NO.PZ2023010409000018
问题如下：
The People’s Fund is a pension
reserve fund established by the government of Wigitania by setting aside
current government surpluses. Its objective is to meet future unfunded social
security payments caused by an aging population. The following is an extract
from the People’s Fund IPS.
Effective from 2030, the government will have the ability to withdraw
assets to meet pension and social security liabilities falling due each year.
Actuarial projections estimate annual payouts to be about 5% of the total fund
value at that time. Given this level of cash flow, the Fund is expected to
maintain most of its asset base for the foreseeable future. As such, 2030 does
not represent an ‘end date’ for measurement purposes. A long-term investment
horizon remains appropriate at present. However, the appropriate timeframe, risk
tolerance, portfolio construction and liquidity profile may change.
What are the liquidity needs of the People’s Fund?
选项：
解释：
From the extract, we see that the unfunded pension and social security liabilities that the Fund is meant to cover are expected to be about 5% of total fund value per year, starting in 2030.
Management of the fund will need to ensure that they have sufficient liquidity at that time to meet those ongoing liabilities. Until that time, liquidity needs are very low, which should allow the People’s Fund to invest a significant part of its portfolio in less-liquid alternative asset classes.
In the accumulation phase, we contributes to the fund and the liquidity needs is low.
In the decumulation phase, we withdraw from the fund at about 5% of the total fund value, so the liquidity needs of the fund is high.
