From the 41st ARC: a presentation focusing on risk management of a pension plan whose benefit is the greater of a defined benefit DB and a defined contribution DC plan. Hedging strategies are derived and illustrated, recognizing that the DB guarantee is like an option.

This article is an opinion piece which challenges the prevailing belief that over the long run, equities are virtually certain to offer a higher rate of return than bonds, and that the risk of a shortfall is negligible. The risks and problems are compounded by the fact that the PBGC also invests in equities.

June 2012 issue of (RL) Asset/Liability Watch.

July 2012 of RL Asset Liability Watch

August 2012 issue of (RL) Asset/Liability Watch

June 2012 issue of (RL) Bond Market Watch

July 2012 issue of (RL) Bond Market Watch

August 2012 issue of (RL) Bond Market Watch

September issue of RL Asset Liability Watch, September 2012

RL Asset Liability Watch, September 2012 issue