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ESA 2010: Recording of pension schemes in national accounts

ESA 2010: Recording of pension schemes in national accounts. 7th Meeting of the Advisory Expert Group on National Accounts New York, 23-25 April 2012 Jens Gruetz. OUTLINE. BACKGROUND STATE OF PLAY IN EUROPE COMPILATION OF DATA ON PENSIONS: Approach and Assumptions.

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ESA 2010: Recording of pension schemes in national accounts

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  1. ESA 2010: Recording of pension schemes in national accounts 7th Meeting of the Advisory Expert Group on National Accounts New York, 23-25 April 2012 Jens Gruetz

  2. OUTLINE • BACKGROUND • STATE OF PLAY IN EUROPE • COMPILATION OF DATA ON PENSIONS: • Approach and • Assumptions

  3. 1 Background: Supplementary table on pensions • Funded vs. unfunded pension schemes • Defined contribution vs. defined benefit vs. notional defined contribution pension schemes • ABO vs. PBO

  4. 2 State of play – Time schedule • Task Force on pensions until 2008 • Final report to CMFB • Contact group on pensions from 2009 • Pension seminars in 2010 and 2011 • Joint ECB/Eurostat-Pension compilation guide 2012

  5. 2 State of play – Time schedule • On going discussions on practicalities of the supplementary table on European level • ONS: Pension conference London 2012 • Country visits in the course of 2012/2013 • Best practice: Gathering further country specific experience • Pension workshop and ESA 2010 training in first half 2013

  6. 3 COMPILATION – THE NEEDS Measuring unfunded public defined benefit pension entitlements Actuarial Model A) Calculation procedure B) Key assumptions C) Data requirements

  7. 3 COMPILATION – THE KEY ASSUMPTION • The discount rate – the single most important assumption • One additional percentage point lowers the pension entitlements by about 20% • How to ensure comparability between different countries? • Long-term Government bonds? • Corporate bonds? • A stable rate over time? • An average? • …

  8. THANK YOU FOR YOUR KIND ATTENTION!

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