Some years ago (not sure when), the UK actuarial profession decided that “risk management” was to be their new mantra. At the time, it seemed likely that “management” would be confused with “avoidance”, which is what happened, especially for TPR. What needs to be emphasised is risk WITH reward. This used to be the UK approach for valuing pension fund assets.

If the event is unlikely, there is no absolute need to fund in advance for “wind-up”. One cannot legally invest an asset “short” and “long” simultaneously. So long as the trustees and sponsor are fully aware of a realistic timeframe for their assets, then appropriate assets can be chosen.