Description: The article considers how actuaries have responded to long term changes in the past and considers how to deal with two changes ion the future: pension provision when bond yields are low and long term care.

Description: Between the end of the 80’s and the 90´s, the annuity and universal life market started to develop in Argentina in an environment limited by the volatility of the financial market. As a consequence, plans with Fluctuation Funds were developed and proved to be successful. This paper provides a general overview of this experience and the innovations made in Argentina in this matter.