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Discounting [16]

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Bullet points include: Cash flow Guaranteed Constructive Discretionary Purpose Solvency Matching - [1] - [1] Transaction Matching Matching Matching Funding [2] Budgeting Budgeting Budgeting [1] A matching framework would be appropriate for projections of future solvenc [2] It may be necessary to introduce matching framework constraints in budgeting calculations. The need for such constraints will be greater if the liabilities / cash flows are predominantly guaranteed rather than constructive or discretionary Paper concludes with specific recommendations for actuaries working in: Pensions: funding and reserving, pension cost accounting, member options Life: reserving, accounting, pricing, policyholder calculations Non-life: unpredictability of cash flows, reserving, accounting, pricing

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