At present, not only advanced economies such as the United States, Europe, and Japan but also emerging economies are undergoing either an economic slowdown or a recession simultaneously for the first time since the formerly planned economies joined the world of the market economies.
For the guaranteed basic pension, pension funds should make sure that the mismatch risk is minimal. This is in compliance with the Financial Supervisory Framework, which makes clear that either side of the balance sheet is sensitive to market rate changes and, hence, makes the interest rate risk visible. The interest rate risk is determined by the difference in maturity between investments and liabilities.