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SEMINAR: 22 FEB KA-LEUNG LAM (PRINCETON UNIVERSITY) 6.1.01

November 23, 2023
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Actuarial Days-Master in Actuarial and Financial Sciences

The second session of the Actuarial Days cycle was led by Alfredo Santos representing the Santalucía company.

Alfredo began the presentation by explaining the concept of social security as a set of means and actions to protect oneself (personal and family protection) against factors such as disability, old age, unemployment...etc. Additionally, he added a historical point of view to frame when and how the first guilds, pious mountains, relief societies, etc. were created in order to understand its temporal development and its implementation in Spain under 3 fundamental pillars:

  • 1st Pillar: Sustainability of public pensions (explained how the ageing of the population influences and what reforms have been carried out, but also what would need to be changed or improved to be able to adequately sustain the pension system).
  • 2nd Pillar: Pension commitments (companies) – (commented on its beginning through the European Economic Community with origin in agreements included in collective agreements (for example banking agreement) and explained the contingencies covered by this second pillar: dependency, orphanhood, widowhood, disability, survival and retirement, as well as what their benefits are like: in the form of capital, in the form of income or mixed. In addition, within this pillar other social security systems were included such as pension plans, insurance collectives and social security mutual societies and their characteristics were specified as models that implement pension commitments).
  • 3rd Pillar: Individual account (individual pension plans) – He explained how these plans cover contingencies of pension plans and the promotion of European plans to increase the mobility of workers. Within this third pillar, he commented on the Insured Pension Plan, as well as dependency insurance and explained the characteristics of each of them.

Finally, he offered an explanation about other pension insurance such as the Individual Systematic Savings Plan, the Individual Long-Term Savings Insurance or life annuities and how each of them is focused on guaranteeing the collection of an income that complements the pension Social Security.

Throughout the session, the students actively participated, asking questions and clarifying any doubts that arose, which Alfredo answered with great kindness and clarity.

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