Strategic Asset Allocation
Based on the PUBLICA Act, the Board of Directors of PUBLICA has issued the Investment Guidelines (PDF, 230 KB).
There are significant differences between the open and closed pension plans in terms of their structures and the expected developments in the pool of insureds. Accordingly, in 2010 the Board of Directors decided to lay down one Strategic Asset Allocation (PDF, 135 KB) for all the open pension plans and another for all the closed pension plans. The two allocations are reviewed periodically, at least once every four years, and adjusted as necessary.
The closed pension plans consist only of pension recipients; their Strategic Asset Allocation limits risks to the level necessary to ensure that they are able to meet their obligations. Because the open pension plans are still receiving contribution payments and have a longer investment horizon, they have a higher risk capacity than the closed ones. Accordingly, their Strategic Asset Allocation provides for higher levels of risk, but also higher expected returns.