century. On the downside, they held on for dear life as the dotcom bubble, Global Financial Crisis, European debt crisis, Covid, and a historic bout of inflation played out in the headlines and their portfolios. But along with the losses, investors found compelling gains. A decade of record-low interest rates buoyed stocks, and the tech sector boomed. It was a thrill ride...

September 26, 2025
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26Sep

Aging, Alcohol, and Attrition: The Economic and Political Ramifications of Public Health in Contemporary Russia

By Andrew Kelmanson, Anonymous Author, Emily Sehati, Eliana Svilik, Kyle H. Chan, Marcus Hsieh & Will Pirone The Russo-Ukrainian War has exacerbated several of the country’s existing public health crises. Specifically, this paper identifies 3 areas of public health concern that are inflamed by the conflict in Ukraine that will likely have an outsized effect on the economic success and political legitimacy of the country in the coming years. These are, namely, alcohol addiction, an aging population, and attrition from...

September 26, 2025
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26Sep

Optimization Algorithms for Pension Asset Allocation Under Market Volatility

By Akshay Sharma & Satish Kabade Pension fund organizations function as essential financial entities that protect employee retirement funds to provide complete and punctual pension distributions. Pension fund effectiveness through asset distribution determines how well a fund meets its future obligations. Traditional methods of portfolio optimization align with the Modern Portfolio Theory through the Markowitz model to help determine asset allocation by defining the relationship between return and risk. These static modeling approaches fail to fulfill their purpose in real...

September 26, 2025
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26Sep

Has Population Aging Led to Strategic Shifts in Enterprises?

By Hanteng Li, Yun Qin & Yuhang Wang  This paper uses Chinese listed companies from 2009 to 2023 as a sample to systematically examine the impact pathways and mechanisms through which population aging influences corporate strategic transformation. The study finds a significant positive relationship between population aging and corporate strategic transformation, and this conclusion remains robust under multiple sensitivity tests. Further analysis of moderating effects indicates that a firm’s innovation capability plays an important moderating role in the relationship between...

September 26, 2025
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