One size fits all: How many default funds does a pension scheme need?

In this paper, we analyse the number of default investment funds appropriate for an occupational defined contribution pension scheme. Using a unique dataset of member risk attitudes and characteristics from a survey of a large UK pension scheme, we apply cluster analysis to identify two distinct groups of members in their 40s and 50s. Further analysis indicated that the risk attitudes of the two groups were not significantly different, allowing us to conclude that a single lifestyle default fund is appropriate

Grouping Individual Investment Preferences in Retirement Savings: A Cluster Analysis of a USS Members Risk Attitude Survey

Cluster analysis is used to identify homogeneous groups of members of USS in terms of risk attitudes. There are two distinct clusters of members in their 40s and 50s. One had previously ‘engaged’ with USS by making additional voluntary contributions. It typically had higher pay, longer tenure, less interest in ethical investing, lower risk capacity, a higher percentage of males, and a higher percentage of academics than members of the ‘disengaged’ cluster. Conditioning only on the attitude to risk responses, there are 18 clusters, with similar but not identical membership, depending on which clustering method is used. The differences in risk aversion across the 18 clusters could be explained largely by differences in the percentage of females and the percentage of couples. Risk aversion increases as the percentage of females in the cluster increases, while it reduces as the percentage of couples increases because of greater risk sharing within the household. Characteristics that other studies have found important determinants of risk attitudes, such as age, income and (pension) wealth, do not turn out to be as significant for USS members. Further, despite being on average more highly educated than the general population, USS members are marginally more risk averse than the general population, controlling for salary, although the difference is not significant

Importance of Wetland Landscape Structure to Shorebirds Wintering in an Agricultural Valley

Only recently has the influence of landscape structure on habitat use been a research focus in wetland systems. During non-breeding periods when food can be locally limited, wetland spatial pattern across a landscape may be of great importance in determining wetland use. We studied the influence of landscape structure on abundances of wintering Dunlin (Calidris alpina) and Killdeer (Charadrius vociferus) observed on wetlands in the agricultural Willamette Valley of Oregon, USA, during two winters (1999–2000, 2000– 2001) of differing rainfall. We examined (1) shorebird use within a sample of 100 km2 regions differing in landscape structure (hectares of shorebird habitat [wet, unvegetated]) and (2) use of sites differing in landscape context (area of shorebird habitat within a species-defined radius). For use of sites, we also assessed the influence of two local characteristics: percent of soil exposed and area of wet habitat. We analyzed data using linear regression and information-theoretic modeling. During the dry winter (2000– 2001), Dunlin were attracted to regions with more wetland habitat and their abundances at sites increased with greater area of shorebird habitat within both the site and the surrounding landscape. In contrast, Dunlin abundances at sites were related to availability of habitat at only a local scale during the wet winter (1999–2000). Regional habitat availability was of little importance in predicting Killdeer distributions, and Killdeer site use appeared unrelated to habitat distributions at both landscape and local scales. Results suggest prioritizing sites for conservation that are located in areas with high wetland coverage

Territoriality, Prospecting, and Dispersal in Cooperatively Breeding Micronesian Kingfishers (\u3ci\u3eTodiramphus cinnamominus reichenbachii\u3c/i\u3e)

We investigated territoriality, prospecting, and dispersal behavior in cooperatively breeding Pohnpei Micronesian Kingfishers (Todiramphus cinnamominus reichenbachii) throughout the annual cycle using radiotelemetry and color-band resights. Mean home-range size was 6.3 ha and territories were 8.1 ha. Within territories, Micronesian Kingfishers shared 63% of their home-range space with coterritorial occupants, and 3% was shared with extraterritorial conspecifics. Birds on cooperative territories had larger home ranges that overlapped more with coterritory occupants’ home ranges than birds in pair-held territories. Despite evidence suggesting that resources necessary for survival and reproduction occurred on each territory, Micronesian Kingfishers of all age and sex classes made extraterritorial prospecting movements. Prospecting was rare; it comprised only 4.3% of our observations. When birds departed on forays, they were gone for ∼1.9 h and returned to home territories before sunset. Prospecting by dominant birds was temporally correlated with courtship and nest initiation, and birds were observed at neighboring nest sites with opposite-sex conspecifics during the period when females were available for fertilization. Juveniles and helpers prospected throughout the year and made repeated homesteading movements to dispersal destinations before dispersing. Mean dispersal distance for radiomarked individuals was 849 m. Results suggest that prospecting in Micronesian Kingfishers is a complex behavior that provides information for dispersal decisions and familiarity with dispersal destinations. Additionally, extraterritorial movements may provide covert opportunities for reproduction, which have potential to profoundly influence the distribution of fitness among helper and dominant Micronesian Kingfishers

Territoriality, Prospecting, and Dispersal in Cooperatively Breeding Micronesian Kingfishers (\u3ci\u3eTodiramphus cinnamominus reichenbachii\u3c/i\u3e)

We investigated territoriality, prospecting, and dispersal behavior in cooperatively breeding Pohnpei Micronesian Kingfishers (Todiramphus cinnamominus reichenbachii) throughout the annual cycle using radiotelemetry and color-band resights. Mean home-range size was 6.3 ha and territories were 8.1 ha. Within territories, Micronesian Kingfishers shared 63% of their home-range space with coterritorial occupants, and 3% was shared with extraterritorial conspecifics. Birds on cooperative territories had larger home ranges that overlapped more with coterritory occupants’ home ranges than birds in pair-held territories. Despite evidence suggesting that resources necessary for survival and reproduction occurred on each territory, Micronesian Kingfishers of all age and sex classes made extraterritorial prospecting movements. Prospecting was rare; it comprised only 4.3% of our observations. When birds departed on forays, they were gone for ∼1.9 h and returned to home territories before sunset. Prospecting by dominant birds was temporally correlated with courtship and nest initiation, and birds were observed at neighboring nest sites with opposite-sex conspecifics during the period when females were available for fertilization. Juveniles and helpers prospected throughout the year and made repeated homesteading movements to dispersal destinations before dispersing. Mean dispersal distance for radiomarked individuals was 849 m. Results suggest that prospecting in Micronesian Kingfishers is a complex behavior that provides information for dispersal decisions and familiarity with dispersal destinations. Additionally, extraterritorial movements may provide covert opportunities for reproduction, which have potential to profoundly influence the distribution of fitness among helper and dominant Micronesian Kingfishers

DETERMINATION OF THE ANTIGENIC PROFILE OF THE NEURAMINIDASE COMPONENT OF SOME STANDARD AND LOCAL INFLUENZA VIRUS TYPE A STRAINS ACCORDING TO RIHA

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