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Course: Introduction to Actuarial and Financial Calculation in Social Security Systems


Course: Introduction to Actuarial and Financial Calculation in Social Security Systems

This course is intended for professionals in the public, mutual and private sectors and aims to provide essential skills in actuarial and financial calculation for training in the analysis and management of public and private social security systems in Portugal, in particular pension systems and unemployment insurance systems.

General Information

Duration: 21 Hours (7 sessions of 3 hours each).

Course delivery: September/October 2023.

Tuition fees: €1.000 per participant

Registration: until September 1st.

Payment: until September 7th.

Course opening subject to registration of a minimum number of participants.

Issuance of a certificate of participation and achievement in the course.


The Social Protection system in Portugal: Structure and recent evolution

  • Architecture of the Social Security System;
  • Financing models.

Importance of actuarial and financial calculation in Social Security

  • The need for specific actuarial models for social protection;
  • The nature of the interrelationships between social security schemes and the demographic, economic and fiscal context;
  • The role of actuarial and financial calculation in the management and governance of systems.

Evaluation of public pension systems

  • Characteristics of public pension schemes;
  • Pay-as-you-go financing model: actuarial balance and intergenerational equity;
    Automatic stabilization and rebalancing mechanisms;
  • Coverage of self-financing deficits;
  • Implicit and explicit redistribution mechanisms;
  • Actuarial modeling of the pension plan.

Actuarial valuation of unemployment insurance schemes

  • Legal provisions of unemployment insurance schemes in Portugal;
  • Nature and typology of benefits, duration of payments, top-ups,...;
  • Financing methods: PAYGO, capitalization, mixed;
  • Actuarial assessment of unemployment risk;
  • Practical examples.


This summer course will be held at NOVA IMS, in Campus de Campolide, in Lisbon, Portugal.

Metro: S. Sebastião (Blue and Red Line); Praça de Espanha (Blue Line)
Carris: 701, 713, 716, 726, 742, 746, 756, 758, 770


Jorge Miguel Bravo

Course Coordinator

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Professor of Finance & Economics at NOVA IMS Universidade Nova de Lisboa and Invited Professor at Université Paris-Dauphine PSL in Paris, France. He holds a PhD and BSc in Economics from the University of Évora and a MSc in Monetary in Financial Economics from ISEG Technical University of Lisbon. He is Director of the Postgraduate Program in Financial Markets and Risks and of the Postgraduate Program in Data Science for Finance. He is an Integrated Member of MagIC, NOVA IMS research and development center and integrated member of Banco Bilbao Vizcaya Argentaria (BBVA) Pensions Institute Scientific Experts Forum in Madrid, Spain and CEFAGE-UE. He Coordinates ORBio - Observatory of Biometric Risks of the Portuguese Life Insured Population, APS - Portuguese Insurers Association. His work is published in prestigious academic journals such as the Journal of Banking and Finance, Insurance: Mathematics and Economics, Journal of Pension Economics and Finance; Expert Systems with Applications, Risk Management, Risks, Statistical Journal of the IAOS, Journal of Finance and Economics, International Journal of Applied Decision Sciences, CESifo DICE Report - Journal for Institutional Comparisons, RISTI, MIT Press and World Bank books. He works as scientific consultant for national & international public (Statistics Portugal, Ministry of Finance; Ministry of Labour & Social Security) and private institutions (Insurance companies, Pension Funds Association, Social Benefits Issuers Association) on research topics such as Longevity risk management, Ageing & social protection systems reform and sustainability, retirement & saving schemes, credit risk management. He integrated as an external member the Inter-ministerial Commission for the Reform of the Social Security System in Portugal.