... to pension funds, the liabilities of which are often wage‐linked. Establishes auto‐regressive expectations of real ERV growth and inflation. Presents a model of the simulated lease structure of the IPD. States the main cause of the under‐performance was the increase in the required return on property over...

...Philip Booth; George Matysiak Looks at the role of property in pensions funds pre and post minimum funding requirement (MFR). Suggests that while property has a role as a matching asset in pension funds, this role has declined in recent years. This is partly because of poor performance but also...