Final answer:
The difference between the total pension liability and the net position of the pension fund is called net worth.
Step-by-step explanation:
The difference between the total pension liability and the net position of the pension fund is called the net worth.
Net worth is calculated by subtracting the total liabilities from the total assets of a firm. In the context of a pension fund, the total pension liability represents the estimated future payment obligations to retirees, while the net position of the pension fund represents the current value of the assets in the fund. The net worth of the pension fund reveals whether it has a surplus or a deficit in meeting its pension obligations.