diff --git a/other/pension_reference_portfolio.py b/other/pension_reference_portfolio.py
new file mode 100644
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+++ b/other/pension_reference_portfolio.py
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+"""Reference portfolio allocations for a pension fund's life cycle.
+
+This module provides simple asset allocation examples for three stages of
+a pension fund: growth, maturity, and decline.  The numbers are purely for
+illustration and not intended as investment advice.
+"""
+from dataclasses import dataclass
+from typing import Dict
+
+
+@dataclass
+class Portfolio:
+    equities: float
+    private_equity: float
+    real_assets: float
+    bonds: float
+    cash: float = 0.0
+
+    def as_percentages(self) -> Dict[str, float]:
+        """Return the allocation as a dictionary of percentages."""
+        return {
+            "equities": self.equities * 100,
+            "private_equity": self.private_equity * 100,
+            "real_assets": self.real_assets * 100,
+            "bonds": self.bonds * 100,
+            "cash": self.cash * 100,
+        }
+
+
+def reference_portfolio(stage: str) -> Portfolio:
+    """Return a reference portfolio allocation for the given life cycle stage.
+
+    Parameters
+    ----------
+    stage : str
+        One of ``"growth"``, ``"maturity"``, or ``"decline"``.
+
+    Returns
+    -------
+    Portfolio
+        Allocation percentages for the requested stage.
+    """
+    stage = stage.lower()
+    if stage == "growth":
+        return Portfolio(
+            equities=0.6,
+            private_equity=0.15,
+            real_assets=0.15,
+            bonds=0.1,
+        )
+    if stage == "maturity":
+        return Portfolio(
+            equities=0.4,
+            private_equity=0.1,
+            real_assets=0.15,
+            bonds=0.35,
+        )
+    if stage == "decline":
+        return Portfolio(
+            equities=0.2,
+            private_equity=0.0,
+            real_assets=0.1,
+            bonds=0.6,
+            cash=0.1,
+        )
+    raise ValueError(
+        f"Unknown stage: {stage}. Use 'growth', 'maturity', or 'decline'."
+    )
+
+
+def demo() -> None:
+    """Print example allocations for each life cycle stage."""
+    for phase in ("growth", "maturity", "decline"):
+        portfolio = reference_portfolio(phase)
+        print(f"{phase.title()} Phase Allocation (%)")
+        for name, percent in portfolio.as_percentages().items():
+            print(f"  {name:14s}: {percent:5.1f}")
+        print()
+
+
+if __name__ == "__main__":
+    demo()