ERM for Pension Funds [33]

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Bullet points include: Very important security mechanism in some EU member states. Sometimes covers all benefits, sometimes only up to specific limits. May cover only some types of (DB) pension scheme. Premiums paid may include elements of cross-subsidy between schemes (and between generations). Comparison with corresponding protection schemes for insurance indicates (possible) issues with: Moral hazard. Cross-subsidies. Social / labour aspects of IORPs versus insurance

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