« in response to your posting on Bookbuilders of Boston for a graphic designer. I work well both within established design specifications and on my own with ...» Document abstract
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Language : english
human resources
cover letters
date published
22/08/2007
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level : Advanced
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SummaryI am writing in response to your posting on Bookbuilders of Boston for a graphic designer. I am experienced in Adobe CS2, especially in InDesign, Photoshop, and Illustrator, and have experience with typography and typesetting, layout design, and print production. I am extremely organized and responsible and am always attentive to detail, and I excel at multi-tasking and time management.
Table of Contents
« 75 APPENDIX C: GRAPHIC VALIDATION OF SIMULATED ASSET Assessment Framework (FTK), currently under design by the do focus on out-of-sample forecasting performed ...» Document abstract
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Language : english
finance
presentation
date published
27/07/2006
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level : Expert
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SummaryPension funds serve to collect and manage an amount of capital, sufficient to make all payments to which participants of the fund are entitled based on the pension plan. The Akzo Nobel Pension Fund
(APF) is responsible for the provision of pensions for all employees of Akzo Nobel in the
Netherlands. It is the task of the Pensions and Insurance Supervisory Authority (PVK) to provide
rules and regulations which guarantee that pension funds are able to fulfill their pension promises. In response to economic and demographic changes in the environment in which pension funds operate,
the PVK drafted a new Financial Assessment Framework (FTK) that is meant to become effective as
of January 1st 2006.
Essential in the new FTK is the fact that the pension liability resulting from a defined benefit pension plan has to be calculated using market value interest yields as discount rates as opposed to the
current practice which uses a fixed rate for discounting pension liabilities. The new FTK increases
the risk exposure of pension funds, since the value of the liabilities will depend on volatile interest rates. As a result, the volatility of the funding ratio of the pension fund will also increase compared
to the current situation in which the liability value is not influenced by changes in market interest rates. This thesis aims to analyze the impact of the new valuation method of liabilities on the asset allocation of the APF.
(APF) is responsible for the provision of pensions for all employees of Akzo Nobel in the
Netherlands. It is the task of the Pensions and Insurance Supervisory Authority (PVK) to provide
rules and regulations which guarantee that pension funds are able to fulfill their pension promises. In response to economic and demographic changes in the environment in which pension funds operate,
the PVK drafted a new Financial Assessment Framework (FTK) that is meant to become effective as
of January 1st 2006.
Essential in the new FTK is the fact that the pension liability resulting from a defined benefit pension plan has to be calculated using market value interest yields as discount rates as opposed to the
current practice which uses a fixed rate for discounting pension liabilities. The new FTK increases
the risk exposure of pension funds, since the value of the liabilities will depend on volatile interest rates. As a result, the volatility of the funding ratio of the pension fund will also increase compared
to the current situation in which the liability value is not influenced by changes in market interest rates. This thesis aims to analyze the impact of the new valuation method of liabilities on the asset allocation of the APF.
Table of Contents
- A pension fund in relation with akzo nobel
- Akzo Nobel
- Pension Plans
- Akzo Nobel Pension Fund
- Changing the valuation of pension plans
- The Pensions and Insurance Supervisory Authority
- Driving factors for reform in pension supervision
- New Financial Assessment Framework (FTK)
- Estimating the liabilities of the akzo nobel pension fund
- Considerations in estimating the present value of pension fund liabilities
- Estimating liabilities in practice
- The market value of pension liabilities
- Implications of market valuation on the asset mix
- Development of the funding ratio
- Simulation results
- Fair value compared to actuarial valuation
- Approaches to a stable funding ratio
- Increasing the level of fixed income securities in asset allocation
- Increasing the duration of the fixed income portfolio
- Cash flow matching
- Conditional indexation
- Portfolio composition
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