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October 2021

15Oct

Pensions and ESG: An Institutional and Historical Perspective

By P. Brett Hammond & Amy O'Brien Sustainable investing is growing into its moment. Funded pensions, which were among the first institutions to respond to sustainability concerns, are showing renewed interest in better ways to reflect responsible investing objectives, along with regulators, asset managers and shareholder groups. Looking back, the principal elements of sustainability—environmental, social and governance (ESG)—all have different origins and took different pathways. Looking across, sustainable investing developed differently depending on region and country. Viewing it today, we...

October 15, 2021
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07Oct

Sustainability agreements and antitrust – three criteria to distinguish beneficial cooperation from greenwashing

By Maurits Dolmans This paper discusses European competition law as it applies to agreements between market players to reduce, eliminate, or compensate for greenhouse gas emissions. It places these in an economic context, discusses the relevant provisions of the European treaties and applicable case law of the European Court of Justice. It identifies three broad criteria for the non-application of the prohibition of restrictive agreements, or exemption, to sustainability agreements. Source: SSRN 267 views

October 7, 2021
Articles, Investment, Pension Management, , , ,
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Values at Work: Sustainable Investing and ESG Reporting

By Daniel C. Esty, Todd Cort Sustainable investing is a rapidly growing and evolving field. With investors expressing ever greater interest in environmental, social, and governance (ESG) metrics and reporting, companies face a sustainability imperative and the need to remake their business models to respond to an array of pressing issues including climate change, air and water pollution, racial justice, workplace diversity, economic inequality, privacy, corporate integrity, and good governance. From equities to fixed income and from private equity to...

October 1, 2021
Books, Investment, , ,
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September 2021

10Sep

The Surprising Ingredients of Swedish Success – Free Markets and Social Cohesion

By Nima Sanandaji Sweden did not become wealthy through social democracy, big government and a large welfare state. It developed economically by adopting free-market policies in the late 19th century and early 20th century. It also benefited from positive cultural norms, including a strong work ethic and high levels of trust. As late as 1950, Swedish tax revenues were still only around 21 per cent of GDP. The policy shift towards a big state and higher taxes occurred mainly during the...

September 10, 2021
Articles, Investment, Pension design, Pension Management, ,
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03Sep

Global Pensions and ESG: Is There A Better Way?

By Luba Nikulina The influence of ESG factors has been growing exponentially in the last five years. This paper explores whether purpose with multiple stakeholders, responsibility for the impact of investments, and system level engagement apply to global pension funds. Aside from government spending, global pension assets represent the largest pool of capital on the planet with the longest time horizon and multiple stakeholders across different generations. The power of influence of this capital is enormous. Many international challenges can...

September 3, 2021
Articles, Investment, Pension design, , ,
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August 2021

19Aug

On The Investment Strategies in Occupational Pension Plans

By Frank Bosserhoff, An Chen, Nils Sørensen, Mitja Stadje Demographic changes increase the necessity to base the pension system more and more on the second and the third pillar, namely the occupational and private pension plans; this paper deals with Target Date Funds (TDFs), which are a typical investment opportunity for occupational pension planners. TDFs are usually identified with a decreasing fraction of wealth invested in equity (a so-called glide path) as retirement comes closer, i.e., wealth is invested more...

August 19, 2021
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12Aug

The Origins of ESG in Pensions: Strategies and Outcomes

By Stephanie Lachance, Judith C. Stroehle As intergenerational stewards of capital, pension funds can have many good reasons to embrace environmental, social, and governance (ESG) issues in their investment practices. Yet the particular structure of pension funds creates both advantages and disadvantages for the integration of ESG. This paper reviews the historical origins, regulatory mandates, and fund structures of pensions, to tease out exactly which of these characteristics enable and which of them impede the inclusion of ESG at pension...

August 12, 2021
Articles, Investment, System Sustainability, ,
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July 2021

16Jul

Private Retirement Systems and Sustainability: Insights from Australia, the UK, and the US

By Nathan Fabian, Mikael Homanen, Nikolaj Pedersen & Morgan Slebos Retirement system sustainability is defined as the ability of plan boards and managers to be responsible investors, active stewards, and allocators of capital to economic activities with desirable social and environmental outcomes. In this paper, we examine the policy frameworks and important structural variables pertinent to private retirement systems in Australia, the UK, and the US. By analyzing various reports, interviewing experts, and using data from the Principles of Responsible...

July 16, 2021
Articles, Investment, System Sustainability, , , ,
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02Jul

Pension Incentives and Labor Supply: Evidence from the Introduction of Universal Old-Age Assistance in the UK

By Matthias Giesecke, Philipp Jaeger We study the labor supply implications of the Old-Age Pension Act (OPA) of 1908, which, for the first time, provided pensions to older people in the UK. Using recently released census data covering the entire population, we exploit variation at the newly created age-based eligibility threshold. Our results show a considerable and abrupt decline in labor force participation of 6.0 percentage points (13%) when older workers reach the eligibility age of 70. To mitigate the...

July 2, 2021
Articles, Investment, Savings,
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02Jul

Public Pension Portfolios in a World of Low Rates and Low Risk Premiums

By He Ren, Sarah Siwinski, Calvin Yu, Andrew Ang Over the 2010s, the assets of public pension plans generated significantly higher returns than their assumed, or actuarial, rates of return. In a sample of 69 US public plans with a total of $2.1 trillion of assets, the return outperformance of assets over the assumed returns was over 200 basis points for the 10 years ending June 30, 2009. The outperformance is driven by their asset allocations being mostly exposed to...

July 2, 2021
Articles, Investment,
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