Figure 1:
Proportion of defined benefit and defined contribution assets through time
Source: Willis Towers Watson (2019)
Figure 2:
A stylised investment risk management process for DC plans
Figure 3:
Range of best and worst paths (7.5%, 3.1%) 9
Figure 4:
Capital markets expectations, 1989 (7.5%, 3.1%)
Figure 5:
Capital markets expectations, 2004 (7.5%, 8.9%)
Figure 6:
Range of best and worst paths (7.5%, 8.9%)
Figure 7:
Capital markets expectations, 2019 (7.5%, 18.0%)
Figure 8:
Range of best and worst paths (7.5%, 18.0%)
Figure 9:
Range of best and worst paths (7.5%, σ = 3.1%, 8.9%, and, 18.0%)