of the discussion Mr P. J. Sweeting, F.I.A. (introducing the paper): For some decades academics have regarded pension scheme liabilities as being bond-like in nature, and actuaries have now come round to this way of thinking. However, it has taken FRS 17, and the realisation that equities can decrease in value significantly, to convince people that bonds might be a better match for pension scheme liabilities. As a result, there has been a significant increase in the variety of bond mandates given by pension s…
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