For this silver level award, the judges are looking to see whether you run your own in-house active management, use external managers or a mix of both. Among the areas of interest to them are:

• why you have chosen the active route
• do you actively manage across asset classes, or just particular classes?
• what are your return expectations on a risk adjusted or other basis?
• your risk management and controls
• any use of tactical overlays
• benchmarked and/or absolute return strategies
• the use of external managers and how you select them

This is a highly specialised category that relates to your targets to become net zero and the opportunities as well as risk that enhanced carbon reduction strategies present as part of your long-term overall strategy and objectives. Detailed accounts of one or more of the following are key to a strong entry: 

• how you have integrated net zero targets and climate change into your statement of investment principles and / or other main documents of association
• how you implement and integrate practically your climate-related risk management and carbon reduction across the different asset classes you invest in
• niche sectors such as renewable energy sources and bio-mass technology as potential investments
• how you have adapted your active engagement policy accordingly
• how you include climate-related risk factors and net zero strategies in your research, analyses and manager searches
• any bespoke mandates you have innovatively created
• how you use innovative investment products and processes to off-set or hedge the carbon risk in your portfolio
• how you engage and interact with peers, regulators, governments and consultants with respect to reducing and managing your carbon footprint and incorporating your net zero ambitions
• how you monitor and report on your climate-related risk management and investments and your net zero targets

For this award, the judges would like to see entries that describes how your defined contribution or hybrid model is structured and show how it seeks to innovatively:

• meet your members’ return and pension income expectations
• structure the plan in terms of governance and risk sharing between sponsor and member
• manage contributions and costs
• offer the best investment choices

Full details about any guaranteed income element you offer would also strengthen your case, especially for hybrid schemes.

This category is aimed at attracting entries from pension funds or equivalent institutions of any level of experience in investing in emerging markets. In addition to describing your strategy, expectations and implementation, entries should cover:

• any innovative steps taken to enhance the benefits of investing in emerging markets
• the risk controls you have in place across the wide range of emerging market exposures
• the countries and regions you invest in and why you choose these areas
• distinct management tools for any associated risks such as currency management and political stability

Lessons learned that have affected your approach and process can also be a valuable part of submissions.

The judges would like to see clear evidence of a carefully conceived and implemented innovative socially responsible investing and environmentally protective policy across the various asset classes you invest in. Where possible please include detailed examples of:

• voting and engagement policies
• exclusions and exclusions policies
• carbon-footprint management
• monitoring and/or a proactive approach to ensuring your scheme supports a streamlined and inclusive governance framework
• how you measure success and benchmark your ESG performance
• how the principles of sustainable investing complement your overall objectives

Other factors to consider include declaring any codes of practice you are signed up to and follow.

The concept of ESG integration is now well established among pension funds, which practice this to different degrees and in different ways. The notion of impact investing takes this one step further and allows institutional investors to directly consider how their long-term investments can influence and sustain society, the environment and economies. Frameworks such as the UN’s Sustainable Development Goals (SDGs) can guide investors looking to shape impact-oriented investments and portfolios. For this award, the judges would ideally like to see:

• the range and scope of your impact investing strategy
• the principles driving your impact investing approach and your objectives
• how your impact investing differs from but complements your ESG policy and practice
• evidence of integrating frameworks such as the SDGs
• your achievements thus far
• your risk management with respect to impact investing

This award allows you to showcase the creativity and industry-leading concepts that you devise in implementing your investments to maximise your returns and support your long-term investment objectives. Entries should highlight in detailed fashion as clearly as possible:

• the real innovation involved
• the context in which it was developed and the resulting benefits
• how the concept is implemented practically

In addition, entrants should cover how and why they believe their innovation will potentially benefit their European pension fund peers.

Investing in Private Markets, especially private equity, private debt and real assets and infrastructure, has become an increasingly popular source of return for pension funds in recent years. Niche real asset classes such as timberland, forestry, agriculture, mobile transmission masts and utility transmission lines are also regarded as having a special place in long-term portfolios alongside traditional real estate investments. Thanks to their distinctive and long-term nature, the overall impact private markets and infrastructure can have in liability matching is significant

Judges would thus be keen to assess:

• the types and sectors of private markets that you prefer
• why you invest in private markets, infrastructure and/or other real assets and how they complement your other asset classes in your overall portfolio
• how they support your long-term objectives
• the reasons for the level of your commitment any restrictions either at institutional or regulatory level
• examples of your investments, especially recent deals and activity
• your vision for their future role such as increasing your commitments
• the costs of investing and running private market mandates
• your mandates and types of vehicles used to obtain exposure
• the risks private markets investments incur and how you manage them

Stewardship is the responsible allocation, management and supervision of capital that leads to sustainable benefits for the economy, the environment and society by establishing better corporate governance and generating long-term investment returns for pension funds and their members. With pension funds investing billions in companies around the world, it is increasingly considered crucial that they engage with them to influence how they are run and ensure they operate in a sustainable and responsible manner.   

For this award, the judges will be keen to see:  

• how you approach your role as a steward and the strategy that drives its implementation 
• the principles behind your voting intentions 
• exclusion and inclusion policies, sectors and factors 
• how you engage with the companies you invest in, your external partners and peers to ensure your policy is sustained and implemented and that the companies improve their governance 
• external initiatives you participate in or lead 
• historical reporting on your stewardship, engagement and voting activities
• the long-term benefits and risks of your stewardship and engagement strategy