This study argues that the promotion of union goals could have positive, negative, or neutral effects on risk adjusted return performance. Moreover, the union's ability and incentive to use pension assets to promote union goals will vary with the design of the pension. Using panel data on over...

Many workers reveal a preference for a gradual reduction in work hours as they approach retirement (phased retirementʺ), rather than a sudden change from full-time work to full-time retirement. Pension regulations may impede phased retirement without a switch of employers by prohibiting access...