The Pension Satellite Account in the Canadian System of National Accounts OECD Working Party on Financial Statistics Allan Tomas Income and Expenditure.

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Presentation transcript:

The Pension Satellite Account in the Canadian System of National Accounts OECD Working Party on Financial Statistics Allan Tomas Income and Expenditure Accounts Division Statistics Canada December 1, 2010

Outline  Pension Satellite Account structure and the Canadian pension system  Pension Satellite Account usefulness  Pension Satellite Account results  SNA implementation issues  Future developments 17/10/2015 Statistics Canada Statistique Canada 2

17/10/2015 Statistics Canada Statistique Canada 3 Stock-flow matrix presentation of the pension satellite account Opening wealth position Inflows: contributions, investment income Outflows: withdrawals Revaluations and other volume changes Closing wealth position Social security Employer- based plans Individual registered saving plans Total

17/10/2015 Statistics Canada Statistique Canada 4 Usefulness of the Pension Satellite Account: Analysis  Changes in the pension system  Personal saving and wealth evolution  Forecasting economic outcomes  Projecting tax revenue  Impact on capital markets  Sustainability and adequacy issues  Pension system risk Need for a Pension Satellite Account

Assets of Canada’s pension system, at market value 17/10/2015 Statistics Canada Statistique Canada 5

17/10/2015 Statistics Canada Statistique Canada 6 Pension Assets in Household Assets

17/10/2015 Statistics Canada Statistique Canada 7 Pension Assets as a share of Household Financial Assets

Government unfunded pension liabilities 17/10/2015 Statistics Canada Statistique Canada 8

17/10/2015 Statistics Canada Statistique Canada 9 Changes to social security strategy result in accumulation of assets

17/10/2015 Statistics Canada Statistique Canada 10 Contributions, by tier

17/10/2015 Statistics Canada Statistique Canada 11 Withdrawals, by tier

Changes to the Social Security Plans 17/10/2015 Statistics Canada Statistique Canada 12

Contributions Less Withdrawals, by tier 17/10/2015 Statistics Canada Statistique Canada 13

Investment Income, by tier 17/10/2015 Statistics Canada Statistique Canada 14

Net Inflows (Contributions + Investment Income – Withdrawals), by tier 17/10/2015 Statistics Canada Statistique Canada 15

17/10/2015 Statistics Canada Statistique Canada 16 Revaluations, by tier

17/10/2015 Statistics Canada Statistique Canada 17 Labour Income, Personal Expenditure and Pension Withdrawals - Using the Pension Account as an Analytical Tool

17/10/2015 Statistics Canada Statistique Canada 18 Using the Pension Account as an Analytical Tool -

17/10/2015 Statistics Canada Statistique Canada 19  Unfunded pension liabilities recognized in the core accounts COMPLETED  Output of pension schemes COMPLETED  Actuarial valuation for employer-based defined benefit plans and accrual basis for contributions BEING EVALUATED  Treatment of social security plans, including actuarial valuations BEING EVALUATED  Presentational issues for employer-based plans BEING EVALUATED SNA Implementation Issues Regarding Pensions

Future Development of the PSA  Move to a quarterly frequency  Possible extensions Link to standard supplementary SNA tables on pensions Defined benefit plans  Micro-macro linkages  Continue to improve accuracy & detail 17/10/2015 Statistics Canada Statistique Canada 20