Understanding the structure of the social security systems and determine the actuarial valuation of the pension funds for different plans and types of systems are the main objectives. The goal  is to provide the fundamental concepts of Pension Funds, the legal framework in which they operate, how they are administered and the basic methods and mathematics used in determining their financial condition (Actuarial Valuation) at any point in time. Actuarial cost valuation and contributory plan concepts, theory and methods for pension funds constitute the important branch in actuarial practice and provides good employment chances and accumulating the knowledge toget prepared to the actuaral examination  for graduates.