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Pension Fund Valuations and Market Values

Author

Listed:
  • Head, S.J.
  • Adkins, D.R.
  • Cairns, A.J.G.
  • Corvesor, A.J.
  • Cule, D.O.
  • Exley, C.J.
  • Johnson, I.S.
  • Spain, J.G.
  • Wise, A.J.

Abstract

The traditional approach to United Kingdom pension fund valuations is to use an off-market approach to valuing assets and liabilities. This approach has been called into question for a number of reasons, such as changes to the taxation of U.K. share dividends and a growing understanding and appreciation of the key principles of financial economics. This paper looks at the history of the traditional approach and focuses on the drivers for change. We compare the properties of various methods that take assets into the balance sheet at market value against the traditional valuation method. Our principal aim throughout has been to produce a paper that is practical and helpful to pension scheme actuaries.

Suggested Citation

  • Head, S.J. & Adkins, D.R. & Cairns, A.J.G. & Corvesor, A.J. & Cule, D.O. & Exley, C.J. & Johnson, I.S. & Spain, J.G. & Wise, A.J., 2000. "Pension Fund Valuations and Market Values," British Actuarial Journal, Cambridge University Press, vol. 6(1), pages 55-141, June.
    • Handle: RePEc:cup:bracjl:v:6:y:2000:i:01:p:55-141_00
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    Cited by:

    1. Julia Lynn Coronado & Steven A. Sharpe, 2003. "Did Pension Plan Accounting Contribute to a Stock Market Bubble?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 323-371.
    2. Kulińska Ewa, 2009. "The Meaning of Processes Orientation in Creation and Realization of the Added Value," Foundations of Management, Sciendo, vol. 1(2), pages 81-94, January.
    3. Prateek Sharma & Vipul _, 2015. "Forecasting stock index volatility with GARCH models: international evidence," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 32(4), pages 445-463, October.
    4. McClure, James & Kumcu, Erdogan, 2008. "Promotions and product pricing: Parsimony versus Veblenesque demand," Journal of Economic Behavior & Organization, Elsevier, vol. 65(1), pages 105-117, January.

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