Figure 15 - CLMPC-PIAC Survey Barrier #1: Investing is Management-Intensive, Costly

• Not, 7%
• Somewhat, 15%
• Important, 36%
• Very, 42%

Highlights

• Over three-quarters (78%) of PIAC respondents rated this barrier as important or very important
• Little variance by size of pension fund

Some PIAC Member Comments

• Returns from investment must be cost-adjusted
• Costs = free structures of external investment specialists
• Costs = internal pension allocation of staff time and resources (e.g., monitoring)
• Costs excessive for so small an asset allocation

Source: CLMPC, 1998

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