Columbia Threadneedle outlines a SURPLUS framework to help UK defined-benefit trustees and sponsors assess governance and investment readiness for running on pension schemes rather than buying out, aiming to protect members while unlocking surplus value.
5 NOVEMBER 2026
Janus Henderson argues decumulation is fundamentally different from accumulation and cannot be solved by a single product or pooled pathway. It proposes a modular, AI-orchestrated 'system' combining income, liquidity, growth and protection sleeves personalised to each retiree at scale.
Robeco's Andy Hunt, CFA and Daniel Sarnowski argue that AI-driven corporate bond issuance by hyperscalers is increasing concentration in long credit benchmarks, exposing bondholders to asymmetric downside risk without equity-like upside. They recommend diversified small-issuer credit strategies to reduce concentration, particularly for LDI portfolios.
4 NOVEMBER 2026
Principal Asset Management's Mike Reidy argues that "abandonment risk" — investors exiting retirement plans during market downturns — undermines long-term returns and heightens shortfall and longevity risks. He recommends behavioral nudges, auto-re-enrollment and professional guidance to keep savers invested through volatility.
Amundi Investment Institute researchers model a 'flex-to-fix' retirement decumulation strategy, letting retirees delay converting drawdown portfolios into annuities until a later date rather than choosing immediately between the two.
Invesco's DC pension roundtable argues the pre-retirement phase is under-engineered, proposing a Dutch-style matching/return portfolio split with credit bridging the two, while stressing member behaviour must shape glidepath design.
Schroders' Sunil Patel and Yann Le Bihan report UK gilts steadied after an uneventful Budget, though persistent inflation and borrowing needs keep pressure on the market. They also flag AI-driven corporate borrowing pushing technology sector CDS spreads to record highs.
Mike Reidy explains why target date funds have grown past $5 trillion in assets, arguing their automatic glide-path allocation, professional management and simplicity make them an effective default retirement solution despite one-size-fits-all limitations and fees.
3 NOVEMBER 2026
HSBC Asset Management argues that leading pension funds and sovereign wealth funds are shifting from strategic asset allocation to a Total Portfolio Approach, managing portfolios as a single economic entity defined by macro-factor exposures rather than asset-class buckets. It contends this requires governance reform, cultural change and factor-based risk frameworks, though transition is gradual and fraught with implementation challenges.
