Actuarial Mathematics for Pensions - Basics and Concepts applied to Business

Beschrijving

pActuaries should require analytical skills, information and business understanding, as well as insights into human behaviour, in order to be able to master the risks and uncertainties of society. Applying this professional art to the broader scope of promises of an old-age pension almost immediately leads to quantitative elements and the measuring of mortality and longevity as a cornerstone for these pension commitments.pbrpPromising in advance a recurrent and stable income to the elderly, over a very long working lifetime up to 45 years, contains risks on both sides of the balance sheet of the pension institution. Mathematical models are commonly used in an attempt to calculate adequate funding over time, the necessary provisions for future obligations and the security margins needed to account for the volatility and stress of real world outcomes. Meanwhile, the future beneficiary may be protected by social law and begin vesting his future pension in the early years of funding.pbrpDominique Beckers is actuary and a graduate of KU Leuven, Belgium and Hull University, United Kingdom. He has professional expertise in the value chain for life products and pension funds, including product development, IT and policy administration, claims, financial operations, customer relationship management and tax issues. He is strongly involved in studies, training and the link between education and practice at several levels, including teaching future actuaries at the Faculty of Economics and Business of KU Leuven, Belgium.p