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1 NRI Vol

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3 Contents Restructuring Occupational Pension Plans in Crisis: A US Labor Management Case Study DAVID S. BLITZSTEIN (Rotman International Journal of Pension Management Vol.6 Issue 1 Spring 2013) 23 When Do Derivatives Add Value in Pension Fund Asset Allocation? JIAJIA CUI, BART OLDENKAMP, MICHEL VELLEKOOP (Rotman International Journal of Pension Management Vol.6 Issue 1 Spring 2013) 35 The Kay Review on Long-Horizon Investing: A Guide for the Perplexed GORDON L. CLARK (Rotman International Journal of Pension Management Vol.6 Issue 1 Spring 2013) 43 The Defi ned Ambition Pension Plan: A Dutch Interpretation NIELS KORTLEVE (Rotman International Journal of Pension Management Vol.6 Issue 1 Spring 2013)

4 vol Nomura Research Institute. Ltd. All rights reserved. 4

5 Nomura Research Institute. Ltd. All rights reserved. vol.9 1

6 vol Nomura Research Institute. Ltd. All rights reserved. 6

7 vol Nomura Research Institute. Ltd. All rights reserved. 7

8 vol Nomura Research Institute. Ltd. All rights reserved. 8

9 vol Nomura Research Institute. Ltd. All rights reserved. 9

10 vol Nomura Research Institute. Ltd. All rights reserved. 10

11 vol Nomura Research Institute. Ltd. All rights reserved. 11

12 vol.9 Notes References 2013 Nomura Research Institute. Ltd. All rights reserved. 12

13 vol.9 David S. Blitzstein 13

14 vol.9 14

15 vol.9 15

16 vol.9 16

17 vol.9 17

18 vol.9 18

19 vol.9 19

20 vol.9 20

21 vol.9 21

22 vol.9 Notes References 22

23 vol.9 Jiajia Cui Bart Oldenkamp Michel Vellekoop 23

24 vol.9 r 24

25 vol.9 V ν κ ω db t =rb t dt ds t =(r+p t )S t dt+s t V t dy t +μs t- (dν t λv t dt) dv t =κ(ν V t )dt+ω V t(ρdy t + 1 ρ 2 dζ t) B S Y Z N S V ρ N λ >0 μ 1<μ < 0 p t p t = η V t + μ ( λ λ Q )V t ηλ Q λ ζ dπ t /π t- = rdt V t (ηdy t +ζdζ t )+(λ Q /λ 1)(dΝ t λv t dt). ω ( ρη+ ζ (1 ρ 2 )) S V ζ 25

26 vol.9 γ h (W max E t [ T hw t ) 1 γ ] α 1 γ W t t Α i t i t α i n W T =W tσα i i=1 i A T i A t γ 26

27 vol.9 γ γ γ = νζ κ Q κ κ Q κ= 27

28 vol.9 28

29 vol.9 29

30 vol.9 30

31 vol.9 31

32 vol.9 32

33 vol.9 33

34 vol.9 Notes References 34

35 vol.9 Gordon L. Clark 35

36 vol.9 36

37 vol.9 37

38 vol.9 38

39 vol.9 39

40 vol.9 40

41 vol.9 41

42 vol.9 Notes References 42

43 vol.9 Niels Kortleve 43

44 Articles must retain Creative Commons License Attribution-Noncommercial-No Derivative Works License - there is a Japanese version of the license which can be downloaded from which must accompany print and online versions of the translation. Vol.9

45 Rotman International Journal of Pension Management Vol.6 Issue 1 Spring 2013 Editorial - Defining Defined Ambition Pension Plans KEITH AMBACHTSHEER The Defined Ambition Pension Plan: A Dutch Interpretation NIELS KORTLEVE Restructuring Occupational Pension Plans in Crisis: A US Labor Management Case Study DAVID S. BLITZSTEIN Dynamic DC: Keeping Your Options Open IOULIA TRETIAKOVA and MARK S. YAMADA Why Canada Has No Retirement Crisis FRED VETTESE Risk-Management Practices at Large Pension Plans: Findings from a Unique 27-Fund Survey ALEX BEATH and JODY MACINTOSH When Do Derivatives Add Value in Pension Fund Asset Allocation? JIAJIA CUI, BART OLDENKAMP, MICHEL VELLEKOOP The Kay Review on Long-Horizon Investing: A Guide for the Perplexed GORDON L. CLARK Platforms and Vehicles for Institutional Co-Investing JAGDEEP SINGH BACHHER and ASHBY H. B. MONK ICPM INVESTS IN PENSION RESEARCH: FOUR NEW PROJECTS RECEIVE FUNDING STEFAN LUNDBERGH

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