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asset class ? Example: Australian equities 30% International equities 30% Property 10% Australian fixed interest 15% International fixed interest 15% Liability Model ? Actuarial input useful for superannuation funds ? Imitate actuarial valuations in calculating contribution rates under each scenario ? Conflict: Actuarial (prudent) versus ALM (best estimate) assumptions Running Simulations ? How many is enough? 5000? ? Platform? Watson Wyatt uses Excel/Visual Basic ? Data stored in Access tables ? Complex funds can take a number of hours to run Interpreting Results ? Results need to be interpreted and presented to the client ? Remendations may (and usu