Lessons from closure: An analysis and comparison of the issues facing closed life funds and closed pension schemes

Document description

The last few years have seen a rising number of closed with-profits funds and final salary schemes closed to new entrants. Compared to open funds, the closed variety have different characteristics and their financial management requires different approaches. The growth of closed funds gives the two major branches of the UK actuarial profession an ideal opportunity to explore what we can learn from each other. Keywords: closure; wind-up; sponsor covenant; funding; investment; run off plan