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"Cult of equity": actuaries and the transformation of pension fund investing, 1948–1960

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  • Avrahampour, Yally

Abstract

This article examines the mid-twentieth-century transformation of U.K. pension fund investment policy known as the “cult of equity.” It focuses on the influence exercised by the Association of Superannuation and Pension Funds over actuarial and corporate governance standards, through actuaries who were members of its council. This intervention led to increasingly permissive actuarial valuations that reduced contributions for sponsors of pension funds investing in equities. Increased demand for equities required pension funds to adopt a more permissive approach to corporate governance than insurance companies and investment trusts, and contributed to declining standards of corporate governance.

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  • Avrahampour, Yally, 2015. ""Cult of equity": actuaries and the transformation of pension fund investing, 1948–1960," LSE Research Online Documents on Economics 63871, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:63871
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    File URL: http://eprints.lse.ac.uk/63871/
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    Cited by:

    1. David A Bogle & Christopher Coyle & John D Turner, 2022. "Capital market development over the long run: the portfolios of UK life assurers over two centuries [Corporate ownership and control in Victorian Britain]," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 370-398.

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    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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