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Defined Benefit Pension Schemes in the United KingdomAsset and Liability Management$
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Philippe-N. Marcaillou

Print publication date: 2016

Print ISBN-13: 9780198738794

Published to Oxford Scholarship Online: May 2016

DOI: 10.1093/acprof:oso/9780198738794.001.0001

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Introduction to Defined Benefit Pension Schemes

Introduction to Defined Benefit Pension Schemes

(p.1) 1 Introduction to Defined Benefit Pension Schemes
Defined Benefit Pension Schemes in the United Kingdom

Philippe-N. Marcaillou

Oxford University Press

To put the topic into context, this chapter provides an introduction to the pension fund industry in the UK. Statistics are presented regarding the risks that face UK defined benefit pension funds (DB PF) based on the 2013 Purple Book that covers around 99% of pension funds: amount of liabilities, assets, deficit, funding ratio based on various liability valuations. The chapter shows what impact a variation of a few bassis points in gilts, equity markets, inflation, and a few years in terms of longevity has on the UK DB PF and the trends in terms of asset allocations. As a general introduction the chapter provides definitions regarding what a DB PF is, some important key words, and how simple cash flows are calculated. It introduces the governance of a DB scheme and provides a comprehensive overview of the parties involved in the management process.

Keywords:   accruals, definitions, entrants, funding sensitivities, key figures, parties involved, pension fund terminology, pension governance, Pension Protection Fund (PPF), The Pension Regulator (TPR), trustees

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