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2 2
3 3
4 4
5 ( ) () FAS158 FRS17 IAS19 04 FTK 5
6 6
7 FAS FAS BS PL BS PL
8 FAS15 8
9 9
10 2005 DB 2001 PBGC US LTV) DC 10
11 DB (51515 ) % 70% (at risk plan) PBGC
12 PPA FAS158 1 BS 2 PL CFO 12
13 DC 13
14 P&I(2007/6/11) ,
15 ( ) IBM HP GM DC 15
16 16
17 LDI 17
18
19 50 70 (/ / The Coming Shakeout in the Defined Benefit Market, McKinsey and Company (2007) 19
20 20
21 FRS17 ( ) ( )
22 Pension Capital Strategies FTSE ICI
23 2004 (PPF) (trustee) 1995 MFR trustee(sponsor?) 2004 PPF (scheme specific) statutory funding obligation PPF 23
24 (statutory funding obligation) statement of funding principles( (technical provision) Pensions Regulator technical provision FRS17PPF 24
25 PPF Levy() PPF (0.014%) 80 Underfunding Risk( ) Assumed Insolvency Probability(B) Underfunding Risk(A) 125 ) Assumed Insolvency Probability(B) Dan &Bradstreet 25
26 Statutory Funding Obligation trustee ( ) PPF Levy (179) uy-out cost PPF
27 17 (2001) derisking 70 buy out 04 27
28 28
29 29
30 Derisking LDI LDI BP, BAE Systems Derisking 30
31 31
32 32
33 19 (IAS19) 05EU
34 = Financial Assessment Framework 06(07 ) 34
35 % 128% 135% 128% 117% 99% 103% 120% 125% Financial information on pension funds DNB 35
36 (Collective DC) DC DB Cf. (2006) 36
37 DB , ,
38 ABP
39 % 36.4% 45.3% 41.1% 41.9% 34.9% 39.6% 39.6% 41.5% 32.3% 33.2% 29.8% 35.0% 35.9% 41.3% 39.3% 40.2% 40.0% 9.5% 9.2% 9.2% 10.3% 10.8% 10.9% 10.0% 9.7% 9.7% 22.1% 17.4% 11.9% 9.5% 7.9% 7.1% 5.3% 4.4% 3.3% 1.6% 1.2% 0.8% 1.2% 1.1% 2.7% 2.3% 2.6% 2.3% 2.7% 2.5% 3.0% 2.9% 2.5% 3.1% 3.5% 3.5% 3.2% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 3,332 3,868 4,513 4,638 4,608 4,273 4,818 5,421 6,248 Financial information on pension funds DNB 39
40 ABP 40
41 41
42 30.5% 27.0% 3.5% 5.0% 6.00% 6.20% 2.0% 2.0% 68.00% 71.00% 4.0% 5.0% 3.5% 5.0% % % 2.5% 3.0% 4.10% 5.70% 10.0% 9.0% 2.0% 2.0% 1.10% 0.90% 56.0% 60.0% FTK 124.6% 124.9% 4.0% 7.0% 15.0% 10.0% 25.0% 23.0% 44.0% 40.0% 42
43 ABP 2,000(32 ) ( PE 43
44 FAS158 FRS17 IAS19 PL 44
45 45
46 (Fair Value Accounting) 46
47 A. Statutory Funding Obligation (technical provision) B. Pension Protection Fund Levy( )(179 A. B. B buy-out 47
48 BS 48
49 49
50 DB ALM, LDI) 50
51 cf.(2004) 51
52 (Liability Driven Investment) BS LDI 52
53 Waring and Siegel (2007) Don t kill the goose that lay golden eggs FAJ,1/2 DB DC 53
54 ( ) (Economic Value) () 54
Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat
No,25-36(2005) Two Changes in Accounting Principles of Pension Plans British, or Americanthat is the question Masaharu Usuki Nihon University, Graduate School of Social and Cultural School, and NLI Research
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