Pension fund risk management [5]

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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 of assets over (equivalently measured) liabilities plus SCR? IORPs have additional security mechanisms that vary by jurisdiction, 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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