Pension fund risk management [3]

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Bullet points include: A traditional balance sheet shows Tangible assets versus (some) liabilities Depending on accounting convention, the formal balance sheet shown in a pension fund’s report and accounts may refer merely to assets net of accounting (e.g. investment and expense) liabilities I.e. may exclude any actuarial value placed on future pension promises / liabilities (which may only be referred to in a note) E.g. BT Pension Scheme Annual Report and Accounts as at 31 December 2010 Insurance company balance sheets more usually include explicit ‘technical provisions’ corresponding to their insurance liabilities

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