I'm tempted to say "please visit my web site for a fee schedule." However, to be polite, I'll answer your question very generically. Required disclaimer: I am not an RIA, do not hold a CFA charter, nor do I hold a Series 7 and 63 designation. I am a retired investment analyst, writer, and private citizen. I also do not speak for the CFA Institute.
Pension funds should divide their risk exposures into two parts: (1) a liability hedging part, with a duration matched to the duration of the liabilities; and (2) a growth part, concentrated in equities. These can add to more than 100% because some assets provide growth as well as duration exposure. The allocation between these two parts depends on the funded status of the plan, the opportunities that exist in the market, the ability of the sponsor to make up for shortfalls through additional contributions, and any flexibility the sponsor may have in cutting benefits in case of bad market outcomes.
The liability hedging part, at the moment, has a negative expected real return. That is OK because the liabilities do too. Interest rates could go even more negative in real terms, and if they do, pension liabilities will grow even further. This hedge is necessary. The failure to hedge this risk is what caused pension funds to become more underfunded in the last decade, despite a booming stock market. The liabilities grew hugely because of falling interest rates. It could happen again. Most likely it won't, but it is nevertheless a risk you have to hedge against.
The growth part should consist of risk assets, including global equities (including emerging and frontier), credit product, real estate equity and debt, and possibly hedge funds and private equity (depending on the skill of the sponsor). While risk assets are extraordinarily risky right now, they are also priced attractively relative to earlier this year, while the fundamentals have probably not changed beyond the next year or two. A pension fund that has sound internal risk management and skilled external managers falls into the category that I called "professional volatility traders" in my article and should continue to hold stocks despite their current near-record volatility.
For more, please see Barton Waring's Pension Finance (2011), published by Wiley. https://www.amazon.com/Pension-Finance-Putting-Defined-Benefit/dp/11181…
Hope that helps. Larry