Within triennial actuarial valuations, it has been common UK practice for  actuaries to value the assets by discounting expected future proceeds.  

This website is about what I call “discounted value returns” or “DVRs”.   What I have  done is to apply the same approach to assessing the investment performance, expected and achieved, over the long term.

Some points are repeated on different pages, for which no apology is offered. After all, you  may arrive via a different route.

Feedback is sought. It should be stated that this website is unlikely to appeal to financial economists.

Throughout this site, any references to ”schemes” are to UK defined benefits retirement schemes  with trustees. For brevity, the term “fixed” always refers to conventional gilts and “MVR” is the abbreviation used for returns related to market value  alone.

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