Part I of the paper considers in relation to Pension Funds the financial problems so much discussed in recent years in a Life Office context, viz:

(a) asset distribution by date and by class,

(b) financial options against the Fund,

and states the author's conclusions.

In Part II are presented investment statistics and other information relating to a number of actual Pension Funds whose investments comprise 25% of all non Local Government Funds, some £300,000,000 in 1964.

The main conclusions reached in the paper are:

(1) that, normally, irredeemable investments should predominate in a Pension Fund portfolio and include a considerable equity share element;

(2) that financial options exist, but are of far less potential danger to the Pension Fund than to the Life Office;

(3) that, in practice, the Funds investigated are invested shorter than the author would have expected but include a considerable and increasing equity element.