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We develop an approach for practitioners for setting up the target value of investment fluctuation reserves for autonomous Swiss pension funds and determine a desirable level for them to better ensure benefits payments during times of volatile financial markets. The Swiss pension legislation does not stipulate any methodology and requirements for setting up such reserves. We give an overview of methods...
Collective adjustment of pension rights is a way to keep defined benefit systems tenable. In asset liability management (ALM) models presented in the literature these decisions are modeled both at the aggregate level of the liabilities as a whole and at a more detailed level. In this paper we compare the approximate aggregate approach to the accurate detailed approach for the average earnings scheme...
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