Profile picture
Sam Marsh @Sam_Marsh101
, 3 tweets, 1 min read Read on Twitter
@MikeOtsuka Yes and no! Twitter's character limit made it difficult to post the full quote from the email, which is as below:
@MikeOtsuka "the trustee’s valuation methodology does not require the projection of assets based on current contribution rates, since the assets are taken as being equal to the technical provisions at the end of the 20 year reliance horizon"
@MikeOtsuka In other words, there's an assumption that the scheme will be 100% funded, no more no less, at Year 20. Of course, this assumption is looking shakey...
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Sam Marsh
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @Sam_Marsh101 see all

Profile picture
Today is #USS's annual 'Institutions Meeting'. This is the first time I've been (I'm invited as a member of the Joint Negotiating Committee), but my understanding is that it's a way for USS to woo representatives from employers with presentations, food, nibbles and drinks. 1/
We *may* get a sneak preview of a 2018 valuation in one of the morning sessions: videos I've seen from previous years have included stuff relating to scheme funding. If so, it's likely to be confidential until the Technical Provisions consultation launches in a week or two. 2/
What might a 2018 valuation show? That depends on the input assumptions, but if the JEP recommendations are followed in full and applied to 2018 data I don't think we'd be far off #NoDeficit and #NoDetriment, even if Test 1 remains unamended. 3/
Read 10 tweets
Profile picture
As the dust settles on the skirmishes of the early part of the week, some reflections on how #USS responded to my analysis. In short, @UCU's motion from June calling for Bill Galvin to resign is looking more pertinent than ever. 1/ @JosephineCumbo @MikeOtsuka @henryhtapper
First, the claim of an "incomplete understanding", and regret that "these views were not shared and discussed with us prior to publication, as the fundamental issues have been addressed in various forms over the course of the valuation". 2/
I'm glad that #USS think they can see inside my head, but their mind-reading appears to have gone awry. I have a very good understanding of their funding proposals, having read pretty much all the documentation they've released over the past 4 years. 3/
Read 13 tweets
Profile picture
@MikeOtsuka @FirstActuarial Agreed that this picture is terrible! It doesn't seem to accurately reflect what's going on at all, and confused me into thinking that Test 1 worked in a different way to how it does. 1/
@MikeOtsuka @FirstActuarial Regarding this tweet: 2/

@MikeOtsuka @FirstActuarial I disagree. Once you've fixed the technical provisions at 112.5bn and figured out which discount rate values the liabilities at that number, it's another paper exercise to work out which mix of bonds, equities, properties etc deliver those returns on a prudent basis. 3/
Read 4 tweets

Related threads

Profile picture
INCOMING THREAD: You might have noticed that Porter County, Indiana still had 0% reporting for the #2018Election as of this morning. See this map from CNN. Porter is that gray county in the upper left. I was a poll worker there this past Tuesday. You might want to buckle up. 1/25
This was my first year as a poll worker. My husband signed up with me. I was a poll clerk and my husband was a judge. We were both excited to be able to do our part to ensure every eligible voter in our county was allowed to cast a ballot. Yay democracy! 2/25
Our excitement started to wane when we weren’t getting trained. We waited to hear about our training. We emailed multiple times, asking about training and kept being told it was coming. We were basically begging via email to be trained. Finally on 10/26, they set up classes, 3/25
Read 34 tweets
Profile picture
It has been over a month since @Sam_Marsh101 submitted his Addendum to the JEP and #USS. If he's right, the current valuation contains a significant, hidden layer of prudence ABOVE AND BEYOND the following that JEP lists here: 1/
I say more about the significance of Sam's Addendum in this blog post, where I also explain why #USS and @GuyCoughlan owe us an answer to Sam's findings. 2/
medium.com/@mikeotsuka/us…
I believe that, so far, this is the only response @Sam_Marsh101 has received: 3/
Read 11 tweets
Profile picture
#Twitter: what is it good for? How do you get good at it? And what will we do when it's gone? Today in pulp I share a few insights I've gleaned from almost five years of running this account.

Its about to get all meta...
Most people's tweets are a stream of consciousness, and Twitter itself is a daily flow of 500 million of these across the surface of your phone. You are currently looking at the collective unconscious of the planet...
And like any examination of the unconscious you will see things on Twitter that fascinate you and things that disgust you. This is part of its attraction: the filters of discourse become permeable, allowing the unsayable to leak across.
Read 19 tweets
Profile picture
Re #USS, @Sam_Marsh101 writes: 1/
But to determine whether Test 1 is currently satisfied, #USS needs to project assets that would be in the fund in 20 years' time, assuming 67% probable investment returns of prudent discount rate are realised. 2/
For confirmation of above, see this passage from p. 40 of Sept 2017 consultation document: 3/
Read 12 tweets
Profile picture
Facebook has made it difficult to post video content from outside platforms (like YouTube or Vimeo).
Instead of just posting a YouTube link, in order for your video to function well, or even look appealing, you must now upload the native file (the original video file).
jasondoesstuff.com/why-posting-yo…
It's being covered as a war for advertising dollars + revenue domination
mashable.com/2017/12/05/how…
Read 21 tweets
Profile picture
Because Twitter's character limit recently increased, I tried writing an experimental short story in 280-character tweets. I'll post it in this thread first, but after that, I'll also upload the entire story to this URL: gigidigi.itch.io/divine
Please enjoy... 🔥
In a cave by a town by the sea, there lived a being with the power to see all. The past, the future, and even the darkest secrets of the heart were laid bare in their sight. The townspeople called them the Diviner, and dared not approach.
One stormy day, a girl ventured into the cave against her neighbors' warnings. "The Diviner will curse you," she was told. "They will whisper fear into your heart." But nothing could deter her until her curiosity was sated.
Read 29 tweets

Trending hashtags

#drugs #twitter #Spursvbarca #RecordStoreDay #companies #Hamilton68 #zero #Airbnb #free #WTO #2018Election #movements #russian #ChildSexCrimes #India #ChequersPlan #email #SocialJusticeWarriors #Yes #Allerheiligen #licence #patriarcado #clothing #bitcoin #Wordsmatter

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member and get exclusive features!

Premium member ($3.00/month or $30.00/year)

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!