Completion Management LDI terminology is often ambiguous and none more so than “completion management”. We help plan sponsors navigate through the terminology fog so they can focus on the most appropriate solutions to help meet their objectives. We believe the use of overlays can generally be additive to pension investment outcomes with completion management being a useful tool for those plans further down their de-risking path. However, we stress the importance of educating key stakeholders up front about the mechanics of completion and ensure there is buy-in before being undertaken. Plan sponsors can often achieve their objectives with cash-only solutions but we suggest an approach that is open to fine tuning through the use of overlays as the plan and investment strategy evolves. Sample characteristics are provided for illustrative purposes only. The data is not intended to represent any actual portfolio. Actual portfolios will differ. The ability of an actual portfolio to deliver the required cash flows is not guaranteed and is subject to a variety of factors including, but not limited to, the availability of bonds, active management and trading, transaction costs, default risk, reinvestment risk, rebalancing risk and liquidity risk. Commodity, interest and derivative trading involves substantial risk of loss. Any investment that has the possibility for profits also has the possibility of losses. This is for informational purposes only and should not be construed as investment advice. Investment decisions should consider the individual circumstances of the particular investor. Any opinions or forecasts contained herein reflect subjective judgments and assumptions of the author and do not necessarily reflect the views of Loomis, Sayles & Company, L. P. Investment recommendations may be inconsistent with these opinions. There can be no assurance that developments will transpire as forecasted. Examples and analysis are provided for illustrative purposes only and do not represent actual accounts. Accuracy of data is not guaranteed but represents our best judgment and can be derived from a variety of sources. Opinions are subject to change at any time without notice.