Institional : Pension in WACC

When reading Schweser on Pension part in Institutional Investor, In B/S. without pension asset / liability, we add pension asset & liability of each of 25 mil to see the effect bring changed risk. But in here there is something hard to understand. Always pension assets composed of some equity & remaining debt (ex.60% equity & 40% debt. ) So if pension liability given beta 1 (equity is 60%), automatically pension assets have beta of 0.6. Then we calculte operating beta. But in here debit & credit each has 25 amount of asset & debt. there is no equity for pensions. Then where the equity above coming from? There are some other B/S only for pension assets? maybe it s due to lack of my understing of pension accounting

pension assets which are set aside to satisfy the claims of the pension benefeciaries is a portfolio comprising 60% equity and 40% bonds. The beta of the equities in the pension portfolio = 1. Since there is 60% equity and debt (in the portfolio) has no beta - the overall beta of the pension assets is 0.6. In a traditional world - this would never be considered, and when this was not considered the operating beta would be much higher - which would result in a higher hurdle rate. when the pension assets are also considered in the equation - the operating beta of the company’s equity comes down.