Finding Goldilocks: When return assumptions are ‘just right’

22 January 2026

Finding Goldilocks: When return assumptions are ‘just right’

Return assumptions sit behind every funding decision. Get them wrong and schemes can take on unnecessary risk or drift off course. Finding Goldilocks tests which assumptions hold up in practice and which asset classes deliver returns with greater consistency over time. It sets out practical implications for trustees on governance, sequencing risk and portfolio construction. This is insight designed for board discussion.

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Johan van Egmond

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This is a marketing message. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance provides no guarantee for the future. This press release does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not a recommendation to perform or refrain from performing any action. Van Lanschot Kempen Investment Management (UK) Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 166063).

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.