Faculty of Science

Pension Systems
Provider: Faculty of Science

Activity no.: 5506-21-07-31
	Enrollment deadline: 06/09/2021

Place

Department of Mathematical Sciences

Date and time

06.09.2021, at: 08:00 - 14.11.2021, at: 16:00

Regular seats

ECTS credits

7.50

Contact person

Nina Weisse E-mail address: weisse@math.ku.dk

Enrolment Handling/Course Organiser

Snorre Jallbjørn E-mail address: snorrejall@math.ku.dk

Teaching language

English

Semester/Block

Block 1

Scheme group

Exam form

Written assignment

Exam form

Written assignment

Exam details

Written 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 scale

7 point grading scale. For PhD students: Passed / Not Passed

Course workload

Course workload category	Hours
Lectures	28.00
Theory exercises	21.00
Preparation	97.00
Exam	30.00
Project work	30.00

Sum	206.00

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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