May 29, 2013
TORONTO, ON – The pensions world is rewriting its narratives as the implications of the 21st Century realities of lower investment returns and aging populations continue to sink in. Defending traditional defined benefit plans at all cost is increasingly seen as fighting a rearguard action in a lost cause. The Spring 2013 issue of the Rotman International Journal of Pension Management takes a look at “defined ambition” narratives for pensions in which a dual question needs to be answered: What do sustainable 21st Century pension arrangements look like… and how do we get from here to there?
With contributions from pension practitioners and academics, the journal is published by the Rotman International Centre for Pension Management (Rotman ICPM) at the Rotman School of Management at the University of Toronto.
“The articles in the Spring 2013 issue of the Journal reflects the growing acceptance that we must rewrite the pensions narrative” says Journal editor, Keith Ambachtsheer who is also Director of Rotman ICPM and an adjunct professor of finance at the Rotman School.
Articles in the Spring 2013 issue include:
· The “Defined Ambition” Pension Plan: A Dutch Interpretation by Niels Kortleve;
· Restructuring Occupational Pension Plans in Crisis: A U.S. Labor–Management Case Study by David S. Blitzstein;
· Dynamic DC: Keeping Your Options Open by Ioulia Tretiakova and Mark S. Yamada;
· Why Canada Has No Retirement Crisis by Fred Vettese;
· Risk-Management Practices at Large Pension Plans: Findings from a Unique 27-Fund Survey by Alex Beath and Jody MacIntosh;
· When Do Derivatives Add Value in Pension Fund Asset Allocation? by Jiajia Cui, Bart Oldenkamp, and Michel Vellekoop;
· The Kay Review on Long-Horizon Investing: A Guide for the Perplexed by Gordon L. Clark; and,
· Platforms and Vehicles for Institutional Co-Investing by Jagdeep Singh Bachher and Ashby H. B. Monk.
There is also an update on four new research projects that the Rotman ICPM Research Committee has selected for funding over the 2013/2014 period. Since its inception in 2005, Rotman ICPM has invested $1.3M in producing 29 high-impact research projects and six “live” case studies about strategic issues in the pension industry. In total, 66 prominent researchers and case writers have contributed to these efforts. Completed Research Papers can be accessed through the Rotman ICPM website.
The next issue of the Journal is scheduled for release in Fall 2013.
The mission of the Rotman International Centre for Pension Management (Rotman ICPM) is to be an internationally-recognized, high-impact catalyst for fostering effective pension design and management. Its four primary tools to achieve this goal are the funding of objective and transformative research, the organization of interactive, action-oriented discussion forums, the publication of a readable journal relevant to professionals in the pensions and related fields, and the delivery of the globe’s leading governance education program for Board members of pension and other long-horizon investment institutions. Further details on the Centre, including access to the Rotman Journal of International Pension Management, are available at www.rotman.utoronto.ca/icpm/.
The Rotman School of Management at the University of Toronto is redesigning business education for the 21st century with a curriculum based on Integrative Thinking. Located in the world’s most diverse city, the Rotman School fosters a new way to think that enables the design of creative business solutions. The School is currently raising $200 million to ensure Canada has the world-class business school it deserves. For more information, visit www.rotman.utoronto.ca.
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