Social Security and Pension Funds


The aim of the Social Security and Pension Funds subject is to  apply, in simple situations, the mathematical and economic techniques and the principles of actuarial planning to evaluate liabilitys with employee benefits.

General characterization





Responsible teacher

Maria de Lourdes Belchior Afonso


Weekly - 8

Total - 70

Teaching language



Available soon


Portuguese legislation

Bowers, Newton, Gerber, Hickman, Jones and Nesbitt. (1997) Actuarial Mathematics (second edition). Itasca, Illinois: The Society of Actuaries

Winklevoss, H (2002) Pension mathematics with numerical illustrations; Pension Research Council of the Wharton School of the University of Pennsylvania.

Neill, A. (1992) Life contingencies. Butterworth-Heinemann, Oxford

Garcia, J; Simões, O (2010) Matemática Actuarial - Vida e Pensões. Editora Almedina

Teaching method

The teacher presents the themes using slides and privileging the exchange of ideas to reach the goal of each lesson. Students perform practical application of the concepts acquired in class throughout the semester. Whenever possible the matter is illustrated with real examples from insurance and Social Security. Classes take place in the laboratory to be possible to access content on the internet and solving using Excel.

Evaluation method


Exceptionally, students are exempt from attendance.


The evaluation is performed through two tests during the semester, (T1 and T2), or through the exam (E). In addition, all enrolled students must submit one group practical assignment(TG).

The absence of an assessment it is 0 values ​​in this evaluation. 

A student gets approval in the course simultaneously check if the following two conditions:

1) classification in the assignments ​​not less than 9.0;
2) NT = 0.2 T1 + 0.4 T2 + 0.4 TG not less than 9.5 or NE= 0.6 E + 0.3 TG not less than 9.5.


Every student who wishes to improve the grade must sign up for this purpose, the Academic Division. The improvement can be made ​​in Época de Recurso. It is required that:

the grade obtained in this exam (EM) is not less than 9.5;
NEM = 0.6 EM + 0.3 TG is higher than the previous grade.

Subject matter

Social Security
Social Security Three pillar system
Main systems and problems of the Social Security
Pension plans
Portuguese Legislation
Implementing a Pension plan
The importance of the hypotesess in the evaluation of liabilities
Evaluation of Liabilities
Actuarial methods of funding
Defined contribution pension plans
Some topics on management
ALM models


Programs where the course is taught: