Description: This paper takes the position that the U.K. actuarial profession has still not come to a single view on financial economics, and the major divisions that remain continue to hamstring its policy development. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: This paper examines the funding expectations of the three primary stakeholders in the pension system: plan sponsors, taxpayers, and workers. From The Future of Pension Plan Funding and Disclosure Monograph, M-RS05-1.

Description: This paper examines concepts from both financial economic and actuarial science as applied to defined benefit schemes using a simple discounted cash-flow framework as a reference point. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: This paper asserts that funding is the natural result of managing liability, and, from there, examines some of the funding liabilities of pension plans. From The Future of Pension Plan Funding and Disclosure Monograph, M-RS05-1.

Description: Discussion of the merits of solvency versus going concern funding targets for pension plans, and the connection with different risk-sharing deals.

Description: This paper examines the discrepancy that seems to exist between classical financial theory and the widely adopted portfolio selection theory, and proposes that the roles of agents and the interests of corporate insiders need also to be considered. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: This paper takes the position that it is possible to compute annual pension costs without computing liabilities first, or at all, even implicitly. Moreover, such an approach can be shown to have powerful advantages in stochastic financial environments. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: This paper attempts a model for a mix of DB and DC retirement plans that meets the dual objectives of predictability of employer cash contributions, and sufficient employee retirement benefit. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: This paper takes the position that a retirement plan should not be evaluated differently than other financial arrangements, and, therefore, its value should be measured through a utility function. The paper then suggests a method of incorporating utility theory into the retirement plan design model. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.

Description: Editorial that explores how underlying issues of the economic bubble were actuarial in nature.