The financial theory of DB pension schemes - 18 years on from the paper that changed everything (in pensions)

Jonathan Stapleton
clock

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. ...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Defined Benefit

Bowman: "The many options could be causing confusion for sponsors and they might be 'sleep walking' down an endgame path"

88% of DB schemes admit to having no endgame strategy

Research found nearly 88% of corporates lack a strategy with clear and structured timelines

Martin Richmond
clock 31 January 2023 • 2 min read
'Glaring omission' of climate risks in DB funding code

'Glaring omission' of climate risks in DB funding code

LCP analysis of TPR’s consultation documents found scarce references to climate change

Martin Richmond
clock 27 January 2023 • 2 min read
Tender Watch: PMI partners with Phoenix CIS

Tender Watch: PMI partners with Phoenix CIS

Phoenix will provide PMI members with latest content on investment-only platforms

Professional Pensions
clock 24 January 2023 • 1 min read
Trustpilot