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Ist Inflation für Pensionskassen gut oder schlecht?

Artikel in "dpn Deutsche Pensions & Investmentnachrichten", Juni 2022

Stephan Skaanes, Partner bei PPCmetrics, nimmt in seiner Beurteilung der Inflationsrisiken zunächst die Sicht aus Vermögensanlagen ein. Laut Skaanes ist der Zusammenhang zwischen Inflation und Anlagerenditen in den meisten Anlagekategorien nicht eindeutig. Ein Anstieg der Inflationserwartungen führe häufig zu steigenden Zinsen, was bei Obligationen kurzfristig zumeist einen Kursverlust auslöse. Langfristig würden mit einer höheren Inflation und höheren Zinsen die Renditen der Obligationen jedoch steigen, was es vereinfache, eine bestimmte Sollrendite zu erreichen.

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PPCmetrics AG is a leading consulting firm whose services include investment controlling and investment consulting, selection of financial service providers (asset manager selection) including public procurements for such selection, asset liability management (ALM), definition of investment strategies, asset allocation, portfolio analyses, drafting of investment regulations, consulting on sustainable investments, legal consulting (BVG/LPP, financial market legislation, pension fund governance) and actuarial consulting as well as activities as pension actuary. Our clients in Switzerland and abroad include institutional investors such as insurance companies, as well as renowned professional investors such as pension funds, employee benefits foundations, public social insurances and pension funds and other public-law entities, large companies, foundations, associations (in particular non-profit organisations) or ultra-high-net-worth individuals (UHNWI) and their consultants (e.g. family offices).

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