Pensionskassernes Administration (PKA)

Practitioner Profile

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Peter Melchior, actuary and management board member of Pensionskassernes Administration (PKA), is blunt about the reaction he got after he marked the @13 billion Danish pension fund's assets and liabilities to market in 2001. "Some people said, 'Isn't this ridiculous?'", he recalls. "For example, they would say, because of some changes in the interest rate curve, our liabilities have changed by one percent from yesterday to today. When we measure our liabilities from hour to hour, or at leas

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