Evaluating Investment Strategy for Pension Funds

As a portfolio manager for a large corporate pension fund, you have been asked to review the fund's current investment strategy in light of changing market conditions and evolving demographic trends among its beneficiaries. The fund's primary objective is to secure the retirement benefits of its employees while also managing risks associated with its investment portfolio.

Your task is to evaluate the implications of increasing longevity among beneficiaries and lower expected returns from traditional asset classes in the current economic environment. In your response, outline the key factors that should be considered to revise the fund's investment strategy, including asset allocation adjustments, alternative investments, and risk management techniques.