volume 9, issue 3, P493-586 2003
DOI: 10.1017/s135732170000427x
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S. Haberman, C. Day, D. Fogarty, M. Z. Khorasanee, M. McWhirter, N. Nash, B. Ngwira, I. D. Wright, Y. Yakoubov

Abstract: The trustees and sponsors of defined benefit schemes rely on the advice of the Scheme Actuary to make important decisions concerning the funding of the scheme, the investment of its assets, and the use of surplus assets to improve benefits. These decisions have to be made in the face of considerable uncertainty about financial and demographic factors that will affect the future experience of the scheme and its success in meeting various objectives.The traditional actuarial valuation combined with actuarial ju…

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