Dynamic asset allocation

Technical papers

Introduction

For defined-contribution (DC) pension schemes which combine a minimal return guarantee with a bonus option - sometimes denoted with-profits pension schemes - the objective of the company is to generate excess returns while staying funded at all times.

Excess returns are not necessarily to the immediate benefit of clients, though, since surplus can be kept within the fund as a collective surplus. It is when a bonus is first declared that funds are actually made available to clients

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