"[The Pension Finance Task Force applauds] the inclusion of a definition for 'market consistent present value' in the exposure draft and [believes] that the Actuarial Standards Board has defined it well. The definition addresses the essence of market consistency while also recognizing that no single approach is best in all situations. Many factors affect the determination of market-consistent values in any specific case, and it would not have been possible to anticipate all possibilities in a more prescriptive definition. The proposed principle-based definition can remain relevant even as the pension plan environment evolves. Market-consistent values are of critical importance."  MORE >>