Description: This paper examines the risks involved with equity investing for pension funds. From Transactions of Society of Actuaries 1959, Vol. 11, No. 31.

Description: Discussant comments for “Requirements to Make the Housing Asset a Viable Retirement Asset.” This paper examines the characteristics of an ideal product and the type of institution that would be well positioned to offer the ideal product which would allow a housing asset to be a viable retirement asset. Discussant provides comments from a US perspective.

Description: This paper models minimum pension guarantee using a simulation approach. Lachance and Mitchell [2002] have shown that it could be important if and when individual accounts are introduced in the United States. This paper's model uses real data from Mexico where individual accounts are already a reality and the minimum pension guarantee is already enshrined by law. The authors calculate the probability of the government needing to honor the guarantee and estimate the cost of such a promise using a real options approach. Higher investment in the stock market turns out to be the key. The higher the proportion of investment allowed by law in stocks, the lower the probability of government support.

Description: This paper is designed to be a single reference source for an actuary who wants to increase his or her understanding of a Guaranteed Investment Contract 'GIC', its risks, and how to control them. The paper emphasizes the practical difficulties of matching asset and liability cash flows and discusses in detail how the sponsor and/or participants of the plan being funded by the GIC can antiselect against the insurance company. It also discusses how the actuary should go about pricing and reserving for GICs. From Transactions of Society of Actuaries 1984, Vol. 36.

Description: As we meet with pension plan sponsors and consultants across Canada we find that the subject of liability-driven investing LDI comes up repeatedly even when we do not initiate the discussion. We also find that LDI seems to mean something different to each person we meet. Is LDI just a new name for asset/liability management ALM? Or is LDI just about hedging interest rate risks with fancy securities? In this article we describe a framework for understanding what LDI is, how it relates to ALM, and how it can be used to solve real-life problems for Canadian pension funds.

Description: Panelists discuss the need for pension fund managers to continually reexamine their allocation of funds across broad asset classes, and determine the most prudent mix of investments. From the Record of the Society of Actuaries, Vol. 24, No. 2.

Description: This discussion looks at developments which may be expected from the introduction of proposed Canadian legislation which would permit life insurance companies to operate special investment accounts for pension plans. The panel also reviews problems encountered in implementing legislation of this type in the U.S. and other recent developments expected to affect the relative competitive position of insured and trusteed plans. From Transactions of Society of Actuaries 1961, Vol. 13, Pt. 2.

Description: Pension Forecasts, Part One: Some Questions by Lawrence N. Bader from Risks and Rewards Newsletter, February 2001, Issue No. 36.

Description: This 1981 discussion session is about defined benefit plan pension investments. Specifically it covers: 1. Dedicated portfolios, 2. Investment policy for defined benefit plans, 3. Real estate investments, 4. Immunization, and 5. Foreign investments.

Description: This session explores the potential cash-flow and financial accounting implications of the equity market decline. The discussion focuses on ways to present these results to clients and asset/liability matching techniques that can be used to dampen the significance of this change. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 61pd.