What price the pension scheme?

Article Abstract:

Acquisitions or divestitures of businesses often lead to the transferal of pension assets with requisite actuarial complications. These actuarial complications can be avoided and financial control maintained through the use of a multiple of accrued benefits valuation as a basis for negotiations. Negotiators should use an assumption-free accrued benefit method that is predicated upon a pension schedule that covers two main areas: an action timetable and the calculation of the amount of assets to be transferred. The use of an assumption-free accrued benefit method avoids actuarial negotiations, enables the immediate quantification of transfer value, and precisely defines the transfer completion date.

Accounting and auditing, Pension funds

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Mastering the new financial instruments

Article Abstract:

Corporate treasurers increasingly have been making use of new financial instruments (NFIs), including foreign exchange contracts, financial futures, and forward rate agreements, for the purposes of hedging and raising funds. Many UK firms have turned to NFIs for the purpose of interest rate management, and interest rate and currency swaps have experienced the highest rates of growth among NFIs. An inspection of the published corporate accounts of 210 of the largest firms in the UK reveals that the majority of companies use a minimum of one NFI: 62 firms revealed the use of convertibles, 31 used syndicated loans, and 28 used swaps.

Analysis, Financial instruments, panel discussion

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