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Pension fund risk management [33]

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Bullet points include: If benefits covered by PPS are capped then probability of honouring original benefits in full may be little different to situation without a PPS Since honouring benefits in full only occurs if PPS not called upon Indeed probability of honouring benefits in full may be lower, as premiums / levies charged by PPS may have depleted IORP tangible asset base or ability of sponsor to contribute to IORP This partly relates to the debate around merits of VaR versus TVaR The larger the shortfall the greater the call on the PPS

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