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Canadians are living longer than ever. Life expectancy at retirement has increased by about four years since 1980. This creates a cash crunch for pension funds. Increasing current plan members contributions is one way to address this, but more efficient capital management can help too. Pension funds have a distinct advantage over other investors, argues Prof. Sebastien Betermier in Policy Options. Many of their liabilities are not due for decades, which allows pension funds to weather short-term market fluctuations and implement strategies that earn high returns over the long run.

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