Accrued-to-date pensions entitlements (pension scheme liabilities)

Assessment of accrued-to-date pension entitlements (liabilities) reflect the amount of liabilities of both state and privately managed pension schemes on fulfilment of existing pension obligations. 

The statistical unit is the institutional unit, as defined in ESA 2010.

In compliance with ESA 2010 criteria; all social insurance pension schemes:

• state social insurance pension schemes (i.e., old age, disability and survivors` pension schemes);
• service pension schemes;
• state funded 2^nd pillar of pension system (covering both capital accumulation phase and pension pay-out phase);
• private pension schemes, where employer participates with contributions on behalf of employee.

REGULATION (EU) No 549/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 May 2013 on the European system of national and regional accounts in the European Union.

Statistics database

The geographical comparability of data in Member States of the European Union is ensured by the application of common definitions and methodological framework established by the European System of Accounts (ESA 2010), as well as on aligned actuarial assumptions for PAYG pension system calculations across countries.

The ESA 2010 regulation requires submitting the data starting from 2015 on 3-yearly basis. Countries may transmit data annually on voluntary basis.

Data on EU countries are available in Eurostat database.

Data compilations are based on a common framework, the ESA 2010, which ensures consistent concepts and definitions over time. However, it should be noted that assumptions applied in macrosimulation model calculations significantly affect unfunded general government pension schemes estimates of pension entitlements. To ensure a consistent approach and cross-country data comparability, actuarial assumptions for those schemes are aligned with those proposed by the EPC Ageing Working group. In the year when, according to the EKS 2010 regulation, mandatory data transmission is required, new macroeconomic and demographic assumptions are prepared. According to the Eurostat guidelines the discount rate used to calculate the present value of pension entitlements has been changed from 2016. In the calculations up to 2015 discount rate of 3 % in real terms (5 % in nominal terms) is applied, from 2016 and years after discount rate of 2 % in real terms (4 % in nominal terms) is applied. Accrued-to-date pension entitlements are recalculated using the new assumptions only for years following the year for which the previous mandatory data transmission was due. Data are not intended for creation of time series, as different assumptions are used for estimates over different time periods.

N/A

Data on privately managed pension schemes (state funded pension scheme and private pension funds) are based on actual data from business accounting and monitoring data sources.

Data on life pension scheme are derived from the statistical review 1-life pension "Overview of life pension liabilities accounting", which life insurance companies submit to the CSB.

Calculations of liabilities for state managed pension schemes (state old-age pension scheme, disability pension scheme and survivor's pension scheme, as well as service pension schemes) are carried out using a macrosimulation model.

Statistical data for model calculations are taken from the State Social Insurance Agency, the CSB database and the Eurostat website.

N/A

Calculations are made in line with the European System of Accounts (ESA 2010) and Technical Compilation Guide for Pension Data in National Accounts guidelines.