摘要：Pension funds in modern financial system face many risks in the process of investment policy formulation. Under these circumstances, the pension fund portfolio management must not be oriented exclusively to the maximization of total returns. In fact, an integrated approach is necessary, taking into account the pension liabilities as a key element of the financial stability of the pension fund. The aim of the paper is to analyse the implementation of the ALM as the practice of managing financial risks and its effectiveness in the pension fund's long term financial sustainability enhancement. ALM framework provides pension fund managers with the examination of the possible effects of different policies from multiple perspectives thus creating the basis for making adequate strategic investment decisions.
