European pension reforms and property investments
Important changes are coming quickly to Europe's retirement savings industry. Funds are under pressure to consider investment in a portfolio context, and are giving more serious consideration to alternative investments. As new regulations and standards of best practice emerge, funds will increasingly consider broadening their exposure to alternative investments, particularly property, which compares favourably with stocks and bonds on a total potential return and return-to-risk-ratio basis. This paper shows that, based on some fairly conservative assumptions, property should perform well when compared with other asset classes.
UK pension fund management after Myners: The hunt for correlation begins
The Myners Report will have a number of significant consequences for pension fund management and performance measurement in the UK. First, it changes the way in which assets are selected. The strategic asset allocation will have overriding importance in pension fund management. Asset classes will be selected on the basis of their match with liabilities in terms of correlation and volatility, rather than on the basis of expected return. Every pension scheme will have a scheme-specific funding standard that reflects the maturity structure of the liabilities of the scheme. Secondly, it changes the role of the fund manager. A hierarchical relationship will develop between the investment adviser, actuary and fund manager. The investment advisory function assumes a primacy over the actuarial and fund management functions. Thirdly, it changes the way investment performance is measured. Liability-driven performance measurement and attribution will replace the existing performance measurement framework in the UK. The passively managed components of the pension fund will be judged on the costs of implementation. Only the performance of the surplus assets will be measured on a conventional basis. The Myners Report is summarised and an illustrative statement of investment principles and transparency statement are presented.
From student to therapist: exploring the first year of practice.
OBJECTIVES
The transition from classroom to clinical practice challenges many health professional students. This study used a phenomenological approach to explore the lived experience of rehabilitation students during their final placement and first year of practice.


METHOD
Students (n = 6) in occupational therapy and physical therapy wrote reflective journals every 2 weeks during their final fieldwork placement and first year of practice. The researchers independently analyzed the journals for common themes. An independent peer completed a blind analysis of two journals. Data were also compared with published first-person accounts of novice practitioners.


RESULTS
The lived experience of the first year of practice included four consecutive stages: Transition, Euphoria and Angst, Reality of Practice, and Adaptation. Themes from the journals included great expectations, competence, politics, shock, education, and strategies.


CONCLUSION
Recognizing the stages in the process of transition from student to therapist may assist in educational curriculum development and clinical support and supervision for new graduates. Educators need to continue to make education practice relevant while maintaining a theoretical perspective.