This is the capstone paper from a multi-year research agenda entitled “Population Aging, Implications for Asset Values, and Impact for Pension Plans: An International Study.” The project was performed in multiple overlapping stages, and a number of papers and presentations have been made throughout the project. The objectives of the project are to determine if population aging has implications for asset values or returns, which we determine it does; and then, to establish a methodology to quantify this effect and be able to project its impact on asset values or returns in the future, for which the development of a demographic-economic scenario generator (DESG) is key; and to illustrate the impact of the projected asset values or returns on pension plans in three countries: Canada, the UK, and the US. Various literature reviews have been performed throughout the project.
