Title: Exploring asset allocation approaches in pension plans: a comprehensive review and future research agenda

Authors: Keshav Kant Prasad; Amlan Ghosh; Divya Singh

Addresses: Department of Management Studies, National Institute of Technology, Durgapur, West Bengal, 713209, India ' Department of Management Studies, National Institute of Technology, Durgapur, West Bengal, 713209, India ' Department of Management Studies, National Institute of Technology, Durgapur, West Bengal, 713209, India

Abstract: Asset allocation plays a pivotal role in the success of pension fund management, influencing long-term fund performance and addressing longevity risk in retirement. With the transition from defined benefits to defined contribution plans, the study of asset allocation has gained even greater significance. Despite the growing research efforts in this area, a comprehensive literature review on asset allocation in pension funds is lacking. This paper addresses this gap by conducting an in-depth review of the literature on pension fund asset allocation with the objective of understanding the theoretical foundations, concepts, and recent developments in the area. Through, bibliometric and content analysis of 546 articles, the finding of this study indicates a surge in acceptance of asset allocation in pension funds research post-2008. Further, the study has identified four clusters representing the thematic diversity of research in this field: asset-liability management, asset allocation policy and fund performance, optimising DC pension plans, and optimal design and management of pension plans. By amalgamating historical trends, influential contributors, institutional roles, and thematic clusters, this research not only enhances the current state of knowledge but also serve as a foundation for a structured and comprehensive future research agenda in asset allocation for pension funds.

Keywords: asset allocation; pension funds; retirement; literature review; content analysis; network analysis.

DOI: 10.1504/IJSEM.2026.155284

International Journal of Services, Economics and Management, 2026 Vol.17 No.4, pp.410 - 449

Received: 07 Jul 2023
Accepted: 23 Mar 2024
Published online: 30 Jul 2026 *

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