Abstract/Summary

This thesis consists of a number of publications which deal with various aspects of the financial aspects of UK occupational defined benefit pension schemes. It is divided into six main sections covering (1) the history of pensions and medieval corrodies, (2) the asset allocation decision and asset-liability models, (3) valuing schemes and setting the contribution rate-actuaries versus economists, (4) different scheme designs and the redistribution of penSion wealth, (5) interactions between the sponsor and the scheme and how they affect scheme asset allocation and scheme mergers, and (6) the replication of annuities. The common theme of these papers is the application of the techniques of financial economics to defined benefit occupational pension schemes, as opposed to those of the actuarial profession. This allows the application ofa logical and consistent methodology that sheds new light on old problems.