Fair Value and Pension Fund Management

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Product Details
01 May 2006
Emerald Group Publishing Limited
220 pages - 156 x 234 x 14mm


The papers collected in this book are about the application of fair-value principles to accounting for pensions and its consequences for pension policy. By comparison with valuing the vast bulk of corporate assets and liabilities, the market values of pension plan assets and liabilities can be estimated relatively accurately. Nevertheless, pension accounting has been, and largely still is, one of the most arcane and opaque areas of financial reporting because fair-value principles are not applied. Numerous studies have documented the distorting effects that those accounting practices have had on corporate pension funding and asset allocation decision. According to new rules adopted by the International Accounting Standards Board, certain fair-value principles will have to be applied in the year 2006. The publication of this book now is thus just-in-time. It offers great value to pension professionals, pension fund trustees, regulators, and indeed anyone with a serious interest in pension policy. It deals with the application of fair-value principles to accounting for pensions. It is written in accordance with the new rules set by the International Accounting Standards Board. This book fills a substantial gap in this field.
Part I: General 1. Introduction (N. Kortleve, T. Nijman, E. Ponds). 2. Pension funds at risk (C. van Ewijk, M. van de Ven). 3. Building better pension plans on a fair value foundation (K. Ambachtsheer). Part II: Technical 4. The fair value principle (J. Exley). 5. Techniques for market-consistent valuation of contingent claims (J. Hibbert, S. Morrison, C. Turnbull). 6. Valuation and risk management of inflation sensitive pension right (T. Nijman, R. Koijen). 7. Fair value of pension fund liabilities and consequences for Strategic Asset Allocation (A. Foley, A. Serjantov, R. Smit). Part III: Application 8. Fair value accounting and pension benefits guarantees (Z. Bodie). 9. Value and risk sharing in defined benefit pension plans (A. Smith). 10. Pension deals and value-based ALM (N. Kortleve, E. Ponds).

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