PhD Social Returns to Pension Investments

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How can pension fund investments contribute to a more sustainable and resilient economy? The Departments of Finance and Macro, International and Labour Economics (MILE) at the School of Business and Economics (SBE) of Maastricht University offer a 4-year PhD position, starting September 1, 2026.

• Our goal: The aim of the project is to better understand how pension fund investment strategies affect the broader economy, with a focus on infrastructure, innovation, and the green transition.
• Your colleagues: You will join an interdisciplinary supervision team spanning the Departments of Finance and MILE at SBE (Mark Sanders, Rob Bauer and Julian Ashwin).

Pension funds are among the largest institutional investors in Europe, intermediating the retirement savings of millions of workers. While pension funds typically optimize risk‑adjusted financial returns on behalf of their participants, their investment decisions also generate broader economic spillovers, particularly through infrastructure and innovation investment. These spillovers create a wedge between private and social returns to European investment, a wedge whose size and policy implications remain poorly understood.

This project takes this wedge as its starting point and asks: how do pension fund portfolio decisions interact with major structural challenges facing Europe, including demographic ageing, the climate transition, and geopolitical fragmentation? By combining quantitative macroeconomic modelling with empirical estimation, the project aims to quantify the extent to which current pension fund strategies align with broader social objectives, including sustainable growth and the green transition.

• Develop a quantitative general equilibrium model with overlapping generations to study how pension funds allocate portfolios across asset classes, and how this interacts with domestic economic spillovers through infrastructure and innovation.
• Empirically estimate key parameters governing knowledge accumulation, infrastructure spillovers, and returns to innovation using macro and sectoral data for the Netherlands and Europe.
• Analyze how structural challenges (such as demographic ageing, climate transition risks, and geopolitical fragmentation) affect the socially optimal portfolio allocation of pension funds, and evaluate the implications for European investment and the green transition.

The project is supervised by an interdisciplinary team with expertise in macroeconomics, pension economics, and sustainable finance. The PhD student will also have the opportunity to engage with leading external partners in pension management and responsible investment.

The position also includes a teaching obligation equivalent to 0.2 FTE.

• High motivation, strong technical skills, and a proven interest in economic and/or finance research.
• Completion of a research master equivalent to 120 ECTS (MSc, MPhil or MRes) in Economics, Econometrics, Finance, or a related field.
• Excellent communication and writing skills in English.
• Preferably able to start on 1 September 2026.

• An 18‑month contract with the prospect of a 2.5‑year extension, based on mutual satisfaction.
• A gross monthly salary between €3.059 and €3.881 (based on full‑time employment of 38 hours per week). 8% holiday allowance and an 8.3% year‑end bonus.
• 29 vacation days (based on full‑time), four additional days off (Carnival Monday and Tuesday, Good Friday, and Liberation Day), and the possibility to accrue up to 12 extra days through compensation hours.
• Flexible working hours, a home office allowance, and the option to work partially from home.
• Freedom and responsibility to shape your work independently and develop your ideas.
• A close‑knit community of colleagues to collaborate and grow with.
• A solid pension plan via ABP, company fitness schemes, and access to various university sports facilities.
• An inspiring work environment in the heart of Europe.

The vacancy is open for internal and external candidates. In case of equal qualifications, internal candidates will be prioritized.

Maastricht University is committed to promoting and nurturing a diverse and inclusive community. We encourage you to apply for this position.

Equal Opportunity Employer (legal EEO statement).