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This presentation is based on a part of an academic course on Further Enterprise Risk Management (Further ERM) titled ‘Pension fund risk management using Holistic Balance Sheets’ and covers topics such as: the holistic balance sheet (HBS) concept, political and conceptual challenges, quantifying the impact of sponsor covenants, conditional benefit structures and pension protection schemes, implementation approaches and challenges

Slides

1	Session 4: Pension fund risk management using Holistic Balance Sheets
2	Pension fund risk management using HBSs
3	Pension scheme holistic balance sheets
4	Typical balance sheet presentations
5	Security mechanisms
6	Tangible assets
7	Sponsor covenant
8	Conditional benefit structures
9	Conditional benefit structures (ctd)
10	Pension protection schemes (PPSs)
11	PPS expected versus unexpected costs
12	Social dimension of pension funds
13	Pension fund risk management using HBSs
14	Political challenges
15	Is a comparison with insurance appropriate?
16	Pension fund risk management using HBSs
17	Analysing the sponsor covenant: a first step
18	Problems (1)
19	Problems (2)
20	Need to focus on the future as well as the present
21	A more sophisticated approach
22	Mathematical perspective
23	C.f. bond pricing
24	Structured credit
25	Is this over-engineering the problem?
26	Maximum available sponsor support
27	Presentation of results
28	Risk concentration
29	Approach proposed in Kemp (2011)
30	Conditional benefits
31	Pension protection schemes
32	International comparisons
33	Impact of capping PPS benefits
34	Pension fund risk management using HBSs
35	Implementation approaches and challenges (1)
36	Implementation approaches and challenges (2)
37	Important Information

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