Background:

With the continual move from defined contribution pension arrangements, combined with pension freedoms in the UK and increasing longevity, the need for individuals to optimise what they do with their pension savings has never been so great. Regulation aside, this also presents an opportunity for innovation and alternative ways of thinking about product design for providers.

These new pension products will be based on:

  • an appropriate blend of risk-sharing between customers, with excess risk transferred to an insurer
  • a focus on real income
  • an investment universe that includes real, illiquid assets for investment over the long-term
  • quantifying the trade-off between the performance and stability of pension income
  • suitable dynamic econometric models
  • incorporating investment market timing into the investment strategies.

Details:

Principal researchers: Professor Jens Perch Nielsen and Dr Catherine Donnelly
Lead institutions: Cass Business School and Heriot-Watt University
Collaborators: Danica Pension, Royal London
Start date: 2016
End date: 2021
 
Want to learn more about this programme? 
 
Webinar - 14 June 2017
In this webinar, Professor Jens Perch Nielsen (Cass Business School) introduces the research programme and presents some early research, exploring 'Communication and self control of a pension saver's financial risk'.
IFoA members can access the webinar and claim CPD by logging on to the IFoA's online learning resources. Non-members can view the webinar below.
 

 

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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.