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that was an easy one with the simple formula you've wrote

I have checked some independent articles for fund management and emerging markets and it appears in most of them that the plan sponsor bears the risk that the returns from the investment portfolio may not be enough to cover the pension fund liabilities or funding gap risk.

agree, the funding risk goes only with volatility alone, stupid mistAKE

I have also marked funding risk

the right side is 1/1.05^2 = 0.90702948 the left side is 0.5*(1/1.04+1/1.06)/1.05=0.90711176

yes, in fin. distress the subordinated acts like equity, so decrease and senior increase

with the example substitute for u and d 6% and 4 % and instead of 10% the exam gave 5% and then take the # between left and right side

I've just remembered a question about modeling losses in stress testing - the answer was about LGD we have around 60 questions revealed so far, can we get more ? :) come on

there was also a question about a fund manager with 4 answers - active management, policy mix a here is the example from BT notes/R29.P2.T5.Tuckman_v3

I remember one question about netting graphs? I think I chose the flat graph Asset allocation question - chose a/ 0.45% for asset

I think this was very tricky question

I agree with you

Scoring models are relevant to consumers, so it is the correct answer here

Yes, your answer is correct :)

I've remembered a question about the difference between the Nominal & Z-spread - I think I got Yield Curve 2 & MBS 1 For 5) 73% was LCR - I think the amount given for Level 2A assets staited that the haircut was already applied ....

I passed also, many thanks to the BT team and Happy New Year to all Tanya