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Conference Materials

The Funding Debate: Optimising Pension Risk within a Corporate Risk Budget and the Relative Merits of Using Available Cash for Pension Funding

Geoff Bauer, Gordon Fletcher, Julien Halfon, and Stacy Scapino

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Abstract — Management of defined benefit (DB) pensions is complicated for any organisation, but for multinationals, the challenges are compounded because the pension funds are usually located in countries other than the sponsor's headquarters. Many multinationals have now realised that they need to take a more active approach to tackling the complexity of the pension problem and the impact it has on their financial standing. This realisation gives rise to an integrated or strategic framework in which corporate governance and asset-liability risk management must be considered together.