The Future of Pension Management

Preface xi
PART ONE Touchstones
CHAPTER 1 Improved Pension Designs and Organizations: Gateways to a More Functional Capitalism 3
CHAPTER 2 Pension Plans for the Masses: Good Idea or Pipe Dream? 11
CHAPTER 3 Does Institutional Investing Have a Future? 17
CHAPTER 4 Thomas Piketty's Capital in the 21st Century: Its Relevance to Pension Fund Management 25
PART TWO Pension Design
CHAPTER 5 Why We Need to Change the Conversation about Pension Reform 33
CHAPTER 6 On the Costing and Funding of Defined-Benefit Pensions: Separating Fact and Fiction 41
CHAPTER 7 Defining Defined-Ambition Pension Plans: Conclusions from an International Conversation 49
CHAPTER 8 What Are Target-Benefit Plans and Why Should You Care? 55
CHAPTER 9 Designing 21st-Century Pension Plans: We're Making Progress! 61
PART THREE Pension Governance
CHAPTER 10 How Effective Is Pension Fund Governance Today?: Findings from a New Survey 69
CHAPTER 11 The Evolving Meaning of Fiduciary Duty: Is Your Board of Trustees Keeping Up? 81
CHAPTER 12 Pension Organizations and Integrated Reporting: Improving Stakeholder Communications 87
CHAPTER 13 Measuring Value-for-Money in Pension Organizations: A New Look 93
CHAPTER 14 Measuring Value for Money in Private Markets Investing: Why Investors Need a Standard Protocol 101
CHAPTER 15 How Pension Funds Pay Their Own Investment People 107
CHAPTER 16 Investment Beliefs and Organization Design: Are They Aligned in Your Organization? 127
CHAPTER 17 Norway versus Yale--or versus Canada?: A Comparison of Investment Models 133
CHAPTER 18 Does Culture Matter in Pension Organizations? 141
PART FOUR Pension Investing
CHAPTER 19 Are Investment Returns Predictable? 151
CHAPTER 20 Investment Returns in the 21st Century 157
CHAPTER 21 Long-Termism as the Dominant Investment Paradigm 163
CHAPTER 22 Investing for the Long Term I: From Saying to Doing 169
CHAPTER 23 Investing for the Long Term II: How Should We Measure Performance? 177
CHAPTER 24 Investing for the Long Term III: Does It Produce Better Outcomes? 183
CHAPTER 25 Are Alphas and Betas Bunk? 189
CHAPTER 26 Risk Management Revisited 195
CHAPTER 27 From an Unknown to a Known: Managing Climate Change Risk 201
Conclusion 207
Notes 209
About the Author 219
Index 221