Elective options

A. Corporate and Pensions Governance

This module examines DB pensions, increases in life expectancy and the decline in interest rates have led to significant increases in corporate pension liabilities. The resultant shift to DC has introduced governance issues vital to the operation and delivery of DC arrangements. It outlines corporate governance best practice, the design, governance and administration of work place pensions for the pensions industry from leading academics and practitioners.

B. Financial Risk Management

This module identifies and assesses dependency between risks and taking a holistic approach to managing them based on the overall risk profile and appetite of the organisation and individual is a key skill this module will detail. In particular it investigates the context of risk management in DC arrangements. Co-ordination and communication activities are critical to this.

C. Longevity Risk in Pension Products

This module examines the differences between stochastic and deterministic approaches to modelling, how longevity risk can be incorporated into liability driven investment strategies, and how understanding longevity risk can improve the management of pension schemes.

D. De-risking and Decumulation

This module examines the nature and operation of de-risking approaches and strategies as well as decumulation.

E. Corporate Pensions, Savings Planning and Sustainability

This module gives a background to various ways of measuring and assessing returns on investment including financial (i.e. through use of environmental, social and sustainability indicators). All investments increasingly rely on use of (mechanisms related to) these and with an increasing global impact and demographic change, best practice in these areas it is important to have an understanding of all related issues.

F. Member Communications

This module examines how member communications are vital to sustainable pensions. It explores the communication requirements, timescales, good practice and the benefits of appropriate, clear and effective communication. It includes the need to inform and educate individuals regarding pension and retirement planning.

A. Investment

This module provides knowledge and understanding of retail and corporate investments, the determination of overall investment strategy and the selection of asset classes, individual investments and the controls and reporting procedures expected from investment managers. It includes investment issues relating contributions and decumulation and DB and DC arrangements.

B. Pensions and Insurance Law and Regulation

This module aims to provide knowledge and understanding of the basic principles of insurance as they relate to pensions, including the main legal principles related to insurance contracts, the main regulatory principles related to the insurance business and the key elements to protect consumers.

C. Wealth Management and Private Equity Investment

This module provides an overview of wealth management and private equity investment. It includes a survey of the major economies since the financial slowdown with uncertainty over returns from sustainable projects. An outline of sustainability principles and regulations appropriate to pension investments will be explored.

D. Quantitative Asset Management

This module discusses the field of quantitative investment strategies from a "buy side" perspective, through the eyes of pensions retirement saving and employee benefits professionals. A mix of analytical and financial, computational and risk management tools will be detailed in theoretical and practical terms.

E. Statistics for Pensions, Retirement Saving and Employee Benefits Professionals

This module surveys relevant financial, economic, demographic and political statistics, indicators and data sources and its uses, benefits and limitations for strategic planning and analysis. It includes coverage of methods of analysis to identify trends and patterns and opportunities.

F. Personal Finance and Retail Pensions

This module assesses how UK pensions system is typically seen as overly “complex” and difficult for the public to understand. With the advent of automatic enrolment, what are the unique features and emerging opportunities in the field as the move from DB to DC schemes, and the resultant shift in risk, continues apace.

G. Behavioural Psychology (Judgment & Decision-Making) and Behavioural Finance

This module looks to develop accurate models of human judgment and behavioural decision-making. The field of Behavioural Economics attempts to make more accurate predictions about economic behaviour and economic outcomes. The linkages between them will be studied.
Some of the key lessons of behavioural economics and financial management research to pension plan design will also be applied. The focus would be divided between the retirement saving life cycle and outlining plan design alternatives that would be of use to pensions fund managers.

H. International Employee Benefits

This module provides a broad knowledge and understanding of different employee benefits in an international context and the various ways these are designed, delivered, funded, communicated and administered around the world. Also covered are: the respective roles of stakeholders involved in the provision of international employee benefits; the funding and risk management aspects of providing employee benefits; a survey of benefit provision around the world to highlight the different practices of employee benefit provision; and the legal and regulatory influences of the European Union on employee benefit design and financing.

I. Regulation, Migration and Demographics

This module looks at more mid and long term aspects of demographic change particularly involving large markets such as the EU. Considering, for example, Member State and EU policies an increasingly global effect causes a co-ordinated global policy approach to be considered. This can include aspects of scheme design and administration as required.

J. Economics and Political Economy for Pensions, Retirement Savings and Employee Benefits

This module will survey macro economics and the relevant political background against which the UK pension system has developed and within which it must develop in order for a sustainable employee benefits and retirement savings framework to be created.