I have realized that the difference between individuals and institutional for
Risk tolerance, we do not break down into ability and willingness? Is that the case?
For Pension Plans, If there is an early retirement options, but the plan is an ongoing plan. Duration of the liabilities is 15 years.
For time horizon
Shall we just list it as one stage long time horizon(put the option under liquidity) ? Or shall we list it as mutil stage long?
If i add one more statement that, large early retirement options expected and the duration of liabilites is going down drastically? what difference would it made to the time horizon.