在2008Q3 机构IPS, F (i) 当中，答案给的是Retired lives are less exposed to inflation risk because the payments are fixed in nominal terms. The active lives are more exposed to inflation risk as they accrue pension funds based on the salary increase, which has inflation as a component.
我怎么觉得应该是反过来啊？因为不adjust 所以才有更多risk exposure (cash flows remain the same while the discount rate may change), adjust的就没有这层担心了嘛，annual salary adjustment 总可以cover inflation的，于是就不sensitive了。
这一层怎么都想不明白了 请老师指点。谢谢您。
