The rise in interest rates globally in 2022–23 led to improved scheme funding for many defined-benefit pension schemes. Many schemes in the UK now find themselves closer to, or at, a fully funded position on a low-risk basis (annuity buyout or self-sufficiency). Finishing the journey while managing the risk of losses on that journey is highly desirable, but may be difficult to achieve in practice.

However many schemes are not yet sufficiently funded to buy out liabilities in full with an insurer. Others may not wish to, and many who can afford to do so are not yet able to for investment reasons (such as holding illiquid assets) or operational reasons (such as the time needed to resolve member data issues). For schemes that instead look to adopt self-sufficient ongoing management with low dependency on the sponsoring employer, this may be difficult to maintain in practice. In short, there remains a risk that benefits will not be secured in full, which with hindsight could have been avoided.

The addition of capital to pension scheme assets has long been deployed to enhance the security of member benefits e.g., capital from insurers in the case of a buyout or capital from sponsors in the form of contingent assets.

More recently, providers have developed a diverse set of arrangements that draw on external capital to aid trustees and corporates to meet scheme funding ambitions. Capital Backed Funding Arrangements (“CBFA”) are in this context an additional tool in the trustee toolkit for delivering funding strategies.

This paper focusses on the UK-defined benefit market but the dynamics are applicable to other jurisdictions, with CBFAs being developed for wider markets (e.g., Ireland).

In this paper we:

• survey the current scheme funding landscape and consider the need in this environment for arrangements to support scheme funding journeys to deliver benefits in full

• summarise the key features of arrangements in the market that may support these objectives

• set out considerations for trustees and sponsoring companies when assessing these arrangements.

The aim of this paper is educational – to increase awareness of the key issues and potential solutions. Professional advice will always be required prior to any transaction. We welcome feedback from readers on further material that would be beneficial to support consideration of these arrangements.

As the global population continues to age, effective management of longevity risk becomes increasingly critical for various stakeholders. Accurate mortality forecasting serves as a cornerstone for addressing this challenge. This study proposes to leverage Kernel Principal Component Analysis (KPCA) to enhance mortality rate predictions. By extending the traditional Lee-Carter model with KPCA, we capture nonlinear patterns and complex relationships in mortality data. The newly proposed KPCA Lee-Carter algorithm is empirically tested and demonstrates superior forecasting performance. Furthermore, the model’s robustness was tested during the COVID-19 pandemic, showing that the KPCA Lee-Carter algorithm effectively captures increased uncertainty during extreme events while maintaining narrower prediction intervals. This makes it a valuable tool for mortality forecasting and risk management. Our findings contribute to the growing body of literature where actuarial science intersects with statistical learning, offering practical solutions to the challenges posed by an aging world population.

With many non-human primates (NHPs) showing continued population decline, there is an ongoing need to better understand their ecology and conservation threats. One such threat is the risk of disease, with various bacterial, viral and parasitic infections previously reported to have damaging consequences for NHP hosts. Strongylid nematodes are one of the most commonly reported parasitic infections in NHPs. Current knowledge of NHP strongylid infections is restricted by their typical occurrence as mixed infections of multiple genera, which are indistinguishable through traditional microscopic approaches. Here, modern metagenomics approaches were applied for insight into the genetic diversity of strongylid infections in South-East and East Asian NHPs. We hypothesized that strongylid nematodes occur in mixed communities of multiple taxa, dominated by Oesophagostomum, matching previous findings using single-specimen genetics. Utilizing the Illumina MiSeq platform, ITS-2 strongylid metabarcoding was applied to 90 samples from various wild NHPs occurring in Malaysian Borneo and Japan. A clear dominance of Oesophagostomum aculeatum was found, with almost all sequences assigned to this species. This study suggests that strongylid communities of Asian NHPs may be less species-rich than those in African NHPs, where multi-genera communities are reported. Such knowledge contributes baseline data, assisting with ongoing monitoring of health threats to NHPs.

Knowledge graphs have become a common approach for knowledge representation. Yet, the application of graph methodology is elusive due to the sheer number and complexity of knowledge sources. In addition, semantic incompatibilities hinder efforts to harmonize and integrate across these diverse sources. As part of The Biomedical Translator Consortium, we have developed a knowledge graph–based question-answering system designed to augment human reasoning and accelerate translational scientific discovery: the Translator system. We have applied the Translator system to answer biomedical questions in the context of a broad array of diseases and syndromes, including Fanconi anemia, primary ciliary dyskinesia, multiple sclerosis, and others. A variety of collaborative approaches have been used to research and develop the Translator system. One recent approach involved the establishment of a monthly “Question-of-the-Month (QotM) Challenge” series. Herein, we describe the structure of the QotM Challenge; the six challenges that have been conducted to date on drug-induced liver injury, cannabidiol toxicity, coronavirus infection, diabetes, psoriatic arthritis, and ATP1A3-related phenotypes; the scientific insights that have been gleaned during the challenges; and the technical issues that were identified over the course of the challenges and that can now be addressed to foster further development of the prototype Translator system. We close with a discussion on Large Language Models such as ChatGPT and highlight differences between those models and the Translator system.

Drawing upon contemporary social hierarchy research, the purpose of this study is to integrate a novel theoretical perspective to examine the taken-for-granted conclusions of the relationship between leader-member exchange (LMX) and interpersonal citizenship. We develop theoretically driven arguments and provide evidence of how LMX relates to power and status, the two prominent bases of social hierarchy. The results from our study support our assertion that the quality of LMX relationships provides social information about one's relative standing within a group's informal hierarchy. Specifically, LMX is positively associated with higher levels of perceived power and perceived status. Both power and status serve as important mediators that explain the relationship between LMX and interpersonal citizenship. We also identify the importance of citizenship pressure as a boundary condition for these relationships, finding that citizenship pressure interacts with power and status differently to influence the extent that employees engage in citizenship behaviors.

Over recent decades, Chinese giant salamanders Andrias spp. have declined dramatically across much of their range. Overexploitation and habitat degradation have been widely cited as the cause of these declines. To investigate the relative contribution of each of these factors in driving the declines, we carried out standardized ecological and questionnaire surveys at 98 sites across the range of giant salamanders in China. We did not find any statistically significant differences between water parameters (temperature, dissolved oxygen, ammonia, nitrite, nitrate, salinity, alkalinity, hardness and flow rate) recorded at sites where giant salamanders were detected by survey teams and/or had been recently seen by local respondents, and sites where they were not detected and/or from which they had recently been extirpated. Additionally, we found direct and indirect evidence that the extraction of giant salamanders from the wild is ongoing, including within protected areas. Our results support the hypothesis that the decline of giant salamanders across China has been primarily driven by overexploitation. Data on water parameters may be informative for the establishment of conservation breeding programmes, an initiative recommended for the conservation of these species.

Let f and g be two cuspidal modular forms and let ${\mathcal {F}}$ be a Coleman family passing through f, defined over an open affinoid subdomain V of weight space $\mathcal {W}$ . Using ideas of Pottharst, under certain hypotheses on f and $g,$ we construct a coherent sheaf over $V \times \mathcal {W}$ that interpolates the Bloch–Kato Selmer group of the Rankin–Selberg convolution of two modular forms in the critical range (i.e, the range where the p-adic L-function $L_p$ interpolates critical values of the global L-function). We show that the support of this sheaf is contained in the vanishing locus of $L_p$ .

We undertook observations with the Green Bank Telescope, simultaneously with the 300 m telescope in Arecibo, as a follow-up of a possible flare of radio emission from Ross 128. We report here the non-detections from the GBT observations in C band (4–8 GHz), as well as non-detections in archival data at L band (1.1–1.9 GHz). We suggest that a likely scenario is that the emission comes from one or more satellites passing through the same region of the sky.

Pre-Quaternary terrestrial climate variability is less well understood than that during the Quaternary. The continuous eolian Red Clay sequence underlying the well-known Quaternary loess-paleosol sequence on the Chinese Loess Plateau (CLP) provides an opportunity to study pre-Quaternary terrestrial climate variability in East Asia. Here, we present new mineral magnetic records for a recently found Red Clay succession from Shilou area on the eastern CLP, and demonstrate a marked East Asian climate shift across the Miocene-Pliocene boundary (MPB). Pedogenic fine-grained magnetite populations, ranging from superparamagnetic (SP)/single domain (SD) up to small pseudo-single domain (PSD) sizes (i.e., from <30 nm up to ~1000 nm), dominate the magnetic properties. Importantly, our mineral magnetic results indicate that both pedogenic formation of SP grains and transformation of SP grains to SD and small PSD grains accelerated across the MPB in the Shilou Red Clay, which are indicative of enhanced pedogenesis. We relate this enhanced pedogenesis to increased soil moisture availability on the CLP, associated with stronger Asian Summer Monsoon precipitation during an overall period of global cooling. Our study thus provides new insights into the Miocene-Pliocene climate transition in East Asia.

The central Himalaya can be regarded as an ideal site for developing a long-term ice core dust record to reflect the environmental signals from regional to semi-hemispheric scales. Here we present a dust record from segments of a 108.83-m ice core recovered from the East Rongbuk (ER) Glacier (27°59′N, 86°55′E; 6518 m a.s.l.) on the northeast slope of Mt. Qomolangma (Everest) in the central Himalaya, covering the period AD 600–1960. Due to rapidly layer thinning and coarse sampling, we primarily discuss the changes in the dust record since AD 1500 in this paper. Results show a significant positive relationship between the dust concentration and reconstructed air temperatures during this period, suggesting a likely cold–humid and warm–dry climatic pattern in the dust source regions, namely Central Asia. This is associated with the variability in the strength of the westerlies and its corresponding precipitation.

Field and greenhouse studies were conducted from 1997 to 2001 to determine cabbage response to posttransplant applications of pendimethalin (0.56 to 2.24 kg ai/ha). Differential variety response was minimal, and applications greater than 0.56 kg caused severe and persistent crop injury and reduced head number and yield in ‘Azan’, ‘Storage 4’, ‘Super Elite’, and ‘Super Red 90’. Pendimethalin (1.7 kg) applied posttransplant reduced cabbage yield weights 23, 30, and 87% with bare root, large, and small transplants, respectively. Application (0.84 kg) to soil, foliage, or soil and foliage caused 0, 81, and 82% dry weight reduction by 21 d after treatment, respectively. Anatomical analysis of two-leaf seedlings collected 3 wk after pendimethalin treatment (1.12 kg ai/ha) showed stunting of the shoot apical meristem and its emerging leaves, disorganization of apical structure with disruption of normal cell division and cell expansion, and abnormal differentiation of the vasculature in leaves and hypocotyls.

This paper determines the properties of standard generalized method of moments (GMM) estimators, tests, and confidence sets (CSs) in moment condition models in which some parameters are unidentified or weakly identified in part of the parameter space. The asymptotic distributions of GMM estimators are established under a full range of drifting sequences of true parameters and distributions. The asymptotic sizes (in a uniform sense) of standard GMM tests and CSs are established.

The paper also establishes the correct asymptotic sizes of “robust” GMM-based Wald, t, and quasi-likelihood ratio tests and CSs whose critical values are designed to yield robustness to identification problems.

The results of the paper are applied to a nonlinear regression model with endogeneity and a probit model with endogeneity and possibly weak instrumental variables.

This article presents results from the first 3 rounds of an international intercomparison of measurements of Δ14CO2 in liter-scale samples of whole air by groups using accelerator mass spectrometry (AMS). The ultimate goal of the intercomparison is to allow the merging of Δ14CO2 data from different groups, with the confidence that differences in the data are geophysical gradients and not artifacts of calibration. Eight groups have participated in at least 1 round of the intercomparison, which has so far included 3 rounds of air distribution between 2007 and 2010. The comparison is intended to be ongoing, so that: a) the community obtains a regular assessment of differences between laboratories; and b) individual laboratories can begin to assess the long-term repeatability of their measurements of the same source air. Air used in the intercomparison was compressed into 2 high-pressure cylinders in 2005 and 2006 at Niwot Ridge, Colorado (USA), with one of the tanks “spiked” with fossil CO2, so that the 2 tanks span the range of Δ14CO2 typically encountered when measuring air from both remote background locations and polluted urban ones. Three groups show interlaboratory comparability within l% for ambient level Δ14CO2. For high CO2/low Δ14CO2 air, 4 laboratories showed comparability within 2%. This approaches the goals set out by the World Meteorological Organization (WMO) CO2 Measurements Experts Group in 2005. One important observation is that single-sample precisions typically reported by the AMS community cannot always explain the observed differences within and between laboratories. This emphasizes the need to use long-term repeatability as a metric for measurement precision, especially in the context of long-term atmospheric monitoring.