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Actuarial Mathematics of Social Security Pensions, Subramaniam Iyer, 1999, a joint publication of the International Labour Office (ILO) and the International Social Security Association (ISSA)
In a nicely written and well-presented book, the author guides us on a journey to an actuarial hinterland called Social Security pension schemes. In fact, the destination is well enough frequented by economists, public policy analysts, and the like, but not by actuaries unfamiliar with the sparse actuarial literature in the area, which in any case is mainly in French.
The book weighs in as a featherweight, but appearances deceive. The first half of the book contains chapters on the funding theory of Social Security pensions and occupational pension schemes, plus a chapter on defined contribution schemes. The second half describes the applications of the theory, with chapters on projection and present-value techniques. Numerous appendixes describe examples of applications, as well as the rudiments of actuarial science and notation.
My major concern with the book is that it is rather restricted in scope. The book certainly fulfills its stated objective, which is to present the theory of Social Security pension schemes. But in...