July 2026

2026 Annual Report

By PSP Investments PSP Investments closed fiscal 2026 with $320.6 billion in net assets under management, delivering a 6.5% one-year net return, and an 8.8% net annualized return over 10 years. Over the past decade, our diversified portfolio has generated $14.5 billion in cumulative net investment gains above the Reference Portfolio, a sustained track record that continues to strengthen the long-term funding position of the pension plans we support. In a year marked by heightened volatility and uncertainty, our portfolio...

WTW launches mortality model bringing enhanced predictive capabilities to U.S. pension risk transfer market

WTW (NASDAQ: WTW) today announced the launch of a new version of its Geospatial Mortality Model (GMM) intended for the U.S. pension risk transfer (PRT) market that will enable insurers and reinsurers to more accurately price and manage longevity risk. The model – already used by U.S. pension plan sponsors to set longevity assumptions – is now available to insurers to enhance PRT pricing, strengthen asset-liability management, and improve visibility into longevity risk. WTW’s GMM produces smarter, more flexible mortality assumptions...

Nigeria pension assets jump 51% to $22.8 billion, regulator says

Nigeria's pension assets rose ​51% in two years to ‌31.48 trillion naira ($22.80 billion), while membership of the country's contributory pension scheme ​grew by nearly 1 ​million workers to 11.32 million, the ⁠National Pension Commission (PenCom) said on Tuesday. PenCom ​chief Omolola Oloworaran told reporters ​that assets under management increased from 20.79 trillion naira in July 2024, a rise ​attributed to stronger confidence in ​the pension system. A 758 billion naira bond ‌helped ⁠clear obligations dating back to 2007, benefiting 957,045...

Canadá. La Caisse tops the Global SWF rankings, recognized for its leadership in sustainability

For the fourth year running, La Caisse ranks at the top of the pension funds included in the Global SWF’s GSR Scoreboard published, consolidating its leading position among global investors. This recognition reflects the excellence of our sustainable investing practices and our efforts to make progress on sustainability matters in Québec and abroad. “This ranking places La Caisse among a select group of global leaders in governance, sustainability and resilience. It is a testament to the rigor of our practices and...

How Rational Is AI Investment Advice? Risk-Return Relevance in Artificial Intelligence (AI) Investments

By Nanying Lin, Oscar Gilbert & Tianxiang Chu Textbook finance theories indicate that investors demand risk premia from risky assets as compensation for risk and for hedging against future unfavorable economic states. We design a comprehensive study to examine whether investment advice generated by artificial intelligence (AI) reflects a coherent risk–return pattern in investment decision-making. We find that AI advises investors to increase stock investments when return increases and reduce stock allocations when stock volatility increases. However, AI ignores the...

Retirees Don’t Need to Fear a Lost Decade. They Need a Plan

We recently interviewed flat-fee financial advisor Adam Grossman for Morningstar’s “The Long View” podcast and asked him about his biggest worry for current retirees. The answer? The possibility of another “lost decade,” when stocks fail to generate positive returns over an extended period. The last time that happened was during the 2000s, when the bear market in tech stocks early in the decade was followed by another series of sharp losses during the global financial crisis. An event like that is particularly...

June 2026

Pension funds and insurers manage $100 trillion dollars — can they use it to help solve global problems?

Over the past century, finance has become increasingly disconnected from the physical world it depends on. Every day, trillions of dollars move through financial markets as stocks, bonds and derivatives. Much of that money never reaches the businesses, infrastructure and systems that power the real economy. The scale of this shift is striking. In 2024, around $149 trillion worth of shares were traded on global stock markets. Yet, companies raised only $741 billion in new capital through those same markets. So, for...

AI in pensions raises governance challenge for trustees: Cartwright

Artificial intelligence used across pension schemes is creating a governance challenge rather than a new regulatory risk, according to Cartwright Pension Trusts. Cartwright said trustees should focus on oversight, accountability and existing governance frameworks as AI becomes more widely used across scheme operations. It said trustees remain responsible for decisions and member outcomes, whether services are delivered by people or AI tools and should incorporate AI considerations into existing governance, risk management, supplier oversight and information security frameworks. According to Cartwright,...

Pension funds and insurers manage $100 trillion dollars — can they use it to help solve global problems?

Over the past century, finance has become increasingly disconnected from the physical world it depends on. Every day, trillions of dollars move through financial markets as stocks, bonds and derivatives. Much of that money never reaches the businesses, infrastructure and systems that power the real economy. The scale of this shift is striking. In 2024, around $149 trillion worth of shares were traded on global stock markets. Yet, companies raised only $741 billion in new capital through those same markets. So, for...

Making pensions more inclusive for LGBTQ+ members

Research by Scottish Widows shows almost half (49%) of LGBTQ+ people are on track for less than a minimum retirement lifestyle, compared with 38% of non-LGBTQ+ people. More than half (54%) aren't confident managing their retirement savings, compared with 37% of the wider population, while 30% are not saving for retirement at all. These figures highlight that retirement outcomes are shaped by much more than pension contributions alone. Family circumstances, health, financial confidence, workplace experiences and access to support can all...