Journal of the Institute of Actuaries, Volúmenes112-113

31 December actuary annuity appropriate asset share asset value assumed assumptions basis benefits bid price bid/offer spread bonus rates bonuses calculated capital appreciation capital gains capital gains tax changes consider cost deduction deferred period discounting discussion distribution early leavers effect ellipse employees estimate example expected factors figures final salary schemes formula future give Group hyperbola increase index-linked industry inflation Institute Institute of Actuaries interest rates internal fund investment return investor liability maturity method mortality net asset value outstanding claims Paid Loss Ratio paper parabola payment pension fund pension scheme personal pensions policyholders portfolio premium problem purchase rate of return reserve result reversionary bonus sector serial correlation smoothness solvency stocks sum assured surplus Table terminal bonus transfer club transfer payment transfer value ultimate loss ratio unit trust valuation variance yield