oecd work on pension statistics on-going data collection working party on financial statistics...
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OECD OECD WORK ON PENSION STATISTICSWORK ON PENSION STATISTICS
On-going data collectionOn-going data collection
Working Party on Financial StatisticsWorking Party on Financial Statistics
Paris, 6-7 October 2003Paris, 6-7 October 2003
Organisation for Economic Co-operation and DevelopmentOrganisation for Economic Co-operation and Development
Jean-Marc SalouJean-Marc Salou
OECD Financial Markets DivisionOECD Financial Markets Division
Why pension funds statistics?Why pension funds statistics?
Pension funds are the main source of long-term savings;Pension funds are the main source of long-term savings;
Broad interaction with capital markets;Broad interaction with capital markets;
Use in macro-economic, financial and social policy;Use in macro-economic, financial and social policy;
OECD activities through the Working Party on Private Pension OECD activities through the Working Party on Private Pension
and through the International Network of Pension Regulators and through the International Network of Pension Regulators
and Supervisors (INPRS).and Supervisors (INPRS).
Goal of the OECD pension projectGoal of the OECD pension project
The Global Pension Statistics Project would The Global Pension Statistics Project would
develop a develop a system of international pension system of international pension
statistics, collected from primary sources, using statistics, collected from primary sources, using
coherent statistical concepts, definitions and coherent statistical concepts, definitions and
methodologies.methodologies.
A tool for measuring private pensions A tool for measuring private pensions
with an international perspectivewith an international perspective
Get data internationally comparable;Get data internationally comparable;
Provide data together with information on their Provide data together with information on their
coverage (metadata);coverage (metadata);
Supply up-to date data.Supply up-to date data.
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Practical objectivesPractical objectives
Evaluate pension data currently available and its related Evaluate pension data currently available and its related
metadata;metadata;
Improve the harmonisation of concepts, definitions, and Improve the harmonisation of concepts, definitions, and
compliance in line with the taxonomy developed through compliance in line with the taxonomy developed through
the OECD Working Party on Private Pensions;the OECD Working Party on Private Pensions;
Collect and analyse the data.Collect and analyse the data.
““Autonomous” pension funds:Autonomous” pension funds:
-- Funds without legal personality (Portugal, Funds without legal personality (Portugal,
Spain, Italy -fondi aperti-, Poland)Spain, Italy -fondi aperti-, Poland)
-- Funds with legal personality (rest of countries)Funds with legal personality (rest of countries)
The governing body:The governing body:
-- Trustee (UK, Ireland, Australia, Canada)Trustee (UK, Ireland, Australia, Canada)
-- Board (foundations - Holland, Switzerland; Board (foundations - Holland, Switzerland;
mutuals - Germany, Austria, Hungary)mutuals - Germany, Austria, Hungary)
-- Fiduciary (USA)Fiduciary (USA)
-- Pension fund administrator (Portugal, Spain, Pension fund administrator (Portugal, Spain,
Italy - fondi aperti)Italy - fondi aperti)
Pension fund taxonomyPension fund taxonomy
The new OECD definition: private plansThe new OECD definition: private plans
In all countries, but In all countries, but tax advantages are tax advantages are not universal.not universal.
a) DB: Germany, Japana) DB: Germany, Japan
b) DC/DB: UK, USA, Canada b) DC/DB: UK, USA, Canada c) DC: Italy, Spainc) DC: Italy, Spain
VoluntaryVoluntary
a) Sweden (mutual a) Sweden (mutual funds)funds)
b) Mexico, Hungary, b) Mexico, Hungary, Poland (pension Poland (pension funds)funds)
a) DB: Finland, Holand, a) DB: Finland, Holand, Australia, Switzerland Australia, Switzerland
b) DC: Australia, Denmark, b) DC: Australia, Denmark, IcelandIceland
MandatoryMandatory
Personal plansPersonal plans
(employment link not (employment link not needed)needed)
Occupational plansOccupational plans
(employment link as a (employment link as a condition of membership)condition of membership)
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
Legallysegregated ?
Unfunded plan
PAYG
YES
NO
Pension entity
Insured pension plan
Separate AccountsPension fund managing co.
Investment co. / BankNon-insured pension plan
Trust / Foundation
Special corporate entitiesPension entity
Insured pension plan
Separate AccountsPension fund managing co.
Investment co. / BankNon-insured pension plan
Securities
Mutual funds
Deposit
Insurance policies
AUTONOMOUS PENSION FUND
Securities
Mutual funds
Deposit
Scope of the projectScope of the projectA BY PENSION FUND TYPE
1 Total autonomous [1.1+1.2]
1.1 Pension entity
1.2 Separate account
2. Total non-autonomous
3. Total insured
Total all funds [1+2+3]
A BY PENSION FUND TYPE
1 Total autonomous [1.1+1.2]
1.1 Pension entity
1.2 Separate account
2. Total non-autonomous
3. Total insured
Total all funds [1+2+3]
B BY PENSION PLAN TYPE
1 Total occupational [1.1+1.2]
1.1 Mandatory [1.1.1+1.1.2]
1.1.1 Defined contribution
1.1.2 Defined benefit
1.2 Voluntary [1.2.1+1.2.2]
1.2.1 Defined contribution
1.2.2 Defined benefit
2 Total personal [2.1+2.2]
2.1 Mandatory [2.1.1+2.1.2]
2.1.1 Defined contribution
2.1.2 Defined benefit
2.2 Voluntary [2.2.1+2.2.2]
2.2.1 Defined contribution
2.2.2 Defined benefit
Total all plans [1+2]
B BY PENSION PLAN TYPE
1 Total occupational [1.1+1.2]
1.1 Mandatory [1.1.1+1.1.2]
1.1.1 Defined contribution
1.1.2 Defined benefit
1.2 Voluntary [1.2.1+1.2.2]
1.2.1 Defined contribution
1.2.2 Defined benefit
2 Total personal [2.1+2.2]
2.1 Mandatory [2.1.1+2.1.2]
2.1.1 Defined contribution
2.1.2 Defined benefit
2.2 Voluntary [2.2.1+2.2.2]
2.2.1 Defined contribution
2.2.2 Defined benefit
Total all plans [1+2]
Variables Variables
AssetsAssets
LiabilitiesLiabilities
IncomeIncome
ExpenditureExpenditure
MembershipMembership
Where Are We?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).
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Moving forward 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.
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Issues to be address 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.
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2001 Pension funds’ 2001 Pension funds’ assets as % of GDP in Selected assets as % of GDP in Selected OECD countries OECD countries
(private occupational plans)(private occupational plans)
0%
20%
40%
60%
80%
100%
120%
140%
BELGIUM
CANADA
FRANCE
GERMANY
ITALY
JAPAN
NETHERLANDS
SWEDEN
SWIT
ZERLA
ND
UNITED K
INGDOM
UNITED S
TATES
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
2002 ASSETS’ BREAKDOWN 2002 ASSETS’ BREAKDOWN BY TYPE OF INVESTMENT PRODUCTSBY TYPE OF INVESTMENT PRODUCTS
Bills and bonds issued by public administration,
14%
Shares, 15%
Other, 84%
Mutual funds (CIS), 56%
Land and Buildings, 1%
Corporate bonds, 3%
Other investments, 4%
Cash and Deposits, 4%
Unallocated insurance
contracts, 3%
Shares, 17%
Corporate bonds, 24%
Other, 65%
Bills and bonds issued by public administration,
25%
Loans, 0%
Land and Buildings, 9%
Mutual funds (CIS), 12%
Cash and Deposits, 12%
Other investments, 2%
BELGIUM
PORTUGAL
Source: OECD Global Pension Statistics Database.Source: OECD Global Pension Statistics Database.
Shares, 16%
Loans, 26%
Other, 83%
Bills and bonds issued by public administration,
41%
Cash and Deposits, 2%
Land and Buildings, 6%
Mutual funds (CIS), 8%
GERMANY
UNITED STATES
Mutual funds (CIS), 8.73%
Shares, 24.91%
Other, 82.58%
Other investments,
48.94%
Land and Buildings, 0.87%
Bills and bonds issued by public administration,
4.05%
Corporate bonds, 4.34%
Unallocated insurance
contracts, 4.94%
Cash and Deposits, 3.04%
Source: OECD Global Pension Statistics Database.Source: OECD Global Pension Statistics Database.
UNITED STATES - ASSETS’ BREAKDOWN UNITED STATES - ASSETS’ BREAKDOWN BY TYPE OF INVESTMENT PRODUCTS BY TYPE OF INVESTMENT PRODUCTS
2001 vs. 2002 2001 vs. 2002 (As a % of total)(As a % of total)
INVESTMENT PRODUCTS 2001 2002
Loans 0.17% 0.22%
Land and Buildings 0.87% 1.02%
Cash and Deposits 3.04% 3.43%
Bills and bonds issued by public administration 4.05% 4.59%
Corporate bonds 4.34% 4.93%
Unallocated insurance contracts 4.94% 5.38%
Mutual funds (CIS) 8.73% 7.92%
Shares 24.91% 21.04%
Other investments 48.94% 51.48%
Source: OECD Global Pension Statistics Database.Source: OECD Global Pension Statistics Database.