Analysis of Brexit referendum on pension funds and pensioners in UK

This section is weighted at 50% of marks available for this coursework assignment,
contributing a maximum of 12.5% of the total marks available for this module.
There is one requirement in this section. Your response to the requirement must be between
1,500 and 2,000 words. Penalties apply for exceeding the word count. No formal penalties apply
for using fewer than 1,500 words but in so doing you may be penalizing yourself as it is likely to
be challenging to respond to the requirement in less than 1,500 words.
Context and Requirement
Context
Given on-going global and domestic changes in the economic environment, perceptions of risk
and associated required rates of returns will invariably also change. In June 2016 the UK voted in
a referendum to leave the European Union. (This referendum is often referred to as the Brexit
referendum.) This has resulted in, perhaps predictably, impacts on perceptions of risk and
associated required rates of returns, certainly in the UK, in the wider Europe and, indeed,
globally, requiring central banks to act in particular ways. Such impacts have implications for
pension funds and pensioners, not least in the UK. Illustratively, one report which addresses
consequences is: Kao, J. S. and Authers, J., 2016. Capital Markets, Pensions and bonds: the
problem explained, Bond mathematics and the scale of pension deficits [online]. London: The
Financial Times. Available from: http://ig.ft.com/sites/pensions-interestratesexplainer [Accessed 1 September 2016].
Required
Building upon the ideas, principles and issues relating to risk and required rates of return in
topics 11, 12 and 13, undertake further independent research to enable you to analyse the
impact of the Brexit referendum on pension funds and pensioners in the UK. Your analysis
should take account of:
· A description and explanation of the major actions taken by the Bank of England in the
weeks and months following the UK’s decision to leave the European Union.
· An evaluation of the impact of the Bank of England’s actions on the UK pension industry,
reflecting i) the obligations of pension funds and ii) required rates of return for pension
funds to meet those obligations.
· With reference to investing in real assets, the impact of Brexit on the required rates of
return for pensioners to achieve and maintain an acceptable standard of living.
In responding to this requirement you should certainly refer to relevant Theme 4 study materials,
but as this requirement involves further independent research building upon the ideas, principles
and issues relating to risk and required rates of return in topics 11, 12 and 13, you should also
draw upon other relevant materials.

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