These assumptions were consistent with those used in the previous Regular Valuation.

The valuation results were therefore highly dependent upon the actuarial assumptions used.

6. The Advisory Committee notes that the valuation results are highly dependent on the underlying economic and demographic assumptions used in the actuarial valuation.

The actuarial valuation report therefore contained the results in dollar terms, both on the Regular Valuation basis and under the other two sets of economic assumptions.

1. The actuarial valuation as at 31 December 1993 was performed on a range of economic assumptions regarding future investment earnings and inflation.

The tables in paragraph 113 summarized the economic and participant population growth assumptions that would be used in the next valuation of the Fund.

Considering the long term nature of the economic assumptions and taking into account all the other assumptions, they continued to believe that basing the Regular Valuation on a 3 per cent real rate of return remained reasonable.

4. The Committee notes that a set of economic assumptions were approved by the Pension Board and served as the basis for the regular valuation.

VALUATION RESULTS

The valuation had been prepared on the basis of the actuarial assumptions recommended by the Committee of Actuaries and approved by the Board in June 1993, and in accordance with the Regulations and Administrative Rules of the Fund in effect on the valuation date.

The results of the actuarial valuation as of 31 December 1990 disclosed a deficiency or an imbalance of 0.57 per cent based on 3 20 year participant growth assumptions.

Excess valuation a

These assumptions were reported to the General Assembly in 1993. 6 As in the past, the valuation reflected a fully dynamic basis, which assumes inflation to continue indefinitely in the future and with certain assumptions as to the growth in future years in the number of participants.

Note Assumptions

I. ASSUMPTIONS

The assumptions

Valuation of secured claims

Valuation of encumbered assets

Making some assumptions and then deducing other things from those assumptions.

3 20 year (Regular Valuation)

Valuation as at 31 December

6.5 9 6 (Regular Valuation)

That's post money valuation, right?

A. Main assumptions

B. General assumptions

curiosity without assumptions.

The monetary value of the loss was valued using contingent valuation , a survey based valuation technique.

The Consulting Actuary indicated that the valuation involved projections far into the future under the various actuarial assumptions and that the results for the next 30 years reflected the long term nature of the projections.

Analysis of the Regular Valuation results

Let's not make assumptions.

Variations in budgetary assumptions

Advisory Group on Assumptions

Both the Consulting Actuary and the Rapporteur of the Committee of Actuaries expressed the view that the set of assumptions used in the Regular Valuation was appropriate, when all its elements were considered as a whole.

The planning and budgeting assumptions were divided into general strategic assumptions and programme specific assumptions for guidance down to the detailed programme level of work.

key assumptions (1990 and 2000 values) measure specific assumptions in addition to those listed above

(i) Going concern, consistency, and accrual are fundamental accounting assumptions. Where fundamental accounting assumptions are followed in financial statements, disclosure of such assumptions is not required.

The basis of valuation should be disclosed.

20 year (Regular Valuation) 5 15 year

Results of the valuation in dollar terms

Wealth Accounting and Valuation of Ecosystem Services.

So what is the post money valuation?

activity data and other assumptions

Projections Key Quantitative Assumptions (Exogenous)

Projections Key Quantitative Assumptions (Endogenous)

Where fundamental accounting assumptions are followed in financial statements, disclosure of such assumptions is not required.