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Smoothing is a terrible idea, as we've seen in the Netherlands last year. It increases volatility between assets and liabilities.
A floor on the discount rate is a better idea, but it carries a risk. If discount rates are lower than the floor for a number of years, capital is moved between generations. This isn't a problem as such (pension funds are meant for this!), but if it's imposed by regulators, the same regulators should provide a mechanism to make sure that there won't be just one generation that has to pay for this.