Worldwide, pensions give workers a much-needed source of income after their retirement. And strong pension plans help companies and other organisations attract the workers they need. Globally, the pension sector is massive business.
From June 24-27, students of The UWI St Augustine campus had the opportunity to learn more about pension mathematics in a special workshop conducted by Professor Colin M Ramsey of the University of Nebraska-Lincoln.
Having organised the workshop in collaboration with the Department of Mathematics and Statistics, and the Actuarial Science Club, Prof Ramsey told UWI TODAY that pension mathematics skills serve the billion dollar worldwide pensions sector, and as such, it is important for emerging actuaries in the Caribbean to be all-rounded.
“Actuaries are important in designing and ensuring the viability of certain types of pension schemes. For this workshop, we focused on defined benefit pensions. This is when employers promise their employees benefit structures,” he explained.
“For example, employers might have it in their company benefits that if an employee works for their company for 20 years, that can guarantee them a certain percentage of their salary as a pension after their retirement from the company.”
Born and raised in Guyana, Ramsey completed a BSc in Actuarial Science at City, University of London. He then went on to do his master’s and PhD at the University of Waterloo.
He has been lecturing in actuarial science at the University of Nebraska-Lincoln since 1986.
Whatever pension scheme employers choose to offer their employees, Ramsey said, investing in good pension plans – backed by quality data – will serve the interest of businesses both hoping to attract new talents and retain quality workers.
On the learners of the workshop, Ramsey said, “The students who participated in the workshop were receptive. While it's a steep learning curve with pension mathematics – as there is art and science in solving pension mathematics problems – the students are showing interest and talent.”
He added, “With more exposure to the field over time, students here can now have an edge as they can go to employers and show that they are equipped with these skills.”
With his Caribbean roots, Ramsey is grateful to have given back to the Caribbean through this effort and said discussions are underway with UWI St Augustine Actuarial Science Programme Director Stokeley Smart to create other opportunities for students interested in actuarial science.
The UWI St Augustine and the University of Nebraska-Lincoln are looking into the possibility of creating an MOU which will facilitate student exchanges and collaborative research.
Prof Ramsey has already agreed to be a co-author for two publications related to mortality table construction with the team at UWI St Augustine.
Smart, who played a key role in organising the workshop, told UWI TODAY that the Maths and Statistics Department continues its efforts to provide students with world-class learning opportunities.
“In Trinidad and Tobago, there are many state entities that have defined benefits pension plans valued in the billions,” he said. “So, there is the need for actuaries locally with skills in pension maths to not only serve the state but also guide businesses with their plans and policies.”
UWI St Augustine students were not the only ones who benefited from the workshop as the event was also made available virtually to students of other UWI campuses, and international universities like the University of Toronto, Morgan State University (Baltimore), and Heriot-Watt Malaysia University.
