In this paper, we show how financial simulations can prepare trustees to make better real-life decisions.

Cash is the most basic asset available for investment purposes, and yet at the same time perhaps also one of the most complex to define.

While a standard risk measure (volatility say) might tell you the risk in the portfolio is a moderate 10%, as the effect of negative cashflow is taken into account it could be that this increases by as much as 2x.

This report looks at investment strategy choices pension funds have, by directly measuring their effect on the outcome a DB pension fund is aiming for.