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Policyholders who are in the years before retirement and are intending to use the accumulated sum on pension accounts to purchase an annuity are the most sensitive category with regard to fluctuations in the capital market. It is that the policyholders of such profiles have been hardest hit by the latest economic crisis that led the collapse of stock market indices. For a successful asset management of pension funds it is important to define the stage of capital accumulation and phase of its preservation. Accumulation phase involves the accumulation of capital securities with potentially high returns, while the phase of capital preservation is based on risk-free debt securities of the highest rating. Actions taken during the phase of capital accumulation as well as the optimal moment of transition in the phase of its conservation are of vital importance for the amount of the accumulated sum that will be taken at the time of retirement.


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