Resilience Spine
    Obligation 11 — Pension & Fiduciary Resilience

    The promise has to hold.

    The 2022 LDI episode proved the cascade is real and intraday. Obligation 11 attests the collateral waterfall, illiquid-asset concentration, counterparty cascade and member-outcome promise — across DB, DC and hybrid schemes — against the named-regime fiduciary baseline in each jurisdiction.

    Sub-controls

    FR-11-01

    LDI collateral waterfall

    Repo / swap collateral chain, gilt-spike resilience, intraday top-up capacity.

    FR-11-02

    Illiquid-asset concentration

    Private-equity, private-credit, infrastructure, real-estate weights with stressed-NAV haircuts.

    FR-11-03

    Counterparty cascade

    Custodian, swap, repo and TRS counterparties with second-order exposure mapping.

    FR-11-04

    Funding-level attestation

    Technical provisions, recovery plans, employer covenant, DB funding code compliance.

    FR-11-05

    Member-outcome determination

    DC default-fund design, decumulation pathway, value-for-members assessment.

    FR-11-06

    Fiduciary-governance evidence

    Board / trustee competence, conflict register, advisor-independence attestation.

    FR-11-07

    Cyber and operational continuity

    Member-service continuity, ransomware playbook, scheme-administrator (TPA) attestation.

    FR-11-08

    Climate & transition exposure

    TCFD / TPR climate guidance, transition-risk attribution, scheme net-zero pathway evidence.

    Anchor sets

    United Kingdom
    TPR DB Funding Code · LDI code of practice · Value-for-Members 2026 framework · DB superfunds guidance
    European Union
    IORP II · EIOPA stress-test methodology · DORA (where in scope)
    Canada
    OSFI Risk Management Guideline for Pension Plans · CAPSA Pension Plan Risk Mgmt · provincial regulators (FSRA Ontario etc.)
    United States
    ERISA / DOL fiduciary · PBGC funding · SECURE 2.0 · state public-pension reporting
    Australia
    APRA SPS 530 / SPG 530 · Your Future Your Super · MySuper
    Asia-Pacific
    MPFA HK · CPF SG · GPIF JP · NPS KR — fiduciary / governance baselines

    Bound modules

    Obligation 11 reuses the Pension Governance dashboard, the institution-specific heatmap engine and the AI Assurance OS bindings for member-outcome and climate-scenario models. The Resilience Spine score for OB-11 rolls into ORS.

    Pension Governance dashboard

    Operational surface for trustees and CIOs.

    Open

    OB-10 Private Credit / NBFI

    Look-through for the schemes' illiquid sleeve.

    Open