About this Module
What you will learn
This topic introduces students to the importance of pension benefits as part of a social security system. Pension benefits help individuals maintain financial stability after retirement and reduce the risk of economic insecurity during old age. Students will learn the basic differences between Defined Benefit and Defined Contribution pension plans. The topic also explains how pension plans are funded, how plan costs are managed, and why actuarial valuations are important in ensuring the long-term sustainability of pension schemes. Through this topic, students will also understand the ethical and social responsibilities involved in pension planning. These include fairness, affordability, adequacy of retirement income, and the impact of pension systems on workers, employers, government, and society.
What skills you will gain
Upon completing this topic, students will gain important knowledge and practical skills related to pension benefits and social security systems. Students will be able to understand how pension benefits help individuals achieve financial protection after retirement and reduce the risk of economic insecurity during old age. Students will develop the skill to differentiate between Defined Benefit and Defined Contribution pension plans. They will understand how each plan works, who carries the financial risk, and how pension benefits are funded. This will help students make better comparisons between different pension schemes and understand their advantages and limitations. Students will also gain basic analytical skills in identifying factors that affect pension plan costs, such as salary growth, contribution rates, investment returns, life expectancy, retirement age, and benefit design. Through simple examples and case-based activities, students will learn how pension costs can affect employees, employers, government, and society. In addition, students will gain awareness of the role of actuarial valuations in pension planning. They will understand how actuarial valuations are used to assess pension liabilities, funding status, long-term sustainability, and financial risks. This skill is important in helping students appreciate the role of actuaries in supporting responsible and evidence-based decision-making. Students will also strengthen their ethical judgement by considering issues such as fairness, affordability, retirement adequacy, intergenerational equity, and protection of vulnerable groups. This will encourage students to think responsibly about the social impact of pension systems. Through interactive learning activities such as quizzes, case studies, discussion, presentation, and gamification, students will improve their communication, problem-solving, critical thinking, and digital learning skills. Gamification activities may include pension plan chal
Total contents and assessments
Total content and assessment include 1 teaching video, 1 lecture note, 1 interactive learning activity, and 1 assessment to support students’ understanding of Pension Benefits.
Module Details
CLUSTER : Science & Technology ( ST ) MODE/DURATION : Flexible LENGTH : 4 days EFFORT : 4 LEVEL : Beginner LANGUAGE : English CERTIFICATE : Yes CPD POINT : 0 PRICE : Free Associated Course (s) : No Course
