Each pension fund board of trustees decides on type and amount of death and disability risk coverage. At first step in pension fund specific risk analysis, the full coverage of death and disability risks by the pension fund itself is analyzed. According to Swiss pension legislation an internal adequate provision to cover these risks in addition to risk contributions should be set up. In Switzerland this provision is denoted by pension funds as risk fluctuation reserve and in the classical risk theory it is called as initial wealth. The implementation of a recursive evaluation of the finite time ruin probability based on an equation of Seal gives a deep insight in a pension fund specific situation in relation to death and disability risks as well as their pricing. Unfortunately, this approach is still not used by Swiss pension funds. Detailed risk analysis based on Seal equation provides a strong basis for decisions regarding which kind of provision is most appropriate for a pension fund. In addition, the integration of pension fund claim experience helps to determine the optimal level of financing. Examples based on sample pension funds are provided.