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I found the idea of a "final buy-in [...] insuring the benefits of its remaining members" to be hard to square with the "buy-in [being] completed by the open fund".

From a quick internet search, I discovered: "The ITB Pension Funds [consist] of the Open and Closed Fund"; "The Open Fund consists of Defined Benefit and Defined Contribution sections"; "Employees of the Participating Employers may join the ITB Pension Funds (Open Fund) DC Section subject to eligibility conditions."

So it sounds like the DB section of the Open Fund is not open to new members. But if it is open to new accruals for existing members (making them "active members"), is it possible to buy-in an insurance policy that covers benefits for active members? Seems like that would be difficult to price, if an insurer was looking to charge a one-off premium. So is the DB section of the "Open fund" actually really closed (i.e. both to new members and new accruals)?

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