Pension systems are often treated as background institutions. Households save, invest, and prepare for retirement. But in reality, pension structures play a central role in financial markets. Large pools of capital are managed collectively. Investment decisions are constrained and risks are redistributed across generations. This paper introduces a new perspective. Pension design is not neutral. Defined benefit plans shape asset prices, risk premia, and economic outcomes. The result is a subtle but powerful mechanism. Pension funds influence both markets and households, and changes in pension systems can reshape the entire financial equilibrium. Asset Pricing and Risk-Sharing Implications of Alternative Pension Plan Systems NUNO COIMBRA, FRANCISCO GOMES, ALEXANDER MICHAELIDES, JIALU SHEN The Journal of Finance, 2026 A version of this paper can be found here Want to read our summaries of academic finance papers?…