Pension Fund Investment Strategies Training Course

Duration 10 days 16 modules · 65 contact hours
Level Intermediate Certificate on completion
Who attends Pension Fund Investment Officers, Trustees and Trustee Directors and others
Fee from USD 2,200 KSh 190,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 9 Nov 2026 Course code SD-TI-007

Before you join: Participants should understand basic investment concepts, including asset classes, bond yields, equity returns, diversification and benchmark performance.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Pension funds must meet long-term benefit promises while managing market volatility, interest-rate changes, inflation, liquidity demands and sponsor-covenant risk. Investment decisions need to be grounded in the fund’s liabilities, governance structure and risk budget rather than short-term asset returns alone. Trustees, investment staff and advisers need a disciplined way to set policy, assess managers, monitor funded status and explain decisions to committees and beneficiaries.

This course develops the practical methods used to design and oversee pension fund investment strategies. Participants examine defined benefit and defined contribution arrangements; analyse liabilities and funded status; set strategic asset allocation; evaluate fixed income, equities, private markets and real assets; and apply liability-driven investment approaches. The programme also covers manager selection, investment due diligence, derivatives, liquidity planning, ESG integration, stewardship, performance measurement and investment governance. Participants learn to connect asset allocation choices with covenant strength, cash-flow requirements, regulatory obligations and trustee decision-making.

Teaching combines focused instructor briefings with pension fund cases, allocation analysis, investment committee discussions, manager-review scenarios and risk-report interpretation. Participants build components of an investment strategy throughout the programme, using policy statements, asset-liability modelling outputs, risk budgets and monitoring dashboards. They leave with a complete pension fund investment strategy pack that can be adapted for their own scheme, committee or client work.

The course is suited to professionals working with occupational pension schemes, public pension funds, sovereign-related retirement arrangements and institutional investment portfolios. It is particularly relevant where participants need to contribute informed analysis to trustee boards, investment committees or senior finance stakeholders.

What you will be able to do

  • Assess pension liabilities, funded status and sponsor covenant implications for investment policy
  • Construct a strategic asset allocation using asset-liability modelling and risk-budget principles
  • Evaluate fixed income, equity, private market and real asset roles within pension portfolios
  • Design liability-driven investment approaches using duration matching, swaps and inflation hedges
  • Apply manager selection due diligence, mandate design and fee assessment methods
  • Measure investment performance using benchmark, attribution and risk-adjusted return techniques
  • Prepare investment governance documents, monitoring reports and committee decision papers
  • Present a complete pension fund investment strategy supported by assumptions and risk analysis

Benefits of attending

For you

  • Produce investment committee papers with clearer links between liabilities, assets and risk
  • Assess consultant and manager recommendations using defined due-diligence criteria
  • Explain liability-driven investment decisions to trustees and senior finance stakeholders
  • Build credible strategic asset allocation proposals using pension-specific assumptions
  • Strengthen readiness for pension investment, trustee governance and institutional portfolio roles

For your organisation

  • Improves alignment between pension investment policy, liabilities and funding objectives
  • Strengthens trustee oversight through clearer governance, delegation and monitoring arrangements
  • Reduces manager-selection risk through structured due diligence and mandate controls
  • Supports liquidity planning for benefit payments, collateral calls and portfolio rebalancing
  • Produces more decision-useful reporting on funded status, investment risk and performance

Course modules

16 modules over 10 days

Participants can establish the governance foundations and decision authorities for a pension fund investment programme.

  • Trust deeds, investment regulations and fiduciary duties defining decision authority
  • Map sponsor, trustee, investment committee and delegated manager responsibilities
  • Apply the prudent person principle to investment governance decisions
  • Set delegation limits, approval thresholds and conflict-of-interest controls
  • Draft investment beliefs linked to funded-status objectives and risk appetite
  • Review policy governance using annual calendars and exception reporting

Participants can interpret pension obligations and funding measures that shape investment strategy.

  • Compare defined benefit, defined contribution and hybrid pension arrangements
  • Read actuarial valuation reports, assumptions and funding-level movements
  • Project benefit cash flows from membership and payment data
  • Discount liabilities using yield curves, inflation assumptions and longevity estimates
  • Assess sponsor covenant strength and its bearing on investment risk
  • Distinguish accounting measures from funding valuations and solvency assessments

Participants can define pension-specific investment objectives, risk measures and decision constraints.

  • Frame return objectives against liabilities rather than absolute portfolio returns
  • Calculate volatility, downside deviation, Value at Risk and expected shortfall
  • Separate market, interest-rate, inflation, liquidity and manager risk exposures
  • Set a risk budget using funded-status sensitivity and drawdown limits
  • Use diversification analysis to identify concentrated portfolio exposures
  • Document investment constraints, time horizon, liquidity needs and regulations

Participants can use asset-liability modelling outputs to recommend strategic asset allocation.

  • Build asset-liability modelling assumptions for returns, inflation and interest rates
  • Interpret stochastic scenarios, funded-ratio distributions and downside outcomes
  • Apply mean-variance optimisation within pension liability and liquidity constraints
  • Compare efficient portfolios using return, risk and funding-level criteria
  • Use Black-Litterman inputs to incorporate forward-looking investment views
  • Translate allocation results into strategic ranges and rebalancing rules

Participants can develop and challenge capital market assumptions used in pension strategy decisions.

  • Construct expected return assumptions from yields, valuations and growth estimates
  • Estimate inflation, interest-rate and credit-spread scenarios for liability analysis
  • Test correlation assumptions during stressed market and funding conditions
  • Compare central, adverse and optimistic scenarios for strategic decisions
  • Challenge consultant assumptions using historical evidence and economic rationale
  • Record assumption sources, governance approvals and scheduled review triggers

Participants can assess fixed income allocations against liability duration, income and credit objectives.

  • Measure duration, convexity and key-rate exposure against pension liabilities
  • Construct bond ladders for benefit payments and planned liquidity requirements
  • Evaluate government bonds, investment-grade credit and high-yield credit roles
  • Assess credit-spread risk, downgrade exposure and default-loss assumptions
  • Compare active credit mandates with passive duration-matched bond portfolios
  • Monitor yield-curve shifts through duration contribution and attribution reports

Participants can determine the role and structure of public equity allocations in pension portfolios.

  • Set equity allocations using funding horizon, risk capacity and return needs
  • Compare regional, global, factor and thematic equity portfolio structures
  • Assess active management claims through information ratio and tracking error
  • Use factor exposures to identify unintended style and concentration risks
  • Evaluate passive index construction, replication methods and benchmark choices
  • Define equity rebalancing bands after large funded-status movements

Participants can evaluate alternative investments for return, inflation protection and diversification contributions.

  • Assess private equity cash-flow patterns, valuation lags and vintage diversification
  • Compare private credit structures, covenants, illiquidity premiums and default risk
  • Evaluate infrastructure revenues against inflation linkage and regulatory exposure
  • Analyse real estate income, refinancing risk and appraisal-based valuations
  • Review hedge fund strategies through liquidity terms and downside behaviour
  • Set pacing plans for commitments, distributions and unfunded obligations

Participants can design liability-driven investment structures and identify their collateral requirements.

  • Match liability duration using long bonds, swaps and gilt repos
  • Hedge inflation-linked benefit obligations through index-linked bonds and swaps
  • Calculate hedge ratios for interest-rate and inflation sensitivity targets
  • Assess swap counterparty exposure, collateral terms and legal documentation
  • Model collateral calls under yield shocks and stressed market conditions
  • Establish derivative overlay limits, monitoring triggers and escalation procedures

Participants can develop liquidity plans that meet pension payments and investment commitments.

  • Forecast monthly benefit payments, contributions, expenses and tax outflows
  • Classify assets by settlement period, market depth and liquidation cost
  • Build liquidity waterfalls for normal operations and stressed collateral demands
  • Coordinate private-market capital calls with liquid portfolio funding sources
  • Set minimum cash reserves and contingent funding arrangements
  • Monitor liquidity coverage ratios, cash forecasts and breach indicators

Participants can monitor pension portfolio risks using quantitative measures and stress scenarios.

  • Build risk registers covering market, liquidity, operational and governance risks
  • Run sensitivity tests for rates, inflation, equities and credit spreads
  • Apply scenario analysis to funding deficits and sponsor contribution pressures
  • Interpret Value at Risk limitations for long-horizon pension portfolios
  • Use drawdown analysis to assess recovery periods and risk tolerance
  • Escalate breaches through predefined limits, reporting thresholds and action plans

Participants can incorporate material ESG, climate and stewardship factors into investment decisions.

  • Identify financially material ESG factors within manager research and monitoring
  • Assess climate transition risk using sector exposure and scenario analysis
  • Compare exclusion, integration, thematic investment and stewardship approaches
  • Set voting principles, engagement priorities and escalation expectations
  • Review manager ESG reporting for evidence, coverage and decision relevance
  • Align sustainability objectives with fiduciary duties and investment beliefs

Participants can conduct manager due diligence and draft investment mandates with measurable controls.

  • Structure manager searches using universe screens and shortlist criteria
  • Evaluate organisation, people, process, performance and risk management
  • Analyse fee schedules, carried interest, expenses and alignment mechanisms
  • Conduct operational due diligence covering custody, valuation and controls
  • Draft mandates specifying objectives, benchmarks, limits and reporting requirements
  • Set review triggers for personnel changes, underperformance and mandate breaches

Participants can plan implementation of approved investment decisions while controlling transaction and timing risks.

  • Compare full funding, phased funding and transition management approaches
  • Estimate transaction costs using spreads, commissions and market-impact assumptions
  • Plan rebalancing trades around allocation bands and cash-flow requirements
  • Coordinate custodians, managers, consultants and legal advisers during transitions
  • Control operational risks through trade instructions, confirmations and reconciliations
  • Document implementation decisions, exceptions and post-trade review findings

Participants can evaluate pension investment results and present findings for governance decisions.

  • Select benchmarks matching asset class, mandate objective and liability exposure
  • Calculate time-weighted return, money-weighted return and funded-status change
  • Apply Brinson attribution to separate allocation and manager selection effects
  • Measure risk-adjusted performance using Sharpe ratio and information ratio
  • Use GIPS principles when reviewing manager performance reporting practices
  • Prepare trustee reports linking performance, risk, funding and required decisions

Participants can build, review and present a complete pension fund investment strategy for committee approval.

  • Define plan objectives, liability profile, governance constraints and investment beliefs
  • Develop capital market assumptions and asset-liability modelling scenarios
  • Recommend strategic allocation, liability hedges and liquidity reserve levels
  • Specify manager structure, mandate terms and implementation sequencing
  • Prepare risk limits, stress tests, monitoring metrics and reporting calendar
  • Present investment strategy recommendations and defend decisions before an investment committee

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Pension fund investment policy statement template
  2. Asset-liability modelling assumption and scenario workbook
  3. Strategic asset allocation recommendation model
  4. Liability-driven investment hedge assessment checklist
  5. Investment manager due-diligence scorecard
  6. Trustee investment monitoring dashboard

Who should attend

  • Pension Fund Investment Officers — responsible for policy, manager oversight and committee reporting
  • Trustees and Trustee Directors — accountable for investment decisions and beneficiary outcomes
  • Investment Committee Members — require structured analysis for asset allocation decisions
  • Treasury and Finance Managers — assess funding, liquidity and sponsor-covenant implications
  • Pension Consultants — advise clients on investment strategy, governance and manager selection
  • Institutional Portfolio Analysts — support research, monitoring and pension portfolio reporting

Skills and tools covered

Asset-liability modellingStrategic asset allocationLiability-driven investmentManager due diligenceInvestment governancePerformance attribution

Tools and standards

Asset-liability modelling, Mean-variance optimisation, Black-Litterman model, GIPS standards

How the course runs

Training methodology

The programme uses short instructor briefings to establish pension investment concepts, followed by case work based on defined benefit and defined contribution schemes. Participants interpret actuarial valuation extracts, construct allocation options, review manager materials and discuss investment committee decisions. Group exercises examine funding shocks, duration gaps, liquidity pressures and governance failures. Simulations test responses to market movements and collateral demands. Application planning helps each participant adapt policy, monitoring and reporting methods to their own fund, client or committee responsibilities.

Requirements and prerequisites

Participants should understand basic investment concepts, including asset classes, bond yields, equity returns, diversification and benchmark performance. Experience in pensions, treasury, investment management, actuarial work, finance or trustee governance is useful. Participants should be comfortable reading financial statements, investment reports and spreadsheet-based analysis. Prior exposure to pension regulations or actuarial valuation reports is helpful but not essential. This course does not require actuarial qualification, advanced derivatives pricing, programming skills or prior experience building asset-liability models.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

You should understand basic asset classes, investment returns, bond yields and diversification. Pension, treasury, finance or investment experience is useful, but actuarial qualification and advanced quantitative skills are not required.

Bring a laptop if possible, as participants will review spreadsheet-based allocation, cash-flow and risk materials. You may also bring a non-confidential investment policy, trustee report or manager factsheet from your organisation for application planning.

The course suits pension fund staff, trustees, investment committee members, consultants, treasury managers and institutional investment analysts. It is designed for professionals who contribute to pension investment decisions or oversight.

General portfolio management courses focus mainly on return generation and security selection. This course centres on pension liabilities, funded status, governance, sponsor covenant, benefit cash flows and liability-driven investment.

You will be able to review investment policies, assess strategic allocation proposals, question manager recommendations and improve trustee reporting. The templates and models can be adapted for committee packs, consultant reviews and investment governance cycles.

The first part establishes pension liabilities, governance, risk and strategic allocation, then applies these methods to major asset classes. The later sessions address hedging, liquidity, managers, reporting and a final investment strategy capstone presentation.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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