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Measuring and Recording of Pensions

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1 Measuring and Recording of Pensions
Agenda item 5 Measuring and Recording of Pensions Geneva, April 2010 * Discussion by: Peter van de Ven

2 Short overview of the papers
ECB-paper Overview of the changes in SNA/ESA Overview of the work by EU Task Force on pensions, with results for Euro Area, France and Germany (mainly for social security and other government schemes) Also contains a sensitivity analysis for discount rate and real wage growth Accrual accounting for pensions and sustainability USA-paper Overview of the work by BEA, with results for USA (both private and government schemes) Focus on difference between cash accounting and accrual accounting for HH income, saving and wealth Analysis of ABO versus PBO

3 Short overview of the papers
Spanish paper Overview of work by INE (together with ministries and central bank), with results for Spain (social security scheme and related scheme for civil servants Different approach: sample of people entitled to pensions

4 Some general issues ABO versus PBO Discount rate
Preferred concept? Use of different concepts by sector? Discount rate Volatility of discount rate over time? Use of different discount rates by sector and/or institutional unit? Preferred concept of government debt Including/excluding pension liabilities? Net versus gross?

5 Thank you for your attention!


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