Seeking to harness the best in technology, architecture, finance, health and care provision, the Silver Linings competition is seeking business plans for such systems.
The competition has been launched by Medical Matrix Consulting director and practicing physician Dr Rachel Melsom, pensions industry veteran Sally Bridgeland, and Responsible Investor managing director co-founder Hugh Wheelan.
In the brief for the competition, the trio stated: “Having spent our careers in the world of pensions, investment, sustainability and the medical and caring professions, we know that providing and financing good, long-term care is a problem that looms large like a menacing shadow, but is not currently getting the required attention.”
The business plan submissions form the second part of the competition, with awards made for “brainwaves” – short statements describing the problems and potential solutions – in May.
Judges are now seeking “short, coherent, inspired plans that have been or can be developed into real investable solutions that address the problem of unsustainable provision for older populations”.
Such plans should be the “catalyst” for investable projects, the competition says, and will be presented at a digital conference before winners are announced in November.
The deadline for submissions is 10 September.
Travers Smith, which is supporting the initiative, said that social factors like this will be important for schemes from both an investment and responsibility point of view.
Pensions partner Andy Lewis commented: “We already know that social factors are the next frontier in ESG investing for pension schemes. Within this, a key aspect will be how we look after people in later life. This issue is potentially very well aligned with the financial risks, opportunities and fundamental purposes of a pension scheme – so there is an opportunity for a virtuous circle here, if the investment conditions are right.
“Despite this, my sense is that we’re only at the beginning of this conversation as an industry, and there’s a need for genuinely new, innovative and investable solutions. The aim of the Silver Linings Competition is to foster precisely those sorts of ideas. So I’m delighted that we’re supporting Silver Linings at Travers Smith, and I think that many in the industry will want to follow this initiative closely in the coming months.”