Handbook of Asset and Liability Management, Vol. 2, No. suppl (C) • 2007

ISSN: 1872-0978

doi: 10.1016/S1872-0978(06)02021-7

Chapter 21 Joined-Up Pensions Policy in the UK: An Asset–Liability Model for Simultaneously Determining the Asset Allocation and Contribution Rate

John Board

The ICMA Centre, University of Reading, P.O. Box 242, Reading RG6 6BA, UK

E-mail address:j.board@reading.ac.uk, Charles Sutcliffe

E-mail address:c.m.s.sutcliffe@reading.ac.uk,


The trustees of funded defined benefit pension schemes must make two vital and inter-related decisions—setting the asset allocation and the contribution rate. While these decisions are usually taken separately, it is argued that they are intimately related and should be taken jointly. ...

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