volume 12, issue 3, P639-711 2006
DOI: 10.1017/s1357321700004645
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A. C. Campbell, D. C. Grimley, J. K. Pallister, A. M. Stoker, A. R. Walton, C. A. Yiasoumi

Abstract: FOREWORDAn observer of the United Kingdom financial services scene over the last few years will have noticed the rising numbers of closed with-profits funds and final salary schemes closed to new entrants. Closed funds were not previously unheard of, but until recently most life insurance and pensions actuaries would not have come across them in their daily work.There can be no doubt that, when compared to open funds, the closed variety have different characteristics and their financial management requires dif…

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