Defined benefits pensions are an extremely expensive benefit which was once extremely popular to offer for employees, because they allow you to offer something which is valued highly by employees but costs you little in terms of cash in the present day.
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For more reading on pensions, which are going to be the largest financial crisis the world has ever seen, see http://pensiontsunami.com The site is 15 years old, and this was generally well understood the day they opened and for decades before that.
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I have a friend whose retirement is basically a government pension. And he is rightly terrified. Not because anything is wrong in the near term, but because he has to rely on sensible management for 40+ years. Not going to happen.
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Thank you for writing this. I was almost going to write up something myself. I dug into this years ago and hate that no discussion ever mentions "net present value".
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