NO.PZ202301040900001202
问题如下：
(2) Contrast the return and risk objectives of the R-Cubed pension and defined contribution plans.
选项：
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.
老师，请问这道主观题其实是在考察哪个考点？
另外，答案里 the return objective of the pension plan is lower than that of the defined contribution plan 我也没有很理解。
