Glossary
Pension-plan assumptions about death and market returns that change when people live longer and investment returns fluctuate.
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assumption changes
Pension-plan assumptions about death and market returns that change when people live longer and investment returns fluctuate.
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Jiang says pension systems assumed old people would die soon after retirement and that investment returns would steadily improve, but longevity and market volatility break those assumptions.
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"...up. Why is this happening? It's happening because there's something called assumption changes. Okay? So two assumptions are being made. First is that old..."
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Transcript
"We can see how fast they're growing. Okay? Over 60 years old, really growing really fast. There's a problem because if they keep on..."
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"In finance, where do the dumbest people work? You guys know? In finance, the dumbest people work where? They work in pension funds. Why?..."
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