On 5 November 2003, I gave the first of a new series of seminars, jointly arranged by PRMIA (Professional Risk Managers' International Association) and Cass Business School (part of City University, London), since renamed Bayes Business School. The title included “Pensions Crisis” but I was really concentrating upon explaining why I thought final-pay pension scheme trustees should sometimes invest in equities.

Apart from looking at a couple of methods for estimating the return on UK equities, bringing in elements from a contemporary UK working party, I ended up with an explanation of what I call “DVR”.

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