This module is not currently running in 2024 to 2025.
The aim of this module is to develop student's ability to apply, in simple situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of providers of pensions or other employee benefits. The syllabus includes: providers of pensions and other benefits, meeting the needs of interested parties; environment in which benefits are provided; scheme design; risk and uncertainties; financing benefits; investment; actuarial valuations – use of models; asset and benefit valuation models; funding methods; assumptions; discontinuance; valuation data; the need for valuations; options and guarantees; asset liability matching; insurance; sources of surplus; analysis of experience.
To follow professional curriculum of the Faculty and Institute of Actuaries examination ST4 – https://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/specialist-technical-subjects. This is a dynamic syllabus, changing regularly to reflect current practice.
Standard Delivery - Total contact hours: 72
Tutorial Delivery - Total contact hours: 36
Teaching methods will differ according to the number of students registered on the module. The standard format, for more than 6 students registered:
80% Examination, 20% Coursework
The students will be provided with the study notes published by the Actuarial Education Company for Subject ST4 – Pensions and Other Benefits. These are ordered from the Company by the Lecturer.
See the library reading list for this module (Canterbury)
The intended subject specific learning outcomes. On successfully completing the module students will be able to:
1 Demonstrate knowledge and understanding of complex techniques applicable to solve problems in Pensions and Other Benefits in the context of current professional actuarial practice.
2 Demonstrate knowledge and understanding of complex current issues in Pensions and Other Benefits in the context of current professional actuarial practice.
3 Demonstrate a high level of understanding of the main body of knowledge for the module.
4 Demonstrate skill in calculation and manipulation of the material written within the module.
5 Apply a range of concepts and principles of Pensions and Other Benefits in various contexts.
6 Demonstrate skill in solving problems in Pensions and Other Benefits by various appropriate methods.
7 Demonstrate skills in the specific mathematical and statistical techniques used in the actuarial practice of Pensions and Other Benefits and their application to solving problems in that subject.
8 Demonstrate understanding of the current practical applications of the module material.
The intended generic learning outcomes. On successfully completing the module students will be able to:
1 Demonstrate ability for logical argument.
2 Demonstrate ability to work with relatively little guidance.
3 Demonstrate high-level problem-solving skills, relating to qualitative and quantitative information, demonstrating self-direction and originality of thought.
4 Demonstrate communications skills, covering both written and oral communication, with the ability to communicate clearly to both specialist and non-specialist audiences using the appropriate information technology.
5 Demonstrate judgemental skills.
6 Demonstrate numeracy and computational skills.
7 Demonstrate time-management and organisational skills, as evidenced by the ability to plan and implement efficient and effect modes of working, and to act autonomously.
8 Demonstrate study skills needed for continuing professional development.
9 Demonstrate decision-making skills in complex situations.
University of Kent makes every effort to ensure that module information is accurate for the relevant academic session and to provide educational services as described. However, courses, services and other matters may be subject to change. Please read our full disclaimer.
