On 31 July 2014, the Bank of England published a discussion paper on the manner in which insurance companies and pension funds (ICPFs) allocate/structure their investments. This paper examines procyclicality (short/medium term investment that could create volatile or exaggerated market movements) and structural trends in such investment. Key points highlighted by the paper include that (a) ICPFs are core players in creating long-term investment (which is important for economic growth) and the choices made by ICPFs in that regard can impact financial stability and economic growth and (b) those responsible for policy or regulatory initiatives which impact on investment by ICPFs should consider both the narrower and wider implications of such policies/initiatives on the market.