Given on-going global and domestic changes in the economic environment, perceptions of risk and associated required rates of returns will invariably also change. In June 2016 the UK voted in a referendum to leave the European Union. (This referendum is often referred to as the Brexit referendum.) This has resulted in, perhaps predictably, impacts on perceptions of risk and associated required rates of returns, certainly in the UK, in the wider Europe and, indeed, globally, requiring central banks to act in particular ways. Such impacts have implications for pension funds and pensioners, not least in the UK. Illustratively, one report which addresses consequences is: Kao, J. S. and Authers, J., 2016. Capital Markets, Pensions and bonds: the problem explained, Bond mathematics and the scale of pension deficits [online]. London: The Financial Times. Available from: http://ig.ft.com/sites/pensions-interestratesexplainer [Accessed 1 September 2016]. Required Building upon the ideas, principles and issues relating to risk and required rates of return in topics 11, 12 and 13, undertake further independent research to enable you to analyse the impact of the Brexit referendum on pension funds and pensioners in the UK. Your analysis should take account of: A description and explanation of the major actions taken by the Bank of England in the weeks and months following the UK’s decision to leave the European Union.  An evaluation of the impact of the Bank of England’s actions on the UK pension industry, reflecting i) the obligations of pension funds and ii) required rates of return for pension funds to meet those obligations. With reference to investing in real assets, the impact of Brexit on the required rates of return for pensioners to achieve and maintain an acceptable standard of living.