oecd global pension statistics european bond commission amsterdam, 25th of june 2004 organisation...

OECD OECD GLOBAL PENSION STATISTICSGLOBAL PENSION STATISTICS

European Bond CommissionEuropean Bond CommissionAmsterdamAmsterdam, 25th of June 2004, 25th of June 2004

Organisation for Economic Co-operation and DevelopmentOrganisation for Economic Co-operation and Development

Jean-Marc SalouJean-Marc Salou

Financial Markets DivisionFinancial Markets Division

OECD Directorate for Financial and Enterprises AffairsOECD Directorate for Financial and Enterprises Affairs

Source of comparable, timely, reliable information;

A forum for policy-makers from OECD countries to discuss public policy towards private pensions,

-- between pensions regulators, and,

-- supervisors with inputs from industry and research Community;

Practical, effective policy advice with a view to promote benefit security;

High quality, independent analytical work.

The OECD’s role on private pension systems

Current pension analytical work at the OECD

OECD Global Pension Statistics Project;

Funding, investment and benefit;

Financial education and consumer choice;

Personal pension plans and annuities markets.

develop an analytical database of international pension statistical indicators using coherent statistical concepts and data collected primarily from administrative sources.

The OECD Global Pension Statistics project…

The project specifically targets the following issues

Lack of comprehensive administrative data for key Lack of comprehensive administrative data for key

indicatorsindicators

Lack of timely data to monitor the financial activity of Lack of timely data to monitor the financial activity of

the international pension industrythe international pension industry

Further improve the transparencyFurther improve the transparency

Variables

AssetsAssets

LiabilitiesLiabilities

IncomeIncome

ExpenditureExpenditure

MembershipMembership

Where Are We?

A common vocabulary: the Taxonomy and Glossary of

pension terms;

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).

7

Moving forward

Building on the results from the 2003 statistical exercise, we have

starting revisiting the project’s framework;

- Further information on assets and liabilities calculation techniques;

- Further information on performance;

- Up-to-date data through the delivery of preliminary or estimates for research

purposes (target: one year delay by end-2004);

- Coherence within the SNA framework (Taxonomy and Glossary);

Publication of a newsletter including indicators;

- Identify meaningful indicators that could be added to the analytical

database.

Next data collection round for the base year 2003 by October 2004.

8

Pension funds portfolio mix by investment products, 2002 data (as a % of total investments) .

OECD Countries Shares

Austria 13.4Belgium 14.6Canada 28.7Czech Republic 6.2Denmark 27.6Finland 13.7Germany 15.8Hungary 8.7Iceland 25.8Italy 8.6Korea 0.5Mexico 0Netherlands 47.8Norway 19.2Poland 27.8Portugal 16.7Spain 19.6Switzerland 26.5United Kingdom 53.8United States 23.9

OECD Countries Shares

Austria 13.4Belgium 14.6Canada 28.7Czech Republic 6.2Denmark 27.6Finland 13.7Germany 15.8Hungary 8.7Iceland 25.8Italy 8.6Korea 0.5Mexico 0Netherlands 47.8Norway 19.2Poland 27.8Portugal 16.7Spain 19.6Switzerland 26.5United Kingdom 53.8United States 23.9

Bills and bonds

74.516.827.449.958.9

3541.473.355.549.945.399.836.2

068

48.758.126.819.210.8

Bills and bonds

74.516.827.449.958.9

3541.473.355.549.945.399.836.2

068

48.758.126.819.210.8

Other investments

12.168.643.943.913.551.342.8

1818.741.554.20.216

80.84.2

34.622.346.7

2765.3

Other investments

12.168.643.943.913.551.342.8

1818.741.554.20.216

80.84.2

34.622.346.7

2765.3

Source: OECD Global Pension Statistics project (2003 data collection round).Source: OECD Global Pension Statistics project (2003 data collection round).

Bills and bonds issued by

public administration

Corporate bonds

74.5 -13.6 3.226.6 0.849.9 -27.6 31.3

- 3541.4 068.1 5.239.6 15.949.1 0.8

6 39.385.4 14.4

0 36.2- -

66.8 1.225.2 23.537.2 20.926.8 -14.5 4.75.2 5.6

Bills and bonds issued by

public administration

Corporate bonds

74.5 -13.6 3.226.6 0.849.9 -27.6 31.3

- 3541.4 068.1 5.239.6 15.949.1 0.8

6 39.385.4 14.4

0 36.2- -

66.8 1.225.2 23.537.2 20.926.8 -14.5 4.75.2 5.6

Of which:

OECD CountriesAustriaBelgiumCanadaCzech RepublicDenmarkFinlandGermanyHungaryIcelandItalyKoreaMexicoNetherlandsNorwayPolandPortugalSpainSwitzerlandUnited KingdomUnited StatesSelected non-OECD countries

BrazilBulgariaEstoniaSloveniaHong KongIndonesiaKazakhstanSingapore

OECD CountriesAustriaBelgiumCanadaCzech RepublicDenmarkFinlandGermanyHungaryIcelandItalyKoreaMexicoNetherlandsNorwayPolandPortugalSpainSwitzerlandUnited KingdomUnited StatesSelected non-OECD countries

BrazilBulgariaEstoniaSloveniaHong KongIndonesiaKazakhstanSingapore

Cash and Deposits Loans

Land and Buildings

Mutual funds (CIS)

Unallocated insurance contracts

Other investments

2 0.5 0.4 - - 2.94.4 0.3 1.1 55.8 2.6 4.14.9 0.8 4.2 32.8 0 1.3

14.8 - 0.9 - - 23.60.2 0.1 2.8 6.7 0 3.7

- 0.4 7 - - 25.62.3 25.6 6.4 8.1 0 0.44.4 0 0 5.8 0 7.82.2 14.8 0.2 0 0 1.5

13.5 0 16.4 6.5 0.3 4.91.3 5 - - - 43.80.2 0 0 0 0 0

0 8.1 4.8 0 0 3.14.6 3.9 5.8 - - 654.2 0 0 0 0 012 0 8.6 11.8 0 2.2

4.7 0 0.2 4.3 0 137.1 4.9 10.5 15.2 - 2.82.6 0.5 4.3 11.4 6.2 23.9 0.2 1.2 9 6.1 46.1

44.2 3.9 6.7 11.6 0 0.627.8 0 2.8 0 0 014.9 0 0 13.5 0 0.121.9 0 0 1.4 0 012.5 - - - - -70.9 0.7 6 1.3 0 6.99.7 - - - - -2.7 0 0.2 0 0 0.7

Cash and Deposits Loans

Land and Buildings

Mutual funds (CIS)

Unallocated insurance contracts

Other investments

2 0.5 0.4 - - 2.94.4 0.3 1.1 55.8 2.6 4.14.9 0.8 4.2 32.8 0 1.3

14.8 - 0.9 - - 23.60.2 0.1 2.8 6.7 0 3.7

- 0.4 7 - - 25.62.3 25.6 6.4 8.1 0 0.44.4 0 0 5.8 0 7.82.2 14.8 0.2 0 0 1.5

13.5 0 16.4 6.5 0.3 4.91.3 5 - - - 43.80.2 0 0 0 0 0

0 8.1 4.8 0 0 3.14.6 3.9 5.8 - - 654.2 0 0 0 0 012 0 8.6 11.8 0 2.2

4.7 0 0.2 4.3 0 137.1 4.9 10.5 15.2 - 2.82.6 0.5 4.3 11.4 6.2 23.9 0.2 1.2 9 6.1 46.1

44.2 3.9 6.7 11.6 0 0.627.8 0 2.8 0 0 014.9 0 0 13.5 0 0.121.9 0 0 1.4 0 012.5 - - - - -70.9 0.7 6 1.3 0 6.99.7 - - - - -2.7 0 0.2 0 0 0.7

Source: OECD Global Pension Statistics project (2003 data collection round).Source: OECD Global Pension Statistics project (2003 data collection round).

Share of bonds in private pensions total investments, 1995-2002(p)

0%

10%

20%

30%

40%

50%

60%

70%

80%

1995

1996

1997

1998

1999

2000

2001

2002

(p)

BELGIUM

CANADA

FRANCE (1)

ITALY

NETHERLANDS

SWITZERLAND

UNITED KINGDOM

UNITED STATES

0%

10%

20%

30%

40%

50%

60%

70%

80%

1995

1996

1997

1998

1999

2000

2001

2002

(p)

BELGIUM

CANADA

FRANCE (1)

ITALY

NETHERLANDS

SWITZERLAND

UNITED KINGDOM

UNITED STATES

Source: OECD Secretariat calculations, various sources.Source: OECD Secretariat calculations, various sources.

Source: OECD Global Pension Statistics project (2003 data collection round).Source: OECD Global Pension Statistics project (2003 data collection round).

OECD Countries 2001 2002 2001 2002Austria 3.9 4.4 29.7 26.8Belgium (2) 5.6 5.6 7.7 10.8Canada (2) 51.9 47.6 59.8 60.5Czech Republic (3) 2.6 3.3 18.4 22.3Denmark (4) 27.1 28.5 50.6 64.3Finland 6.5 - 4.1 -Germany (2) 3.4 3.8 5.8 11Hungary (2) 4 5.2 20 26.4Iceland 82.3 100.5 157.4 133.9Italy 1.8 2 3.7 5.1Korea (5) - 2.2 - 4.8Mexico (2) 4.4 4.9 21.5 30Netherlands 106 - 81.3 -New-Zealand (6) 14.8 15.1 42.8 41.2Norway 4 4.6 9.8 12.9Poland 2.7 4.4 18.2 28Portugal 15.21 13.4 36.6 37.8Spain (7) 6 - 7.4 -Sweden 3.8 4.2 3.6 5.7Switzerland (8) 109.4 125.5 43 61.4United Kingdom 73.3 - 48.4 -United States (4) 66.5 57.2 48.2 53.7Euro area (9) 12.4 - 18.7 -Total OECD (10) 45.8 39.8 42.1 47.5

Share of GDP (percent)

Share of Market Capitalisation

(percent)

Source: OECD Global Pension Statistics project (2003 data collection round).Source: OECD Global Pension Statistics project (2003 data collection round).

Weight of private pension in the economy

Weight of private pension in the economy (continued)

Selected non-OECD countries 2001 2002 2001 2002Brazil (4) - 9.3* - 37.3Bulgaria 0.5 1 16.7 24.1Estonia 2 14.7 7 49.1Slovenia (2) 0.1 0.4 0.6 1.5Hong Kong 15 17.1 4.8 6Indonesia 2.3 2.5 14.1 14.8Kazakhstan 5.5 7.8* - -Singapore (11) - 63.9* - 55.3Thailand (12) 7.5 8.8* 24.1 22.5

Selected non-OECD countries 2001 2002 2001 2002Brazil (4) - 9.3* - 37.3Bulgaria 0.5 1 16.7 24.1Estonia 2 14.7 7 49.1Slovenia (2) 0.1 0.4 0.6 1.5Hong Kong 15 17.1 4.8 6Indonesia 2.3 2.5 14.1 14.8Kazakhstan 5.5 7.8* - -Singapore (11) - 63.9* - 55.3Thailand (12) 7.5 8.8* 24.1 22.5

Share of GDP (percent)

Share of Market Capitalisation

(percent)

Source: OECD Global Pension Statistics project (2003 data collection round).Source: OECD Global Pension Statistics project (2003 data collection round).

Bonds vs. Shares in total investments of private pension funds, 2002.

0% 20% 40% 60% 80% 100%

ITALY

NETHERLANDS

GERMANY

BELGIUM

JAPAN

FRANCE

SWITZERLAND

CANADA

UNITED KINGDOM

UNITED STATES

Bonds

Shares

Others

Source: OECD Secretariat calculations, various sources.Source: OECD Secretariat calculations, various sources.