ESA 2010 TP Table 29 first mandatory data transmission Pension Expert Group meeting 05 April 2019 Tatjana Smõkova, Eurostat C2

CONTENTS First transmission of Table 29 and issues encountered First transmission of Table 29: 2015 results Arrangements for voluntary transmissions in 2018-2020

1. First mandatory transmission of Table 29: timeliness and punctuality Deadline: 31/12/2017 Coverage: 28 EU MS + NO, IS, CH Punctuality: 28 countries 2 countries (STRUVAL issues) 1 country Periods: 2015 only – 25 countries 2012, 2015 – DE 2015-2016 - EL 2013-2015 - LT 2012-2015 – MT, CH 2012-2016 - SE

1. First mandatory transmission of Table 29: accuracy and data flagging Accuracy: no significant issues Data flagging – observation status flags: purpose – to indicate to users situations, which are different from normal, standard expectations SDMX for national accounts: https://sdmx.org/?page_id=1498 - DSD (data structure definition), Excel - guidelines, Word

1. First mandatory transmission of Table 29: data flagging Most relevant observation status flags: A = normal default value = standard methodology = data provider assigns sufficient confidence to the value, the value is not expected to be dramatically revised; E = estimated = deviation from standard methodology/ expectations=other solutions applied (e.g. top-down allocation, residual estimation, ad-hoc methods) I = imputed NB! Not to be used by countries, reserved to international organisations!!!

1. First mandatory transmission of Table 29: data flagging Observation status flags: D = Definition differs = deviation from established methodology in terms of coverage (breaks excluded) e.g. not able to separate column B from column E. All values recorded in column B (flag D), column E is flagged L, not available P = Provisional = while calculations are based on standard methodology, data provider considers that the data certainly are expected to be notably revised

1. First mandatory transmission of Table 29: data flagging Observation status flags: L = Data exist but were not collected (e.g. data exist but not separable from other scheme; data exist but no data sources available) M = Data cannot exist = pension scheme does not exist in a country N = Value which is not a "real" zero (e.g. a result of 0.0004 rounded to zero)

1. First mandatory transmission of Table 29: data flagging Observation status flags - rare: B = Different methodology has been applied to latest observations as compared with the preceding ones: no back casting ≈ level shifts U = Unreliable, users should be aware of the low quality assigned, e.g. very rough estimate

1. First mandatory transmission of Table 29: data flagging NB! Any observation status flags different from A "Normal value" – should be explained in the factsheets under the respective columns of Table 29! B, D, E, L, M, P, U !

1. First mandatory transmission of Table 29: data consistency Pensions in social insurance should be recorded consistently in all relevant ESA 2010 TP tables – Tables 6-7, 8, 29! Transactions/ stocks Table 6 Table 7 Table 8 Table 29 Validation check D.61 (incl. break- down), D.62, D.8   S.11+S.12+S.1M Columns C+E T29 ≤ T8 D.8 S.13 Columns D+F T29 ≤ T8 D.611, D.613, D.62 Columns D+F+G+H T29 < T8 F.63, L Columns C+E, D.8+D.81+D.82 T29 = T6 Columns D+F, D.8+D.81+D.82 AF.63, A S.1M (adj. For S.2) Columns C+E+D+F T29 = T7

1. First mandatory transmission of Table 29: data consistency Validation results: inconsistencies observed in most countries! Reasons for inconsistencies: Diverging interpretation of social insurance boundaries Different sources and methods for DB schemes transactions Expected actions: Tables 6-8 compilers: data revisions Table 29 compilers: sharing expertise with other domains

Pay-out phase as annuities in insurance company 1. First mandatory transmission of Table 29: other comparability issues Diverging recording of annuities ESA 2010 AF.63: Financial assets that both existing and future pensioners hold against their pension manager (employer, a scheme designated by employer or insurer) = + Investment phase in pension fund Pay-out phase as annuities in insurance company Recorded in Table 29 Not separable from other insurance policies; not recorded in Table 29 But in practice: See also specific Q&A on website!

1. First mandatory transmission of Table 29: other comparability issues Pension entitlements in social insurance of existing pensioners are missing from Table 29 in some cases! Data are not comparable across countries! At least 2 countries estimated and recorded annuities of pensions in social insurance in Table 29 in column B: Latvia – introduced a survey of insurance companies combined with estimations; United Kingdom – estimations; More information in pension fact sheets! More countries ????

2. First mandatory transmission of Table 29: results 29 countries published Table 29 in the course of 2018 EL to publish soon, LU ? Eurostat published Table 29 in December 2018: - Eurobase - Metadata file with national fact sheets attached - Webpage "Pensions in national accounts"

2. First mandatory transmission of Table 29: 2015 results

2. First mandatory transmission of Table 29: 2015 results Share of pension entitlements recorded in core accounts in Table 29 by country, % of total

3. Voluntary transmissions of Table 29 in 2018-2020 Voluntary transmissions are encouraged but not expected necessarily in December ESA 2010 TP: data should be transmitted to Eurostat no later than the day they are published by the national authority Voluntary transmissions received: LV, LT, NL, SE, CH NB! Eurostat validation feedback may take longer – priority to mandatory data transmissions! Early info on forthcoming voluntary transmissions is welcome! Next mandatory transmission – end of December 2020 for the reference year 2018

3. Voluntary transmissions of Table 29 in 2018-2020 Any CONVAL developments are not expected for Table 29 before 2020 Consult ESA 2010 Handbook on data validation Changes of Edamis validation messages VNAPENS = NAPENS: NEW: File forwarded for validation by Eurostat's domain experts, no pre-validation messages found = OLD: Content validation successful NB! VNAPENS remains for testing purposes only! Data are not considered transmitted! SDMX compliance Valid SDMX-ML file Coded according to the DSD Mandatory fields present Correct data types Dataflow definition Basic logical checks Sender ID and REF_AREA Table ID is present Value "NaN" and OBS_STATUS EMBARGO_DATE and CONF_STATUS PRICES and REF_YEAR_PRICE Basic content checks Missing or unexpected series Hole in series Zero values Negative values General plausibility and consistency (within file) Additivity of breakdowns Outliers Consistency between prices Unadjusted and adjusted series Advanced plausability and consistency (across files) Revisions Quarterly versus Annual Same series across tables Cross-domain or source checks Balance of Payments Trade statistics Labour market statistics Data pulished by NSI or IO STRUVAL CONVAL Content outline: Review of ESA 2010 validation rules Validation services architecture Implementation of STRUVAL and CONVAL Guidance on frequent errors and data flagging Domains specific information (Tables 1, 3, 5 as a pilot)

Any other issues to discuss? Questions? Comments ? Any other issues to discuss? ESTAT-NA-Pensions@ec.europa.eu