11th International Pension Research Association (IPRA) Conference

11th International Pension Research Association (IPRA) Conference

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The International Pension Research Association (IPRA) conference is co-hosted by CEPAR, the OECD, International Organisation of Pension Supervisors (IOPS), Netspar, and the Pension Research Council at the Wharton School of the University of Pennsylvania. 

IPRA is an international organisation established with the aim of improving the quality and impact of research on pensions and related ageing issues to optimise social and economic outcomes for an ageing world. Its executive committee comprises representatives of the Centre for Population Ageing Research (CEPAR), the International Organisation of Pension Supervisors (IOPS), Netspar, the Pension Research Council at the Wharton School of the University of Pennsylvania, WTW, and the OECD.

To join IPRA, please sign up here. For more information, including upcoming IPRA events, visit iprassn.org.

For enquries, please contact cepar@unsw.edu.au.

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11th International Pension Research Association (IPRA) Research Conference – Program

Location: OECD Paris

Date: Tuesday 3^rd March

13.15-13.30	Arrival Coffee
13.30-13.35	Welcome and Introductory Remarks Hazel Bateman, IPRA Pablo Antolin, OECD Astrid Ludin, IOPS
13.35-15.10	Session 1: Recent Developments in Pension Investments Chair: Dariusz Stanko (IOPS)
13.35-13.55	Pension Liquidity Risk Kristy Jansen (University of Southern California, USA)
13.55-14.15	Pension Funds and Infrastructure Investments: The Shifting Finance of Electricity Generation Aleksandar Andonov (University of Amsterdam, The Netherlands)
14.15-14.35	Private Assets in Defined Contribution Plans: Benefits, Risks, and Implications Fiona Greig (Vanguard, USA)
14.35-14.45	Discussant – TBA
14.45-15.10	Panel Discussion and Q&A
15.10-15.25	Break
15.25-16.15	Session 2: Keynote Chair: Pablo Antolin, OECD Asset Allocation in Defined Contribution Pension Plans: Current Challenges and Opportunities Francisco Gomes (London Business School, UK)
16.15-16.30	Break
16.30-18.05	Session 3: Pooling and Individualization in Decumulation Chair: Jennifer Alonso Garcia (Université Libre de Bruxelles)
16.30-16.50	Pooled Annuity Fund Design and Management of Retirement Risk Catherine Donnelly (Heriot-Watt University, Edinburgh, UK)
16.50-17.10	Lifetime Pension Pools: A Research-Informed Look at Design Choices Jean-François Bégin (Simon Fraser University, Canada)
17.10-17.30	Defaulting 401(k) Assets into Payout Annuities for “Pretty Good” Lifetime Incomes Raimond Maurer (Goethe University Frankfurt, Germany)
17.30-17.40	Discussant – Ursula Schwarzhaupt (Head of Regulation Intendancy, Pensions Supervisor, Chile)
17.40-18.05	Panel Discussion and Q&A
18.05-18.10	Closing Remarks Dariusz Stanko (IOPS)
18.15-19.15	Reception

Abstracts and bios

Pension Liquidity Risk

Kristy Jansen (University of Southern California, USA)

Pension funds use interest rate swaps to hedge the interest rate risk arising from their liabilities. Analyzing regulatory data on Dutch pension funds, we show that pension funds with worse funding ratios, indicating greater fragility, use swaps more aggressively. These swap positions expose pension funds to the risk of margin calls, which can exceed 6% of their total assets, when interest rates rise. Pension funds respond to realized margin calls by selling safe government bonds with medium-term maturities. This procyclical selling behavior adversely affects the prices of the sold bonds and thereby exposes pension funds to market liquidity risk.

Kristy Jansen joined USC Marshall as an Assistant Professor in Finance and Business Economics in 2022. Additionally, she is a Research Affiliate at CEPR and an external researcher at the Dutch Central Bank.
Her main research field is at the intersection of institutional investors and asset pricing. Specifically, she aims to understand the drivers of institutional investors’ asset demand and the role they play in financial markets. A central focus of her recent work is how asset demand—and the influence of policy interventions—affect U.S. and global Treasury markets.
Additionally, she studies pension funds as a specific class of institutional investors, focusing on how increasing cash constraints shape their asset demand and feed back into financial markets.
Kristy earned a Bachelor’s degree in Econometrics, a Master’s degree in Quantitative Finance and Actuarial Science, a Research Master’s degree in Finance, and a PhD in Finance from Tilburg University.

Further reading: Jansen, K.A.E., Klingler, S., Ranaldo, A. and Duijm, P., 2026. Pension Liquidity Risk

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Pension Funds and Infrastructure Investments: The Shifting Finance of Electricity Generation

Aleksandar Andonov (University of Amsterdam, The Netherlands)

Institutional investors are becoming increasingly active in the provision of capital to infrastructure assets. They gain exposure to infrastructure in large measure through finite-horizon private funds, and over time they significantly increased their ownership particularly of electricity generating assets. Private equity and institutional investors own 30% of wind, 40% of solar, and 28% of natural gas electricity generation. These new entrants are twice as likely to create new power plants as incumbent domestic listed utilities, highlighting a new role for institutional investors and private equity in large-scale asset creation. They also acquire existing plants. While fossil-fuel plant sales to foreign corporations extend operations, private equity has similar decommissioning rates to incumbents. The new owners create more efficient plants and improve acquired ones. Market deregulation drives the results, highlighting the dual importance of competition and new financing for both creation and acquisitions.

Aleksandar Andonov is a Professor of Finance at the Amsterdam Business School, University of Amsterdam. In his research, Aleksandar focuses on analyzing the asset allocation of institutional investors in public and private markets, improving their organization and governance, and fostering long-term investing. Aleksandar’s research contributes to a better understanding of the asset management decisions of institutional investors which can influence the asset prices and liquidity of financial markets as well as generate broader economic, social, and environmental effects. His research ideas and findings have been presented at academic and industry conferences, and have been covered in international financial media, such as the Economist, Wall Street Journal, and Financial Times. His research papers have been published in academic journals such as the Journal of Finance and the Review of Financial Studies. He completed his PhD studies at Maastricht University and afterward worked at Erasmus University Rotterdam. At the University of Amsterdam, Aleksandar teaches courses on asset management and investments. Aleksandar is also a Visiting Fellow at Stanford University, Hoover Institution, and Research Affiliate at the Centre for Economic Policy Research (CEPR).

Further reading:

• Andonov, A. and Rauh, J.D., 2025. The shifting finance of electricity generation
• Andonov, A., Kräussl, R. and Rauh, J., 2021. Institutional investors and infrastructure investing. Review of Financial Studies, 34(8), pp.3880-3934

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Private Assets in Defined Contribution Plans: Benefits, Risks, and Implications

Fiona Greig (Vanguard, USA)

We evaluate the prospect of expanding access to private assets in defined contribution plans through three lenses: investment merit for everyday investors, plan sponsor considerations, and potential tradeoffs policymakers may wish to consider. The investment case for private assets hinges on identifying and accessing highly skilled managers, committing to a long holding period, and accepting the risk of unfavorable returns. Under these conditions, a 10%–20% allocation to private assets within a target-date fund (TDF) could, over 40 years, boost retirement wealth by 7%–22% and retirement income by 5%–15% after fees. Employers should consider whether their workers are a good fit for private assets. The benefits of investing in private assets are most likely to be realized by participants who can commit to longer holding periods. Conversely, in two-thirds of plans, the typical TDF holding period is less than five years, often even shorter in plans with lower-income participants and greater worker turnover. Implementation choices could influence the level of adoption and the risks and benefits to workers. Introducing private assets as a component of the default TDF would likely ensure greater participation, professionally managed allocations, and enhanced access to liquidity. Alternatively, offering private assets as a stand-alone investment option would place the burden on participants to evaluate and manage the risks of private assets, including the potential for limited liquidity.

Fiona Greig, Ph.D., is global head of investor research and policy in Vanguard’s Investment Strategy Group, where she leads Vanguard’s global retirement and investor behavior research efforts. She is a leading expert in household finance and the use of financial data to drive insights for both policymakers and business leaders.
Before joining Vanguard in 2022, Fiona was co-president and founding research director of the JPMorgan Chase Institute for more than seven years. During her tenure, she authored more than 40 papers covering a range of household finance topics, including income and spending trends, student loan and housing debt, the gig economy, and the impacts of fiscal relief policies, all with an underlying focus on low- and moderate-income families as well as racial and gender disparities.
Earlier in her career, she was deputy budget director for the City of Philadelphia, a consultant at McKinsey & Company for public and social sector clients, and a consultant at the Washington DC Economic Partnership. She has also been an adjunct professor at Harvard Kennedy School, the University of Pennsylvania, and Georgetown University. Fiona earned a B.A. in international relations from Stanford University and a Ph.D. in public policy from Harvard Kennedy School.

Further reading: The Vanguard Group, 2025. Private Assets in Defined Contribution Pension Plans

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Asset Allocation in Defined Contribution Pension Plans: Current Challenges and Opportunities

Francisco Gomes (London Business School, UK)

Professor Gomes is a full Professor of Finance at London Business School. He has a BA from the New University of Lisbon and a PhD from Harvard University. He is a Research Affiliate of the Centre for Economic Policy Research, and one of the founding members of the CEPR Network on Household Finance. He is currently also an Associate Editor at The Journal of Finance and The Journal of Financial Economics.
His areas of expertise include capital markets, asset allocation, household finance, and macroeconomics. His research has been published in leading journals, such as The Journal of Finance, The Review of Financial Studies, the Journal of Financial Economics and The American Economic Review. He has given numerous seminars worldwide and he has been covered by The Financial Times, BBC and Bloomberg, among others. 

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Pooled Annuity Fund Design and Management of Retirement Risk

Catherine Donnelly (Heriot-Watt University, Edinburgh, UK)

This talk introduces pooled annuity funds as a collective approach to providing lifetime income in retirement. A pooled annuity fund pays an income for life by combining investment risk and longevity risk across a group of members. In functional terms, it can deliver many features seen in from life annuities and defined benefit schemes, such as joint-life benefits and lump-sum payments, with external insurance used where appropriate. A central regulatory distinction is that while individuals ultimately bear investment and longevity risk, those risks are borne collectively and managed at the scheme level, rather than through individual decision-making. The talk then outlines key design variations across pooled annuity funds. These include whole-of-life versus decumulation-only structures, and how scheme experience is distributed among members. These design choices determine how risks and volatility are shared across and between generations. Therefore, the design of the fund shapes outcomes for different cohorts. The need for a clear and proportionate risk management framework is discussed briefly.

Catherine Donnelly is a Professor of Actuarial Mathematics with over ten years’ research experience on pooled annuity funds and collective approaches to retirement income. She has published widely in leading actuarial and finance journals and is a qualified actuary. Prior to academia, she worked for several years in the pensions consulting industry. Her research on pooled annuity funds has been supported by a major grant from the Institute and Faculty of Actuaries, and her work spans both theoretical and applied aspects of pension scheme design and risk sharing.

Further reading: Donnelly, C., 2023. Research Findings Around Pooled Annuity Funds

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Lifetime Pension Pools: A Research-Informed Look at Design Choices

Jean-François Bégin (Simon Fraser University, Canada)

Lifetime pension pools—also known as group self-annuitization schemes, pooled annuity funds, and variable payment life annuities in the literature—allow retirees to convert a single premium into income for life that varies with investment and mortality experience. In a context of population ageing, pressure on traditional pension systems, and growing demand for flexible decumulation solutions, lifetime pension pools have significant potential to expand. Yet, important design and implementation challenges remain. This presentation synthesizes recent research on the design of lifetime pension pools. We examine key design elements, including optimal investment strategies, the choice of hurdle rates (also known as the assumed interest rate), and the impact of heterogeneity across participants. The presentation also highlights trade-offs and offers practical guidance for pool operators and practitioners.

Jean-François Bégin is an Associate Professor in the Department of Statistics and Actuarial Science at Simon Fraser University in British Columbia, Canada. He is a specialist in financial modelling as well as statistical and mathematical applications to finance and insurance. Before joining Simon Fraser University, he received his PhD in Financial Engineering from HEC Montréal. He is a Fellow of both the Society of Actuaries and the Canadian Institute of Actuaries. He also currently serves as the Chair of the AFIR-ERM Section of the International Actuarial Association. Over the past few years, his research program has focused on the construction of complex models for long-term economic predictions, the understanding and management of credit risk, the modelling of option prices, and the development of sustainable retirement solutions and designs.

Further reading: Begin, J-F. and Sanders, B., 2023. Exploration of Lifetime Pension Pools - Design Elements

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Defaulting 401(k) Assets into Payout Annuities for “Pretty Good” Lifetime Incomes

Raimond Maurer (Goethe University Frankfurt, Germany)

Some US defined contribution plans offer retirees access to an annuity or lifetime income stream as payout options from their 401(k) accounts. Nevertheless, for behavioral reasons, some retirees may hesitate to elect lifetime income streams as a drawdown vehicle. To counter this, plan sponsors could automatically allocate a portion of retirees’ 401(k) assets to annuities, now that regulatory barriers to doing so have eased. Using a lifecycle economic model, we evaluate the pros and cons of defaulting retirees’ 401(k) assets into payout annuities. We show that defaulting 20% of a retiree’s assets over a threshold into an immediate annuity enhances retirement security for most plan participants. An annuity deferred to the age of 80 is particularly beneficial to college graduates, in terms of enhancing their welfare.

Raimond Maurer is a Professor of Investment, Portfolio Management and Pension Finance at Goethe University Frankfurt. He joined Goethe’s faculty of economics and business in 2000 and served as Chairman of the Dissertation Committee (2002-2009), Vice Dean (2009-2015), Dean (2015-2020), and member of the academic Senate (2011-2021). He received his Diplom-Kaufmann (equivalent to a master’s degree), doctorate, and a habilitation from Mannheim University. He is a SAFE Research Associate, Advisory board member for the Wharton School’s Pension Research Council and editor of the Journal of Pension Economics and Finance. In 2012, the University of Economics and Finance Saint Petersburg awarded him the honorary degree of Doctor honoris causa. Dr. Maurer has extensive experience in policy consulting (e.g., for the German Federal Ministry of Finance, the World Bank, the ECB, and the OECD) and holds a number of professional appointments, including as a member of the Supervisory Board of Union Investment Real Estate, Academic Co-Chair of the AFIR/ERM Section of the German Actuarial Association, Academic Director of the CIIA program at the Association of Financial Analysts in Germany (DVFA), and member of the Investment Advisory Board of the German-Israeli Foundation for Scientific Research (GIF). He has published eight books and more than 100 articles in international journals, and his work has been covered by media outlets including the Frankfurter Allgemeine Zeitung, DIE ZEIT, The Wall Street Journal, Financial News Korea, Forbes Magazine, and Business Week.

Further reading: Horneff, V., Maurer, R. and Mitchell, O.S., 2025. Defaulting 401(k) Assets into Payout Annuities for “Pretty Good” Lifetime Income