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The IAS board did not take into account negative rates when they were writing IAS 19,” says Hagemann. “But I am not fully convinced that discounting at 0% instead of at the negative yields on corresponding durations is the right approach.”

This isn't an intellectual exercise in search of the truth; why would anyone provision anything more than than that which they are legally obligated to ultimately pay out? In my opinion, Hagemann needs to give this some more thought.