Eighteen years' ago today, Jon Exley, Shyam Mehta and Andrew Smith published what has been described as the most important and influential paper ever written on defined benefit (DB) pensions - The financial theory of defined benefit pension schemes. Take a look back here.
In April 1997, many people thought DB pension schemes provided "something for nothing" - with the value provided to beneficiaries seeming to exceed the financial burden on the sponsoring company. ...
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