Hilary asked what was the purpose of a pension scheme? Answer: to pay the right amount of money at the right time.
Liability-driven investments (LDI) have no impact on the amount of pension and are a distraction.
The argument that you need assets to pay for the last man (or women) still in the scheme is self defeating.
You should focus on future income streams. Valuations should be periodic checks but you need to play the ball from where it is and look forward, not look back.
Con said we should be prepared to challenge our actuaries. They do not use true and fair value. While Hilary said we must be ready to challenge the Regulator over valuations. It can't be right that its okay if the reason that no one loses a pension is because they never had the chance to have a pension in the first place. (Think about this)
Usual health warning that my hurried notes on these presentations on my Blackberry may not be an verbatim acount.
PS It was good to see Jimmy Nolan, former trade union trustee from the Liverpool Docks pension scheme at the conference ask a question. For as long as I have been going to TUC pension conferences, Jimmy has always been there.