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Market Consistency and WMC [14]

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Bullet points include: Is the aim: To smooth the flows and keep the “bath” adequately resourced? To value what is actually in it at any given time? See e.g. Cowling, Frankland, Hails, Kemp, Loseby, Orr and Smith (2011). Developing a framework for the use of discount rates in actuarial work. Capacity to be mis-matched often depends on strength of so-called sponsor covenant. Contributions and investment returns. Benefits

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