Impact of Board Composition on Pension De?risking Strategies

Pension de-risking strategies have been widely adopted by firms with defined-benefit (DB) pension plans to reduce risk. This paper investigates the influence of board composition on within UK, focusing particularly three strategies: changes asset allocations, switches from DB defined-contribution (DC) and buy-ins buy-outs. Our findings suggest that larger boards more independent directors are less likely invest their assets in equities. Survival analysis shows slower switch DC plans. is consistent stakeholder theory, large or protect employees’ benefits when However, female faster fully engage buy-in buy-out transactions. suggests encourage switching plans, while they concerned significant costs buy-out. research provides clear evidence influenced composition. UK trustees play a key role determining mitigating impact directors.