ERM for Pension Funds [19]

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Bullet points include: Pension funds (IORPs) may have a shortfall between tangible assets and liabilities including pension liabilities. But is a pension promise then less secure than (say) an insurance promise if the insurer has a surplus versus SCR? And is it appropriate to seek to make such a comparison anyway? IORPs have additional security mechanisms that vary by jurisdiction (see Appendix A of this presentation), e.g.: Tangible assets (some schemes are unfunded) Sponsor covenants (e.g. UK) Conditional benefits (e.g. Netherlands) Pension protection schemes (e.g. UK and Germany)

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