Defined Benefit Pension Schemes in the UK
Asset and Liability Management
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Product details:
- Publisher OUP Oxford
- Date of Publication 24 March 2016
- ISBN 9780198738794
- Binding Hardback
- No. of pages384 pages
- Size 240x174x27 mm
- Weight 744 g
- Language English
- Illustrations 234 Figures and 175 Tables 0
Categories
Short description:
This book provides a step-by-step methodology to maximize the complete restructuring and monitoring of the Asset-Liability Management of Defined Benefit schemes and helps the reader understand techniques of managing assets and liabilities in a coherent and consistent way.
MoreLong description:
The goal of Asset-Liability Management (ALM) of a Defined Benefit Pension Scheme (DB) is to properly manage the risks related to variation in its building blocks on both sides of the balance sheet whilst maintaining the same expected return.
This book provides a step-by-step methodology to maximize the complete restructuring and monitoring of the ALM of DB schemes. It is a product of the author's 25 years of experience and technical knowledge in ALM of Pension Funds, portfolio management, investment banking and, specifically, more than 700 meetings with investment experts in the Pension Industry. It includes 400 figures and tables to help the reader make appropriate decisions and identify hidden tricks.
It provides an in-depth understanding of how an Asset-Liability structure works, how to assess the efficiency of an investment strategy, and how to maximize the management of cash. Liabilities and Liability Driven Investment techniques (LDI) are explained through numerous examples. The book shows the reader how to select the right LDI manager, and how to define a liability hedging strategy and monitor its efficiency. It demonstrates how to build efficient investment portfolios and select the appropriate asset classes, as well as how to build and monitor an efficient risks and performances report. In addition, it shows how the most common financial instruments work, their roles, the basics of statistics, and the principles of portfolio construction. Finally, it provides introduction to Buy-in, Buyout, and Longevity risk management.
This is a timely book bringing in one place the asset liability management of defined benefit pension schemes. There is something for everyone in the book, an overview and details on liability and assets risks as well - the structure of the book is particularly good. The best thing about the book is that it presents ALM in a simple and easy to understand way, which is really helpful to trustees and pension managers of schemes. This book certainly brings an alternative approach to managing pensions.
Table of Contents:
Preface
Introduction to Defined Benefits Pension Scheme
Understanding Asset and Liability Management (ALM)
Understanding Liabilities
Understanding Liability Driven Investment (LDI)
Investment Policy: Understanding Asset Allocation Construction
ALM Risk and Performance Monitoring
Appendix 1: Understanding Financial Instruments
Appendix II: Introduction to Statistics
Appendix III: Growth Asset Portfolio Construction Principles
Appendix IV: Buy-in, Buyout, Longevity Risk Management
