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).