Pension Management Archives - Pension Policy International

16OctOctober 16, 2026

The Duration Gap: Value-at-Risk, Interest-Rate Swaps and the 2026 Losses of Chile’s Most Conservative Pension Fund

By Alfredo Merlet Between January and September 2026, Fund E, the most conservative of Chile's five mandatory pension fund types, lost about ten per cent in real terms, its second-worst result on record, while the funds' positions in foreign interest-rate derivatives swung to a reported valuation loss of about US$7.7 billion. This article asks why standard Value-at-Risk (VaR) measures did not warn of the loss. Using daily unit values for the seven pension fund administrators (AFPs) from January 2015 to...

October 16, 2026

Articles, Investment2026, Chile, Investment, Pension Management, Returns

07OctOctober 7, 2026

The Pensions Brief: October 2026

By Andrew Block & Katherine Carter The Pensions Regulator (TPR) has published a market oversight report on investment by UK pension schemes in private markets, particularly UK private markets. Key findings include: Trustees are open to UK private market investments if the investments offered meet the scheme’s investment needs and characteristics. DC schemes and master trusts with the necessary scale and capacity have made significant progress, but appetite is limited among DB schemes to invest in private markets beyond private credit...

October 7, 2026

Articles, System Characterization2026, Investment, Pension Management, Taxation, UK

30SepSeptember 30, 2026

Pension funds urged to rescue Nigeria’s ailing healthcare system

With foreign funding for healthcare declining, pension funds and other domestic investors have been urged to put more money into Nigeria’s healthcare sector to help close the country’s growing financing gap. The call was made at a private markets and healthcare roundtable organised by HealthCap Africa in Lagos, where pension fund managers, regulators, development finance institutions, healthcare investors and operators examined ways to mobilise more private capital for healthcare. The meeting, with the theme ‘Healthcare as an Asset Class,’ identified pension...

September 30, 2026

NewsHealthcare, Investment, Nigeria, Pension Management

29SepSeptember 29, 2026

New Sierra Club Analysis Shows U.S. Public Pensions Hold Billions in Fossil Fuel Bonds

Today, Sierra Club released a new analysis of public data published by Urgewald on fossil fuel bond holdings across 40 U.S. public pension funds, finding that fossil fuel debt remains embedded in public pension portfolios and available bondholding data are significantly incomplete. The analysis underscores that even if a public pension has a climate policy, emissions target, or other climate risk-management framework, it can still maintain substantial exposure to the debt of companies pursuing activities that contribute to systemic...

September 29, 2026

NewsClimate crisis, Investment, Pension Management

28SepSeptember 28, 2026

Why resilience should define pension scheme investment strategy in an uncertain world

For much of the past two decades, the task facing trustees and investment teams of defined benefit (DB) pension schemes was clear: repair deficits, manage risk and achieve funding stability. That discipline remains vital. But the world pension schemes now operate in has changed fundamentally, and so too must the way we think about investment strategy. The defining challenge today is not risk in the traditional sense. Risk can be modelled, hedged and priced. What schemes increasingly face instead is uncertainty:...

September 28, 2026

NewsInvestment, Pension Management

25SepSeptember 25, 2026

PSCA’s Annual 401(k) Survey

By PSCA PSCA's Annual Survey of Profit Sharing and 401(k) Plans, now in its sixth decade, offers the most comprehensive look at the defined contribution industry. The annual survey is used by plan sponsors to benchmark their plans and ensure they are meeting participants' needs and creating a competitive benefit. It is also used by advisors and providers to help plan sponsors evaluate their plans and by legislators and government officials when evaluating the impact of new regulations. Get the report...

September 25, 2026

Books, Books, Pension Management, Reports2026, Investment, Pension Management, US

25SepSeptember 25, 2026

Natural Buyers? Pension Funds and Treasury Exposure

By Aleksandar Andonov, Kristy Jansen & Joshua D. Rauh Long-maturity Treasury issuance reduces government rollover risk but depends on investors with structural demand for duration. We examine whether U.S. public pension funds, a $7 trillion sector, provide such demand, as is often presumed given their liabilities. Using security-level holdings, we show that Treasuries account for only 6% of pension assets and that total Treasury exposure, including derivatives, has a maturity of 8.0 years, only 1.3 years longer than marketable Treasury...

September 25, 2026

Articles, Investment2026, Investment, Pension Management, Public Pensions, US

23SepSeptember 23, 2026

Private equity tops the table in CFA Institute retirement modelling

A 10 percent allocation to any one of five private market asset classes lifted the mean annual Sharpe ratio of a modelled target-date fund above an equities-and-bonds baseline over a 40-year accumulation period. Private markets in retirement plans: Returns, risks, and the importance of plan design, published in September by the CFA Institute Research and Policy Center, ran 10,000 Monte Carlo accumulation pathways for a stylised defined contribution plan using US-dollar return data from 1 January 2010 to 31 December...

September 23, 2026

News2026, Investment, Pension Management

21SepSeptember 21, 2026

South Africa. Unclaimed Benefits: Treasury Proposes Major Reform For Retirement Funds

National Treasury has proposed a centralised framework for administering South Africa's estimated R88 billion in unclaimed financial assets, including retirement benefits. The discussion paper outlines a system where a central administrator would manage tracing, record-keeping and claims through a single public portal, with assets potentially transferred to the Corporation for Public Deposits. South Africa Employment and HR In August 2026, National Treasury published a discussion paper titled A Framework to Centralise Unclaimed Financial Assets in South Africa, which proposes a fundamental...

September 21, 2026

NewsPension Management, South Africa

11SepSeptember 11, 2026

The world’s largest pension funds 2026

By Thinking Ahead Institute The Global Top 300 Pension Funds is Thinking Ahead Institute’s annual deep-dive into the world’s largest pension funds, produced with Pensions & Investments. For well over two decades, it has served as a rare longitudinal record of how these giants are evolving, and what that means for the industry at large. Get the report here

September 11, 2026

Books, Books, Pension Management, Reports2026, Investment, Pension Management, savings