Pension account is very hard to do properly because pricing the liabilities is, well, entirely dependent on your perspective. In the UK, at least, we might con

Pension account is very hard to do properly because pricing the liabilities is, well, entirely dependent on your perspective. In the UK, at least, we might consider several different measures of what that liability number is (and what the deficit is under those measures). Buyout => What would it cost you to pay an insurer to take the liability off your hands (discount rate will basically be the replicating portfolio of government bonds). Accounting => Depending on standard, the discount rate might just be the expected return on your portfolio On a 30 year duration liability that could be a difference of over 200% between the different measures. Which is realistically right though?