How to answer time horizon and liquidity constrains for pensions in IPS

For pension cases, it is not like individuals where the years of the horizon is given or the liquidity need is given (e.g. need to purchase a house etc), how to write the time horizon and liquidity constrains?

Do we just say something like this?

Time horizon: relatively long time horizon because of relatively younger work force than industry average

Liquidity: low liquidity need due to high active/retired ratio

I would avoid words like Relatively, most likely, and pretty any useless adjectives.

I am taking a lot of mocks right now and when grading myself honestly I am saying stuff like

Most likely this means xyz, or High Chance this.

I think they want as direct and concise answers as possible. If you keep getting used to using useless adjectives it wont be good on the exam. Something I am incorporating as I work through these mocks is how to shorten my answers but be specific in my responses becaues a lot of times i am writing a shitload when it can be answered in 1 or 2 direct sentences.

When I see pension I think this

Time Horizon: Long Horizon OR if the vignette says perpetural; Perpetural, Very Long Horizon

Avoid relatively because relative to what? You are giving the grader nothing to make it relative to anything so relative to a short-term individual investor? relative to your city’s pension RELATIVE TO WHAT???

Say long or short say high return, moderate or low

Talk about willingness of risk and ability of risk then select lower as the overall This little BS sounds little but it is huge on level 3. More IPS typ eproblems I am working i am seeing more similarities on how the responses are concisely given. Keep working PRACTICE TEST Problems all other problems dont matter at this point

Hey Joe,

For institutional, do you still talk about willingness to take risk as well?