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- People (1)
- News (119)
- Research (301)
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- June 2013 (Revised August 2013)
- Background Note
Note on Pension Guarantee Funds
By: Robert C. Pozen and Patricia Bissett Higgins
The United States and the United Kingdom both had quasi-government agencies that provided back-up insurance for individuals participating in defined benefit ("DB") pension plans. This note compares and contrasts the United Kingdom's Pension Protection Fund ("PPF") with... View Details
Keywords: Pensions; Pension Guarantee Funds; Pension Protection Fund; Pension Benefit Guaranty Corporation; Employee Retirement Income Security Act; PBGC; ERISA; MAP-21; Legislation; Insurance; Saving; Retirement; Labor; Labor and Management Relations; Employees; Insurance Industry; United States; United Kingdom
Pozen, Robert C., and Patricia Bissett Higgins. "Note on Pension Guarantee Funds." Harvard Business School Background Note 313-139, June 2013. (Revised August 2013.)
- 2018
- Working Paper
The Impact of Pensions and Insurance on Global Yield Curves
By: Robin Greenwood and Annette Vissing-Jorgensen
We document a strong effect of pension and insurance company (P&I) assets on the long end of the yield curve. Using data from 26 countries, the yield spread between 30-year and 10-year government bond yields is negatively related to the ratio of pension assets (in... View Details
Greenwood, Robin, and Annette Vissing-Jorgensen. "The Impact of Pensions and Insurance on Global Yield Curves." Harvard Business School Working Paper, No. 18-109, June 2018. (Revised December 2018.)
- October 2012 (Revised August 2014)
- Case
The Canada Pension Plan Investment Board: October 2012
By: Josh Lerner, Matthew Rhodes-Kropf and Nathaniel Burbank
The Canada Pension Plan Investment Board (CPPIB) is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In October of 2012, Mark Wiseman was just 12 weeks into his role as... View Details
Lerner, Josh, Matthew Rhodes-Kropf, and Nathaniel Burbank. "The Canada Pension Plan Investment Board: October 2012." Harvard Business School Case 813-103, October 2012. (Revised August 2014.)
- February 2018
- Case
Infrastructure in Nigeria: Unlocking Pension Fund Investments
By: John Macomber and Pippa Tubman Armerding
The so-called “infrastructure finance gap” was a problem in Nigeria as in many parts of the world. Infrastructure projects like power plants and dams were very large capital investments that could generate long-term consistent cash flows, but their financing and... View Details
Keywords: Pension Fund Investing; Infrastucture; Power/Energy; Credit Enhancement; Infrastructure; Project Finance; Investment Funds; Emerging Markets; Nigeria; Africa
Macomber, John, and Pippa Tubman Armerding. "Infrastructure in Nigeria: Unlocking Pension Fund Investments." Harvard Business School Case 218-071, February 2018.
- June 2021
- Case
The Canada Pension Plan Investment Board (CPP Investments): April 2021
By: Josh Lerner, Reza Satchu and Alys Ferragamo
The Canada Pension Plan Investment Board (CPPIB) is one of the largest pools of investment capital in the world and follows a rigorous “Total Portfolio Framework” in its approach to investment management. In April of 2021, John Graham was just two months into his role... View Details
Keywords: Pension Funds; Investment Strategy; Capital Markets; Financial Strategy; Investment; Asset Management; Financial Institutions; Private Equity; Growth and Development Strategy; Investment Portfolio; Assets; Financial Markets; Financial Services Industry; Canada
Lerner, Josh, Reza Satchu, and Alys Ferragamo. "The Canada Pension Plan Investment Board (CPP Investments): April 2021." Harvard Business School Case 821-125, June 2021.
- August 1994
- Background Note
World Pension Fund Markets
By: Jay O. Light and Jon Headley
Presents a comparative description and analysis of pension funds in different countries. There is a special focus on comparing the United States and the United Kingdom. View Details
Keywords: Retirement; Management Analysis, Tools, and Techniques; Investment Funds; United States; United Kingdom
Light, Jay O., and Jon Headley. "World Pension Fund Markets." Harvard Business School Background Note 295-027, August 1994.
- September 2021
- Teaching Note
The Canada Pension Plan Investment Board (CPP Investments): April 2021
By: Josh Lerner
Teaching Note for HBS Case No. 821-125. View Details
- 17 Feb 2014
- Research & Ideas
Companies Detangle from Legacy Pensions
"defined benefit" plans because they assured recipients of a set monthly amount they could always rely on. Then, starting in the 1980s, the nest egg started to crack. As firms began competing globally, pension perks began to be... View Details
- December 1994 (Revised December 1995)
- Case
The JKJ Pension Fund
By: William J. Poorvu and John H. Vogel Jr.
The JKJ pension fund currently has $187 million invested in 14 properties. Sarah Griffin, the portfolio manager for real estate, needs to value each of the properties and recommend which ones should be sold and which ones to hold. She further needs to recommend... View Details
Keywords: Property; Investment Portfolio; Valuation; Investment Funds; Financial Management; Real Estate Industry; Financial Services Industry
Poorvu, William J., and John H. Vogel Jr. "The JKJ Pension Fund." Harvard Business School Case 395-133, December 1994. (Revised December 1995.)
- April 2011 (Revised June 2012)
- Background Note
Note on U.S. Pension Accounting
By: Robert C. Pozen and Brij Khurana
The purpose of this note is to describe the manner in which publicly traded corporations and local governments in the United States account for their pension plans. View Details
Pozen, Robert C., and Brij Khurana. "Note on U.S. Pension Accounting." Harvard Business School Background Note 311-115, April 2011. (Revised June 2012.)
- January 2019 (Revised February 2020)
- Case
Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG
By: George Serafeim
In the fall of 2018, Hiro Mizuno, the Chief Investment Officer (CIO) of GPIF, the Japanese Government Pension Fund, was reflecting on his efforts to integrate Environmental, Social and Governance (ESG) issues into every aspect of GPIF’s portfolio. His efforts ranged... View Details
Keywords: Pension Funds; ESG (Environmental, Social, Governance) Performance; Investment Funds; Environmental Sustainability; Social Issues; Governance; Leading Change; Economy; Performance Improvement; Japan
Henderson, Rebecca, George Serafeim, Josh Lerner, and Naoko Jinjo. "Should a Pension Fund Try to Change the World? Inside GPIF's Embrace of ESG." Harvard Business School Case 319-067, January 2019. (Revised February 2020.)
- August 2010 (Revised September 2011)
- Background Note
Retiree Pension and Health Benefits
By: David F. Hawkins
Note on accounting for retiree pension and health benefits under IFRS and U.S. GAAP. View Details
Keywords: Financial Reporting; International Accounting; Health Care and Treatment; Compensation and Benefits; Standards; Retirement; United States
Hawkins, David F. "Retiree Pension and Health Benefits." Harvard Business School Background Note 111-033, August 2010. (Revised September 2011.)
- November 1999 (Revised December 2009)
- Case
The IBET Pension Fund
By: Arthur I Segel
Marisa Caris oversees real estate investments for the IBET Pension Fund. She must value each of the existing eight properties and determine a strategy for going forward. A rewritten version of an earlier case. View Details
Keywords: Financial Strategy; Investment Funds; Investment Portfolio; Valuation; Real Estate Industry
Segel, Arthur I. "The IBET Pension Fund." Harvard Business School Case 800-133, November 1999. (Revised December 2009.)
- January 1982
- Case
Fairhaven Corp. Pension Fund
By: Jay O. Light
Light, Jay O. "Fairhaven Corp. Pension Fund." Harvard Business School Case 282-108, January 1982.
- Article
International Pension Swaps
By: Zvi Bodie and Robert C. Merton
Bodie, Zvi, and Robert C. Merton. "International Pension Swaps." Journal of Pension Economics & Finance 1, no. 1 (March 2002): 77–83.
- June 2011 (Revised September 2011)
- Case
Tough Choices for the Illinois Pension System
By: Robert C. Pozen and Brij S. Khurana
This case describes the precarious fiscal situation of the Illinois public pension system in the spring of 2009 and the accounting of pension plans by non-federal municipalities more generally. In February 2009, in the midst of a recession, recently-appointed Governor... View Details
Keywords: Budgets and Budgeting; Financial Crisis; Financial Liquidity; Annuities; Financial Management; Financing and Loans; Taxation; Strategic Planning; Problems and Challenges; Illinois
Pozen, Robert C., and Brij S. Khurana. "Tough Choices for the Illinois Pension System." Harvard Business School Case 311-139, June 2011. (Revised September 2011.)
- July 2005 (Revised December 2005)
- Case
General Motors U.S. Pension Funds
By: Luis M. Viceira and Helen Tung
In June 2003, General Motors Corp. (GM) successfully marketed the largest corporate debt offering in U.S. history, worth $17.6 billion. The offering included $13.6 billion worth of debt denominated in dollars, euros, and pounds and $4 billion dollars denominated in... View Details
Keywords: Decisions; Bonds; Investment Return; Policy; Borrowing and Debt; Corporate Finance; Auto Industry; United States
Viceira, Luis M., and Helen Tung. "General Motors U.S. Pension Funds." Harvard Business School Case 206-001, July 2005. (Revised December 2005.)
- May 1983 (Revised November 1983)
- Background Note
Financial Structure of Corporate Pension Plans and Pension Funds
By: Jay O. Light
Light, Jay O. "Financial Structure of Corporate Pension Plans and Pension Funds." Harvard Business School Background Note 283-075, May 1983. (Revised November 1983.)
- 2025
- Working Paper
Performance Capital Flows in DC Pensions
By: Bryan Gutierrez Cortez, Victoria Ivashina and Juliana Salomao
Are defined contribution (DC) pension funds' capital flows sensitive to performance? We examine pressures from individual account holders who can switch their pension managers. Using novel data on retirement accounts for nearly 10 million individuals, we analyze... View Details
Keywords: Investment Funds; Retirement; Risk and Uncertainty; Financial Management; Investment Portfolio; Financial Services Industry
Gutierrez Cortez, Bryan, Victoria Ivashina, and Juliana Salomao. "Performance Capital Flows in DC Pensions." NBER Working Paper Series, No. 33693, April 2025.
- January 2009 (Revised April 2009)
- Case
The Canada Pension Plan Investment Board
By: G. Felda Hardymon, Josh Lerner and Ann Leamon
The Canada Pension Plan Investment Board is one of the largest and fastest-growing pools of investment capital in the world and follows an unusually active program of investment management. In the market turmoil of late 2008, Mark Wiseman, Senior Vice President of the... View Details
Keywords: Financial Crisis; Asset Management; Capital; Financial Management; Investment; Financial Services Industry; Canada
Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "The Canada Pension Plan Investment Board." Harvard Business School Case 809-073, January 2009. (Revised April 2009.)