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The Dissolution of a Pension Fund

Published online by Cambridge University Press:  18 August 2016

D. F. Gilley
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Extract

Consider what you think justice requires, and decide accordingly. But never give your reasons; for your judgement will probably be right, but your reasons will certainly be wrong.

William Murray, Earl of Mansfield 1705-93

Pension fund is created for what it will do while in full operation—not for what will emerge when it is wound up nor for what it might provide for members during their employment. Nevertheless, the dissolution provisions are important: they may reflect the philosophy on which, or the limitations within which, the fund is financed but it is of paramount importance that they should make llowance for the considerable problems that can and do arise on a dissolution acutally taking place.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 98 , Issue 3 , December 1972 , pp. 179 - 232
Copyright
Copyright © Institute and Faculty of Actuaries 1972

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References

page 183 note * Reported on page 251 of this volume.