NO.PZ202301040900001302
问题如下：
(2) Because of excellent recent investment results, ADSE has not needed to make contributions to the pension fund in the 2 most recent years. Smit considers it very important to maintain a plan surplus in relation to PBO. Because an €8 m surplus will be an increasingly small buffer as plan liabilities increase, Smit decides that maintaining plan funded status, stated as a ratio of plan assets to PBO at 100% or greater, is his top priority. State an appropriate risk objective for ADSE.
选项：
解释：
Given Smit considered it very important to maintain a plan surplus in relation to PBO, an appropriate risk objective for ADSE relates to shortfall risk with respect to the plan’s funded status falling below 100 percent.
ADSE may want to minimize the probability that funded status falls below 100%, or it may want the probability that funded status falls below 100% to be less than or equal to 10%. If a plan surplus is maintained, ADSE may experience more years in which it does not need to make a contribution.
Indeed, a major motivation for maintaining a plan surplus is to reduce the contributions ADSE needs to make in the future. As such, another relevant type of risk objective would be to minimize the present value of expected cash contributions.
the objective:
1.achive a long term target return over investment horizon of 20 years with an appropriate level risk that allows the plan to meet its legal liability.
2.minimize the PV of expected cash contribution and maintain a plan surplus in relation to PBO
