The government’s pensions Green Paper – A new contract for welfare:partnership in pensions – proposes fundamental changes to the UK’sretirement income system. Members of CASE and of the Department ofSocial Policy at LSE have looked at the likely implications of the reformsfor pensioner...

In this paper, we address this question, exploringthe interface between long-horizon financial riskmanagement and long-horizon volatility forecastabilityand, in particular, whether long-horizon volatility isforecastable enough such that volatility models are usefulfor long-horizon risk...