The paper evaluates the financial solidity of a pension fund under different valuation regimes. The following regimes are examined: a deterministic regime under which asset and liability returns are deterministic, a national regime under which the asset returns are stochastic but liability returns are deterministic, and an international regime under which both asset and liability returns are stochastic. A method for projecting the solvency position of the pension fund is presented. Using the funding ratio return, introduced by M. Leibowitz, S. Kogelman and L. Bader [“Funding ratio return”, J. Portfolio Manag. No. 21, 39–47 (1994)], the impact of alternative valuation approaches on the projected future solvency position of a hypothetical pension fund over investment periods of 1–30 years is analyzed.