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