1. Amount by which the liability exceeds the value of assets at a specified date [7] - Deficit
2. Transferring pension scheme liabilities to an insurance company [6] - Buyout
3. Estimated value placed on the obligations of a pension scheme [9] - Liability
4. Shares in the ownership of a company and are the principal way in which many listed companies are financed [8] - Equities
5. Bond issued by the UK Government [4] - Gilt
6. Leaving job and ceasing to work [10] - Retirement
7. Reducing risk of loss from the occurrence of any undesirable event [10] - Mitigation
8. Pool of money that’s invested in a range of assets [7,4] - Pension fund
9. Accumulation or increase of something over time, especially payments or benefits [7] - Accrual
10. Total expected rate of return on an investment [5] - Yield
11. Allocate money in the expectation of some benefit in the future [10] - Investment
12. Series of regular payments [7] - Annuity
13. Take steps to make less risky [6] - Derisk
15. Member who no longer pays into a scheme [8] - Deferred
16. Money paid into pension [13] - Contributions
17. Income in retirement [7] - Pension
18. Provide money for [7] - Finance
19. Money provided by an organisation or government for a particular purpose [7] - Funding
20. Reference to which a fund’s performance is compared [9] - Benchmark
21. Basic statistical measure, an average value attained [4] - Mean
22. Economic resources a business has [6] - Assets
23. Form of debt issued to raise capital [5] - Bonds
24. Most liquid form of financial asset [4] - Cash
25. Person with expertise in economics, statistics and maths, helps in risk assessment and estimation of premiums [7] - Actuary
26. Move from one place to another [8] - Transfer
