The bottom two rows of the table clearly show that the return of the total portfolio (which, in this simulation, was rebalanced quarterly) exceeds the weighted average of the individual portfolio components.

FORBES: Expert View

In a recent simulation, Zheng Song of the University of Chicago, Fabrizio Zilibotti of the University of Zurich and two colleagues show that pensions need to be cut by over 35% to bring contributions and payouts into line over the long run.

ECONOMIST: China is beginning to face up to its pension problems