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OECD WORK ON PENSION STATISTICS On-going data collection Working Party on Financial Statistics Paris, 6-7 October 2003 Organisation for Economic Co-operation and Development Jean-Marc Salou OECD Financial Markets Division
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Why pension funds statistics? Pension funds are the main source of long-term savings; Broad interaction with capital markets; Use in macro-economic, financial and social policy; OECD activities through the Working Party on Private Pension and through the International Network of Pension Regulators and Supervisors (INPRS).
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Goal of the OECD pension project The Global Pension Statistics Project would develop a system of international pension statistics, collected from primary sources, using coherent statistical concepts, definitions and methodologies.
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A tool for measuring private pensions with an international perspective Get data internationally comparable; Provide data together with information on their coverage (metadata); Supply up-to date data. 4
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Practical objectives Evaluate pension data currently available and its related metadata; Improve the harmonisation of concepts, definitions, and compliance in line with the taxonomy developed through the OECD Working Party on Private Pensions; Collect and analyse the data.
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“ Autonomous ” pension funds: -Funds without legal personality (Portugal, Spain, Italy -fondi aperti-, Poland) -Funds with legal personality (rest of countries) The governing body: -Trustee (UK, Ireland, Australia, Canada) -Board (foundations - Holland, Switzerland; mutuals - Germany, Austria, Hungary) -Fiduciary (USA) -Pension fund administrator (Portugal, Spain, Italy - fondi aperti) Pension fund taxonomy
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The new OECD definition: private plans In all countries, but tax advantages are not universal. a) DB: Germany, Japan b) DC/DB: UK, USA, Canada c) DC: Italy, Spain Voluntary a) Sweden (mutual funds) b) Mexico, Hungary, Poland (pension funds) a) DB: Finland, Holand, Australia, Switzerland b) DC: Australia, Denmark, Iceland Mandatory Personal plans (employment link not needed) Occupational plans (employment link as a condition of membership)
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Source: OECD. Occupational Personal Without identification of collateralisation With identification of collateralisation Funded plan Trust / Foundation Special corporate entities Private system Public system With irrevocable right Without irrevocable right NON-AUTONOMOUS PENSION FUND Legally segregated ? Unfunded plan PAYG YES NO Pension entity Insured pension plan Separate Accounts Pension fund managing co. Investment co. / Bank Non-insured pension plan Trust / Foundation Special corporate entities Pension entity Insured pension plan Separate Accounts Pension fund managing co. Investment co. / Bank Non-insured pension plan Securities Mutual funds Deposit Insurance policies AUTONOMOUS PENSION FUND Securities Mutual funds Deposit
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Scope of the project
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Variables Assets Liabilities Income Expenditure Membership
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Where Are We? A common vocabulary: the Taxonomy and Glossary of pension terms; Design of a a statistical questionnaire based on a data availability exercise; Approval of the questionnaire by the Task Force on Pension Statistics and the Working Party on Private Pensions; First round of the on-going data collection (2001 and 2002 data). 11
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Moving forward Preliminary results will be presented for the next Working Party on Private Pensions meeting in November; Taxonomy and glossary to be revised; Revisiting the methodology on the basis of the first round of data collection; Presentation of a set of financial indicators in June 2004. 12
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Issues to be address Coherence with other datasets, - -Autonomous vs. non-autonomous pension funds, - -Funded vs. unfunded pension plans; Coherence within the SNA framework (Taxonomy and Glossary); Enhance data completeness; Up-to-date data through the delivery of preliminary or estimates. 13
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2001 Pension funds’ assets as % of GDP in Selected OECD countries (private occupational plans) Sources: National sources, Eurostat and EFRP. 2001 preliminary data was compiled by the OECD Financial Markets Division, within the framework of its on-going Pension Statistics Project. Last update: 25/09/2003
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2002 ASSETS’ BREAKDOWN BY TYPE OF INVESTMENT PRODUCTS BELGIUM PORTUGAL Source: OECD Global Pension Statistics Database.
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GERMANY UNITED STATES Source: OECD Global Pension Statistics Database.
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UNITED STATES - ASSETS’ BREAKDOWN BY TYPE OF INVESTMENT PRODUCTS 2001 vs. 2002 (As a % of total) INVESTMENT PRODUCTS20012002 Loans0.17%0.22% Land and Buildings0.87%1.02% Cash and Deposits3.04%3.43% Bills and bonds issued by public administration4.05%4.59% Corporate bonds4.34%4.93% Unallocated insurance contracts4.94%5.38% Mutual funds (CIS)8.73%7.92% Shares24.91%21.04% Other investments48.94%51.48% Source: OECD Global Pension Statistics Database.
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