Presentation is loading. Please wait.

Presentation is loading. Please wait.

Pensions in ESA 2010 WORKSHOP ON PENSIONS Canberra April 2013

Published byGrace Egan Modified over 10 years ago

Similar presentations

Presentation on theme: "Pensions in ESA 2010 WORKSHOP ON PENSIONS Canberra April 2013"— Presentation transcript:

1 Pensions in ESA 2010 WORKSHOP ON PENSIONS Canberra 22-24 April 2013
Jens Grütz Eurostat

2 Outline The new SNA 2008 Recognition of pension entitlements
More specific: ESA 2010/Pension compilation guide Core / Non core recording Recommendations for actuarial issues Future activities in Europe Workshops Transmission program

3 Increasing information needs
Pension entitlements should be recognized as financial assets/liabilities in macroeconomic statistics Pension entitlements represent a future benefit that contributes to the net wealth of households Omitted benefits / liabilities may lead to comparability problems in national/international analysis Accounting practice increasingly recognises pension entitlements

4 ESA 95: Current recording of pension entitlements
Distinguish social insurance Pension schemes in social insurance treated according to their features: Private funded social insurance schemes - insurance technical reserves, actuarial treatment Unfunded private social insurance schemes - no insurance technical reserves Social security pension - no reserves, no actuarial treatment Possible different treatment across sectors/countries

5 IMF-led Electronic Discussion Group 2002-2004
Towards SNA2008 IMF-led Electronic Discussion Group Discussions at the AEG In principle record pension obligations, on an actuarial basis, for all employer schemes (funded/unfunded) but recording of social security remains unchanged Recognition of issues in Europe Difficulty to distinguish unfunded government employer schemes from social security  worldwide compromise SNA Chapter 17 (part 2) Adopted by UNSC in August 2008 Some further issues left for the research agenda Criteria for core/non-core classification, treatment of property income

6 2008 SNA: Scope of pension entitlements in National Accounts
Accrued-to-date pension entitlements Focussing on old age pensions Covering the entitlements already accrued in the past Taking on board new entitlements accrued in the respective period Ignoring the impact of work to be done in future periods on individual pension entitlements For db schemes actuarial techniques are required: Discounting the future benefits to present value

7 ESA 2010: Core / Non-core allocation of schemes
2008 SNA: Examples for criteria Closeness to social security Strength of the contribution-benefit-link Ability of government to change the scheme rules ESA 2010: Pragmatic solution Pay-as-you-go schemes of general government are, like social security, allocated to the non-core accounts. However, reporting on all schemes is provided in the supplementary table.

8 ESA 2010: Recommendations on actuarial issues
Demographic assumptions: Longevity assumptions should include the increase of longevity over time; persons receiving disability pensions should be modelled separately Wage effects: The choice of an ABO or PBO approach should depend on the underlying benefit formula. Formulas including implicitly or explicitly a factor for wage increases should follow the PBO approach. Discount rate: The discount rate should be a risk-free rate. Some criteria are given in ESA 2010 further guidance is provided in the technical compilation guide.

9 Compilation guide: Recommendations on actuarial issues
Technical compilation guide for Pension data in National Accounts / Ageing working group Discount rate = 3% in real terms; 5 % nominal Wage growth = 1.7 % in the (very) long run Life expectancy= Eurostat projection(Europop) Comparability of assumptions/results

10 ESA 2010 Transmission program
Compulsory Table: Accrued-to-date pension entitlements in social insurance three yearly 2015 onwards (2012 on a voluntary basis) t+24 The data should comprise three datasets based on the actuarial calculations.

11 ESA 2010 Transmission program
Clear and comprehensive communication on pensions Outcome of pension reforms Interpretation of pension data In particular: Accrued-to-date pension entitlements are not as such an indicator for sustainability of public finances

12 Sustainability analysis: The 2012 Ageing Report

13 The 2012 Ageing Report - Results

14 Past & Future activities on pensions
ECB/Eurostat Task Force Final report ESA 2010 Training course – November 2012 Implementation of new ESA rules Software presentations & exercises Eurostat country visits – Identification of best practice Data sources Institutional set-up Modelling Pension workshops 2009/2010/2013

15 Past & Future activities on pensions - cont.
Eurostat Contact Group Electronic discussion forum on issues related to the calculation of pension entitlements Questions to be sent to Eurostat Pension compilation guide/Update of the compilation guide Comments are welcome!

16 Thank you for your kind attention!
Jens Gruetz Eurostat-C1 National Accounts methodology

Download ppt "Pensions in ESA 2010 WORKSHOP ON PENSIONS Canberra April 2013"

Similar presentations

Why does ERA Need to Flourish

Why does ERA Need to Flourish
1 Funded Pensions Pension Reform in the European Union Organised by Cicero Foundation Paris, 10-11 May 2007 Pablo Antolin Private Pension Unit, OECD.

1 Funded Pensions Pension Reform in the European Union Organised by Cicero Foundation Paris, May 2007 Pablo Antolin Private Pension Unit, OECD.
Pension schemes treatment in a reviewed SNA 93/ESA 95 - recognition of (implicit) liabilities François Lequiller OECD-STD Philippe de Rougemont IMF-STA.

Pension schemes treatment in a reviewed SNA 93/ESA 95 - recognition of (implicit) liabilities François Lequiller OECD-STD Philippe de Rougemont IMF-STA.
Pension statistics for the new ESA: compilation issues and some results for Portugal Workshop on the implementation of the 2008 SNA WPFS+WPNA | OECD, 24-27.

Pension statistics for the new ESA: compilation issues and some results for Portugal Workshop on the implementation of the 2008 SNA WPFS+WPNA | OECD,
Recently released ECB statistics on securitisation Jani Matilainen DG-Statistics / ECB OECD Working Party on Financial Statistics Paris, 24 October 2011.

Recently released ECB statistics on securitisation Jani Matilainen DG-Statistics / ECB OECD Working Party on Financial Statistics Paris, 24 October 2011.
1 « June, 6 and 7, 2007 Paris « Satellite Account for Education for Portugal: Implementation process and links with the National Accounts and Questionnaire.

1 « June, 6 and 7, 2007 Paris « Satellite Account for Education for Portugal: Implementation process and links with the National Accounts and Questionnaire.
ESTAT/C/1 08/02/2014 11:37 Slide: 1 Commission Européenne - Eurostat Revision of ESA 95 Planning and Process OECD Working Party on National Accounts October.

ESTAT/C/1 08/02/ :37 Slide: 1 Commission Européenne - Eurostat Revision of ESA 95 Planning and Process OECD Working Party on National Accounts October.
Draft Handbook on National Accounting Financial Production, Flows and Stocks in the System of National Accounts OECD WP on National Accounts 25-28 October.

Draft Handbook on National Accounting Financial Production, Flows and Stocks in the System of National Accounts OECD WP on National Accounts October.
Ageing in OECD countries and the need for private pensions Stéphanie Payet and Clara Severinson The Working Party on Private Pensions 24 October 2011.

Ageing in OECD countries and the need for private pensions Stéphanie Payet and Clara Severinson The Working Party on Private Pensions 24 October 2011.
Treatment of General Government Pension Schemes (Superannuation) in ABS Government Finance Statistics and the Australian System of National Accounts OECD/ABS.

Treatment of General Government Pension Schemes (Superannuation) in ABS Government Finance Statistics and the Australian System of National Accounts OECD/ABS.
Pension Funds Workshop The Pension System in Chile Claudia Maisto Statistics Division Macroeconomics Statistics Area Institutional National Accounts Department.

Pension Funds Workshop The Pension System in Chile Claudia Maisto Statistics Division Macroeconomics Statistics Area Institutional National Accounts Department.
Review and issues encountered in the application of SNA concepts of Income and savings on pensions fund measurements in Australia Derick Cullen Macroeconomic.

Review and issues encountered in the application of SNA concepts of Income and savings on pensions fund measurements in Australia Derick Cullen Macroeconomic.
Luxembourgs experience in compiling the ESA 2010 supplementary table on pension entitlements John HAAS WORKSHOP ON PENSIONS 22-24 April 2013 Canberra -

Luxembourgs experience in compiling the ESA 2010 supplementary table on pension entitlements John HAAS WORKSHOP ON PENSIONS April 2013 Canberra -
Workshop on Pensions April 22-24,2013 in Canberra Sayako Konno Financial Statistics Group Economic Statistics Division Research and Statistics Department.

Workshop on Pensions April 22-24,2013 in Canberra Sayako Konno Financial Statistics Group Economic Statistics Division Research and Statistics Department.
Joint OECD/ABS Workshop on Pensions 22-24 April 2013, Canberra By Michèle Chavoix-Mannato & Isabelle Ynesta OECD Statistics Directorate, National Accounts.

Joint OECD/ABS Workshop on Pensions April 2013, Canberra By Michèle Chavoix-Mannato & Isabelle Ynesta OECD Statistics Directorate, National Accounts.
Pension statistics for the new ESA: Compilation, modelling and some results for Portugal in 2011 Workshop on Pensions OECD - ABS, Canberra 22-24 April.

Pension statistics for the new ESA: Compilation, modelling and some results for Portugal in 2011 Workshop on Pensions OECD - ABS, Canberra April.
1 Report to the AEG Findings of the Task Force on Employers Retirement Schemes Adriaan Bloem, IMF John Ruser, BEA Co-chairs.

1 Report to the AEG Findings of the Task Force on Employers Retirement Schemes Adriaan Bloem, IMF John Ruser, BEA Co-chairs.
Supplementary table on pension schemes in social insurance Directorate C: National and European Accounts Unit C-5: Validation of public accounts European.

Supplementary table on pension schemes in social insurance Directorate C: National and European Accounts Unit C-5: Validation of public accounts European.
Eurostat Task Force on Land and other non- financial assets Progress report and request for AEG advice Hans Wouters ESTAT, unit C.2.

Eurostat Task Force on Land and other non- financial assets Progress report and request for AEG advice Hans Wouters ESTAT, unit C.2.
Www.bea.gov Issues in the Treatment of Defined Benefit Pension Schemes Brent Moulton Advisory Expert Group Meeting UN Headquarters, New York 23–25 April,

Issues in the Treatment of Defined Benefit Pension Schemes Brent Moulton Advisory Expert Group Meeting UN Headquarters, New York 23–25 April,

Similar presentations

Ads by Google