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Pension Systems
Provider: Faculty of Science

Activity no.: 5506-21-07-31 
Enrollment deadline: 06/09/2021
PlaceDepartment of Mathematical Sciences
Universitetsparken 5, 2100 København Ø
Date and time06.09.2021, at: 08:00 - 14.11.2021, at: 16:00
Regular seats50
ECTS credits7.50
Contact personNina Weisse    E-mail address: weisse@math.ku.dk
Enrolment Handling/Course OrganiserSnorre Jallbjørn    E-mail address: snorrejall@math.ku.dk
Teaching languageEnglish
Semester/BlockBlock 1
Scheme groupC
Exam formWritten assignment
Exam formWritten assignment
Exam detailsWritten assignment, 7 days Written report demonstrating the ability to model and analyze a specific pension system. The analysis is based on an R implementation of the pension system model. Code developed during the course can be used. All aids allowed.
Grading scale7 point grading scale. For PhD students: Passed / Not Passed
Course workload
Course workload categoryHours
Lectures28.00
Theory exercises21.00
Preparation97.00
Exam30.00
Project work30.00
Sum206.00
Content
Demographic modeling, mortality models and forecasting, financial risks, intergenerational risk sharing, individual vs collective systems, defined contribution and defined benefit pension systems, funded vs pay-as-you-go systems.

Learning outcome
Knowledge:
- Basic demographic concepts such as the demographic balancing equation, life tables, age specific rates, and stable population theory.
- Danish demographic data sources.
- The Lee-Carter model for mortality forecasting.
- An understanding of the defining design characteristics of different pension systems, including funded vs pay-as-you-go systems, individual vs collective systems, and key sources of risk.

Skills: The ability to
- Model and analyze pension systems at an aggregate scale based on (simple) models for capital markets, longevity, and demographics implemented in R.
- Present a qualitative and quantitative assessment of a given pension system.

Competences:
- Formulate, justify and implement (simple) models for capital markets, longevity and demographics in R based on publicly available data sources.
- Understanding and relating concepts of pension system design, such as funded vs pay-as-you-go systems, individual vs collective systems, different levels of risk sharing, e.g. financial, biometric, and intergenerational.
- Simulating, analyzing, and comparing different pension system designs.

Literature
The course literature will primarily consist of research papers, which will be made available on Absalon.

Teaching and learning methods
4 hours of lectures and 3 hours of exercises per week for 7 weeks.

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