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ERM for Pension Funds [31]

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Bullet points include: Liabilities may not have been fully ‘promised’, may be only provided on a ‘best endeavours basis’. Benefits reduced, or not increased as much, if insufficient assets available to meet targeted benefits in full. E.g. conditional indexation, where level of inflation increases awarded depends on available assets. To avoid misrepresenting position to members there may be: Constraints on how benefit structures may be communicated to members. Requirements for ‘continuity’ analyses designed to show a reasonable likelihood of delivering targeted benefit. C.f. collective DC schemes

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