November 10, 2021 — Pension Pulse

Achieving scale in pensions through portfolio aggregation

We find that there is a correlation between portfolio size and investment performance. We argue that benefits likely begin to accrue above a certain minimum size. Moreover, Keith Ambachtsheer, Senior Fellow, NIA, and his coauthors find that larger pension plans capture more of their total returns by way of lower total expense ratios than those of smaller plans.