An actuarial mathematical model for a new pension philosophy. An application to the accountant pension fund

Abstract This paper adapts an actuarial mathematical model, built for the Italian public pension system, based on the law proposal 3035/2009 to the Accountant Pension Fund (CNPADC). The aim is to introduce a new philosophy pension highly correlated with the concept of adequacy for an ambitious social welfare; using the logic of the 3035/2009 proposal, which guarantees a minimum threshold for the replacement rate of the direct pension, this study provides a rigorous actuarial mathematical model that explains a sort of rate of contribution at a tendential equilibrium, in a pay-as-you-go pension system. This model reveals for which parameters it is possible to intervene to maintain the standard of living in retirement