03-06-2025
Margarida Francisco, a Master’s student in Actuarial Mathematics at NOVA FCT, has been awarded the prize in the Academic Dissertation category at the 11th edition of the Jornal de Negócios / APFIPP Best Investment Funds Awards.
Her dissertation, titled “Corporate Income Tax in the Development of the Second Pillar of Social Security in Portugal”, was supervised by Professors Lourdes Afonso and Pedro Corte Real. It presents innovative solutions to strengthen the sustainability of the Portuguese pension system, focusing on the development of a second pillar based on collective or employer-sponsored initiatives.
In a context marked by population ageing and low birth rates, the work analyses the feasibility of fiscal policies—such as allocating a percentage of corporate income tax (IRC) to private pension plans—to encourage retirement savings by companies and employees. Using actuarial simulations, the dissertation puts forward concrete proposals to ensure a dignified replacement rate while reducing dependence on the Solidarity Subsystem.
This national recognition highlights the scientific rigor and social relevance of the work developed at NOVA FCT, and reinforces the role of the Master’s in Actuarial Mathematics in training professionals capable of critically and innovatively addressing major societal challenges.
