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d. A pension scheme or life funds invests in three possible assets or asset classes to meet a particular liability at some point in the

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d. A pension scheme or life funds invests in three possible assets or asset classes to meet a particular liability at some point in the future. i. What is the ultimate surplus and its drivers? [2 marks] 11. What are the drivers of the expected value and the variance of the ultimate surplus? [3 marks]

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