Surplus Optimisation vs Two Portfolio Approach - Asset Allocation

CFA Level III Portfolio Management
#1

Would there be a situation where these two approach would give us the same asset allocation?

For instance, surplus optimization - we don’t care about the pension fund status whereas for two portfolio approach we do.
So I’m thinking if the fund is underfunded, then for two portfolio approach, we will have everything in the hedging portfolio whereas if the fund is overfunded, then we will have the allocation in both the hedging and seeking return portfolio.

But how would the surplus optimization behave?

#2

Under hedging/return-seeking approach, if the fund is underfunded then we’ll put everything in the return-seeking portfolio and increasing the allocation to the hedging portfolio as the funding ratio and the surplus increase.

Under surplus optimization approach, we’ll consider asset allocation base on the amount of the surplus (market value of assets minus present value of future liability).