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Actuarial mathematics of social security pensions

This unique and informative book provides a much-needed resource on the actuarial foundation of the financing and management of social security pensions. By focusing on the underlying mathematical theory and techniques, this volume offers a ready reference for social security actuaries.

Divided into two parts, the first section discusses the actuarial theory behind the financing of social security pensions. The volume emphasizes principles and interrelationships and elucidates the impact of different funding approaches. The book establishes a link between social security financing methods and the funding of occupational pensions. It highlights the similarities and differences between the two, making this volume useful to actuaries specializing in occupational pensions as well.

Dealing with the actuarial techniques for the valuation of social security pension schemes, the second section focuses on the projection technique, which is ideally suited for this purpose. It describes the basis and the methodology of this technique and develops formulae for practical application. The traditional present value technique is also sketched.

The volume includes useful appendices, offering a summary of basic actuarial mathematics, numerical illustrations and a glossary of principal financial systems and funding methods.

126 pages