KNOWLEDGE AND UNDERSTANDING:
The course aims to let acquire knowledge and understanding of the fundamental elements of the actuarial techniques for pension funds, both for the first and second pillar.
APPLYING KNOWLEDGE AND UNDERSTANDING:
The course aims to provide abilities to apply the theoretical and technical set-up, in order to evaluate the figures of the technical balance sheet of a pension fund.
MAKING JUDGEMENTS:
The student must deeply understand the concepts presented during the course and be able to apply them in different situations.
COMMUNICATION SKILLS:
The student should be able to communicate effectively the concepts learned during the course.
LEARNING SKILLS:
The student should be able to develop learning skills which are essential to the understanding of the issues concerning pension schemes.

In order to understand the topics dealt with in the course, the concepts provided in the following courses are necessary: financial mathematics and actuarial mathematics.

1. Pension systems.
2. Multiple decrement models.
3. The Disability-Elderly-Survivor scheme.
4. Actuarial equivalence.
5. Reserves and balance sheet.
6. Stochastic simulation for pension fund evaluations.
7. Basic knowledges about the Italian pension system.
8. Mortality trends and projected life tables.
9. Basic concepts on IAS 19 “Employee Benefits” and TFR evaluation.

Marco Zecchin, "Appunti delle lezioni di tecnica attuariale delle assicurazioni sociali"
Alvaro Tomassetti e altri, "Tecnica attuariale per collettività" (2 volumi), Edizioni Kappa, Roma, 1994-95
Mario Alberto Coppini, Marco Micocci, "Tecnica delle Assicurazioni sociali", CISU, 2002
Ermanno Pitacco, Michel Denuit, Steven Haberman and Annamaria Olivieri, Modelling Longevity Dynamics for Pensions and Annuity Business, Oxford University Press, 2009

1. Pension systems.
- Pensions: Defined Benefit (DB) and Defined Contribution (DC) schemes. Actuarial equilibrium. Pay-as-you-go and funded pension schemes. Technical bases. The three pillar system.
2. Probabilistic models.
- Multiple decrement models, decrement intensities, absolute and relative elimination probabilities, Karup formula, exact and approximate relations for relative and absolute probabilities.
- Collective subdivided in groups: transition probabilities among groups, average numbers in the groups.
3. The D.E.S. scheme
- The groups in the Disability-Elderly-Survivor scheme, average numbers.
- Average values of salaries and pensions.
- Capitalization coefficients.
4. Actuarial equivalence.
- The actuarial equivalence principle and the financial management systems. Premiums in DB and DC schemes.
5. Reserves and balance sheet.
- Pensioner reserve, present and future employee reserves. Recursive formulas for reserve evaluation.
- Technical balance sheet: analytical and synthetic balance sheet.
- IORP II Directive.
6. Stochastic simulation for pension fund evaluations.
7. Basic knowledges about the Italian pension system.
- Calculation of the elderly pension in accordance with the DB and the DC methods. Basic knowledges about complementary pensions and current legislation.
8. Mortality trends and projected life tables.
9. Basic concepts on IAS 19 “Employee Benefits” and TFR evaluation.

Lectures supported by slide presentations.

Teaching material is available on the page of the course in Moodle 2.

Non-attending students are invited to contact the teacher for further suggestions on the course program and bibliographic references.

The examination consists of an oral exam with open questions that aims to test a sound knowledge and comprehension of the arguments presented during the lessons. The students have to prove their comprehension of the fundamental concepts explained in the course and their ability of connecting the different topics; moreover, they have to be able to present the acquired knowledges clearly.

The course deals with topics strictly connected with one or more goals of the 2030 Agenda for Sustainable Development of the United Nations.