La teoria dell’equilibrio debole, ovvero la gestione previdenziale dei professionisti

Classical theory on financial stability of pension funds is already in crisis for a long time: the Fully Funded System and the Pay As You Go System have not withstood the demographic and financial problems of the twentieth century. In particular, in the field of pension funds for professional people, the problem arises every year when it is necessary to express a judgement on the results of technical balance. This research aims at giving a new vision of the concept of balance on the basis of: - acceptance of partial balance guarantee (theory of the weak balance); - calculation of the future income and expenditure projections, yields included, according to stochastic hypothesis by means of convenient random variables; - use of integrated schemes as for example the Asset Liability Management for the evaluation of the risk. Among the first results, we give also some simple indicators in order to evaluate the level of the risk of a pension fund. The work has been developed in the following way: First part: present situation - Stability standards, history of the regulations on the subject. - Situation of the pension funds for professional people, statistical data and verification of the conformity to the standards. - A simple standard of stability measurement. - Some examples of application. Second part: a different approach - Old structuring. Levels of guarantee. - New solutions. Stochastic hypothesis, integration of the financial and actuarial models. Third part: results - Realisation of an algorithm and application of some concrete cases. Here below, only the first part is presented as other two parts are currently studying.