The design and governance of pension funds is an important topic of academic research and public policy and has significant implications for the welfare of participants. Here we focus upon the design and governance of defined contribution (DC) pension plans which have become the de facto model...

Understanding human behavior and cognitive biases are important elements in designing effective governance structures. The authors are guided by this reality in proposing a framework for understanding collective decision-making in pension funds. The article suggests that five types of decisions...

The global financial crisis has posed profound threats to pension welfare worldwide. This is particularly so in the UK with the closure of private defined benefit plans and the heavy losses experienced by many defined contribution pension plan participants. Meeting these challenges has placed a...

For pension funds and other institutional investors, governance refers to the resources and processes used in decision-taking. Recognising that risk and uncertainty are the life-blood of investment strategy, in this paper we develop a resource-based framework to better understand the structure...

The model of “sustainable investing” presented in this paper is of long-term investing that is inter-generationally efficient. This model combines the opportunities in the traditional areas of institutional decisions – asset allocation and manager line-up – with the newer fields of...