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zzxbbt · 2024年01月18日

return objective

  1. CFA III
  2. 机构IPS

* 问题详情，请 查看题干

NO.PZ202301040900001202

问题如下：

(2) Contrast the return and risk objectives of the R-Cubed pension and defined contribution plans.

解释：

Return Objective

The return objective of the pension plan is lower than that of the defined contribution plan,
which has no well-defined benefit target. While the return of the defined contribution plan may be oriented more towards growth media in pursuit of higher alpha strategies, the pension plan has ongoing and increasing payout targets to meet. The pension plan cannot focus exclusively on the production of income. It will need to invest in growth-oriented media to preserve the purchasing power of its contractual benefits as well as to amortize its underfunded status over time.

Risk Objective

The defined contribution plan can undertake greater risk than the pension plan because its workforce is younger, benefits commence at a later age, there is no predetermined benefit target to meet, and the benefits are not indexed to inflation. The asset base of the defined contribution plan, unlike that of the pension, is expected to increase, allowing the plan to invest in riskier investments.

我理解因为DB，公司需要尽量增加收益从而减少contribution；而对于DC，公司无需考虑收益的情况，是由雇员自己选择并承担。所以对收益目标来说，DB的应该更高。

我看答案好像是DC更高，请问是什么地方的理解有问题

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1 个答案

lynn_品职助教 · 2024年01月19日

嗨，从没放弃的小努力你好：


我理解因为DB，公司需要尽量增加收益从而减少contribution；而对于DC，公司无需考虑收益的情况，是由雇员自己选择并承担。所以对收益目标来说，DB的应该更高。


我看答案好像是DC更高，请问是什么地方的理解有问题


同学对知识点的理解是对的，现在联系题目就是要看题目的变化哈。


这道题的题干是Contrast the return and risk objectives of the R-Cubed pension and defined contribution plans，


实际上就是要比较R-Cubed pension（题干没写清楚，实际上他是想指DB Plan）与DC Plan的Return和Risk。


所以答案是从DB与DC这两个主体出发对比写的。


答案下面就说，本题的DB plan的收益目标小于DC（DC并没有明确的收益目标）。这个结论主要是从表格对比得到的，因为本题DB Plan可承受风险的能力相对较弱，因此Return目标定得也会更低一些。


The return objective of the pension plan is lower than that of the defined contribution plan, which has no well-defined benefit target.


并不是全部的DB都这样


下面这个答案是说，DC Plan可以追求增值型头寸（Growth media），来获得超额Alpha收益，而Pesion（DB）的收益目标是需要meet Payout。


这点就是我们所学到的，DB plan投资存在法定约定好的Payment目标需要满足，而DC没有明确的投资目标，具体要看员工自己选的投资标的。


While the return of the defined contribution plan may be oriented more towards growth media in pursuit of higher alpha strategies, the pension plan has ongoing and increasing payout targets to meet. 


接着下面这句说，DB plan的投资目标不能仅仅满足产生现金流支付Payout (production of Income）的要求，还需要投资增值型头寸来保证购买力，同时降低Underfunded status。


这点也完全正确，DB plan，整体上是Asset-liability investing，是兼顾资产与负债的投资，是要让资产的增值与负债的增长同步，要维持Funded status，同时还产生现金流支付Payment是我们的目标。这里的保持购买力就是指资产要至少要实现一个inflation的收益。


The pension plan cannot focus exclusively on the production of income. It will need to invest in growth-oriented media to preserve the purchasing power of its contractual benefits as well as to amortize its underfunded status over time.


实际上我们答题的时候，把DB与DC的Investment objective各自写上即可。

DB如下：


DC如下：


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努力的时光都是限量版，加油！

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