Private Retirement Systems and Sustainability: Insights from Australia, the UK, and the US

34 Pages Posted: 15 Jul 2021 Last revised: 5 Oct 2021

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PRC Working Papers

University of Pennsylvania - The Wharton School

Nathan Fabian

PRI Association

Mikael Homanen

City University London - The Business School; PRI Association

Nikolaj Pedersen

PRI Association

Morgan Slebos

PRI Association

Date Written: July 1, 2021

Abstract

Retirement system sustainability is defined as the ability of plan boards and managers to be responsible investors, active stewards, and allocators of capital to economic activities with desirable social and environmental outcomes. In this paper, we examine the policy frameworks and important structural variables pertinent to private retirement systems in Australia, the UK, and the US. By analyzing various reports, interviewing experts, and using data from the Principles of Responsible Investment as well as national pension and retirement authorities, we identify key structural challenges within national retirement systems. These include market fragmentation, principal-agent conflicts in personal pensions, and the role of service providers. Our results provide insight into how, or whether, retirement systems can facilitate desirable economic, social, and environmental outcomes.

Keywords: Retirement System, Sustainability, ESG, Sustainable Finance, Financial Regulation

JEL Classification: G18, G23, Q01

Suggested Citation

Working Papers, PRC and Fabian, Nathan and Homanen, Mikael and Pedersen, Nikolaj and Slebos, Morgan, Private Retirement Systems and Sustainability: Insights from Australia, the UK, and the US (July 1, 2021). Wharton Pension Research Council Working Paper No. 2021-11, Available at SSRN: https://ssrn.com/abstract=3885848 or http://dx.doi.org/10.2139/ssrn.3885848

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University of Pennsylvania - The Wharton School ( email )

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Nathan Fabian

PRI Association ( email )

Mikael Homanen

City University London - The Business School ( email )

106 Bunhill Row
London, EC1Y 8TZ
United Kingdom

PRI Association ( email )

25 Camperdown Street
London, E18DZ

Nikolaj Pedersen

PRI Association ( email )

Morgan Slebos

PRI Association ( email )

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