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What impact do ageing populations have on asset values? New research planned

The Institute and Faculty of Actuaries (IFoA) will co-sponsor international research on the impact ageing populations have on asset values over long time periods and consider the potential impact on large pension plans in Canada, the UK and the United States. The research will be conducted by the University of Waterloo (Canada) and the University of Kent (UK). 

The research is primarily funded by the Canadian Funding Body, Social Sciences and Humanities Research Council (SSHRC), with additional financial support from the IFoA, the Society of Actuaries in the USA, the Canadian Institute of Actuaries, University of Waterloo and University of Kent.  The IFoA has committed up to £98k over three and a half years to fund a PhD student based at the University of Kent.

The research will break new ground by incorporating gender into an overlapping generations model to better understand the differences in retirement outcomes for males and females.  It is also set to include international capital flows in the analysis and will consider the impact on specific asset classes, such as equities, property and infrastructure.  

The research findings will have important implications for pension funds, asset managers, and individuals. If asset prices are materially affected by an ageing population, then actuaries and risk managers need to incorporate this consideration into their work.

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sonia.sequeira@actuaries.org.uk

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