Global Markets
Jumbo jets and fighter planes: exploring the Point-In-Time approach
Posted on 13-01-2012 by John Hibbert | 0 comments
In previous articles, we have discussed the relative merits of the Point-in-Time (PIT) and the Through-the-Cycle (TTC) views of risk and capital; in a new…
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Setting the discount rate for defined benefit liabilities—what’s the right approach?
Posted on 18-11-2009 by Craig Turnbull | 0 comments
Our U.S. office recently sponsored a seminar on public pension fund valuation. The discussion focused on the 'right' approach to setting the discount rate for defined benefit liabilities - a market-based approach (based on the Treasury curve at the valuation date), or a long-term expected return on the fund's assets. This led to the usual discussions of the pro's and con's of…
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