Disputations about transformations

Anthony Asher and Kevin Fergusson presented a paper Maturity Transformation is an Oxymoron: 'Ways to Match Pensions and Long-Term Assets' at the 20/20 All-Actuaries Virtual Summit on 17 August. The problem identified by the paper is that there are currently insufficient long-term assets available to fund pension benefits, but that they can be developed. Peter Worcester was asked to review it, and found himself in furious disagreement with some of the opinions. This article highlights the main points of dispute.