Satellite account on pension schemes
Recording of pension entitlements: balances, transactions and changes in volume and revaluations by sectors of pension schemes | |
ESA: Classification of transactions in financial assets and liabilities 2010 ESA: Classification of institutional sectors 2010 | |
All institutional sectors | |
Pension entitlements, opening stock (AF.63) – pension entitlements comprise financial claims that current employees and former employees hold against either: a) their employers; b) a scheme designated by the employer to pay pensions as part of a compensation agreement between the employer and the employee or c) an insurer. Opening and closing stock is calculated for each reporting period. The opening stock of pension entitlements for a period is the exact equivalent of the closing stock of the previous accounting period. Pension scheme – social security scheme under which pensions are paid Social security scheme – scheme where the participants are obliged or encouraged to insure themselves against certain possible social risks Increase in pension entitlements due to social contributions (D.61) – is equal to the sum of employers’ actual social contributions (D.6111), employers’ imputed social contributions (D.6121), households’ actual social contributions (D.6131) and households’ social contribution supplements (D.6141), less pension scheme service charges (D.61SC) Employers’ actual social contributions (D.6111) – social contributions paid by employers to state social security schemes and other employment related social security schemes to secure social benefits for their employees. Here is reflected the 20% social tax associated with pensions, a part of which is transferred to mandatory pension funds. Employers’ imputed social contributions (D.6121) – represent the counterpart to social benefits paid directly by employers (i.e. not linked to employers’ actual contributions) to their employ-ees or former employees and other eligible persons. In the case of social benefits paid directly by employers, the benefits are financed from sources other than the collected social contributions. Therefore, in order to present social security schemes in a uniform way, imputed income is added in the scheme to cover costs of paid social benefits. Households’ actual social contributions (D.6131) – social contributions payable on their own behalf by employees, self-employed or non-employed persons to social security schemes Households’ social contribution supplements (D.6141) – property income earned from pension entitlements. The property income emerges from the investment of the payments of employers and employees. Pension scheme service charges (D.61SC) – the social security scheme service charges paid to the units administering the schemes Other (actuarial) change of pension entitlements in state social security pension schemes (D.619) – an item calculated on actuarial basis relating to social security. It captures any experience effects observed for social security pension schemes where the actual measured outcome of pension modelling assumptions (wage growth rate, inflation rate and discount rate) in any one year differs from the levels assumed. It is differentiated from employers’ imputed social contributions. Reduction in pension entitlements due to payment of pension benefits (D.62) – pension benefits paid during the accounting period are considered here. Payment of pension benefits has the effect of settling some of the pension entitle¬ments included in the opening stock of pension entitlements. Changes in pension entitlements due to social contributions and pension benefits (D.8) – presents the changes in pension entitlements due to contributions and pension benefits, is a balancing item. Calculation formula: pension entitlements due to social contributions (D.61) plus other (actuarial) change of pension entitlements in state social security pension schemes (D.619) less reduction in pension entitlements due to payment of pension benefits (D.62). Transfers of pension entitlements between schemes (D.81) – transfer of pension entitlements in cash or other financial assets from the original pension scheme manager to the new manager, from one employer to another, from the original pension scheme to the new pension scheme Change in entitlements due to negotiated changes in scheme structure (D.82) – impact of national reforms of pension scheme structures on pension entitlements relating to past service Changes in pension entitlements due to revaluations (K.7) – revaluations emerge due to the price changes from investment of pension entitlements and changes of key model assumptions in the actuarial calculations. These assumptions are the discount rate, the wage rate and the inflation rate. Experience effects are not included here if it is possible to identify them separately. Other changes in actuarial estimates are more likely to be recorded as other changes in the volume of assets. Changes in pension entitlements due to other changes in volume (K.5) – alterations in pension entitlements resulting from changes in demographic assumptions used in the actuarial calculations Pension entitlements, closing balance – the closing stock of pension entitlements at the end of the accounting period | |
Institutional sector | |
Not applicable FRAME Not applicable | |
Estonia as a whole | |
2015–… | |
Not applicable |
DIRECTLY APPLICABLE LEGAL ACTS 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 (Text with EEA relevance) OTHER LEGAL ACTS Not available OTHER AGREEMENTS European Central Bank (ECB) Statistical Office of the European Union (Eurostat) |
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Not published | |
Not published | |
Data are published in the statistical database at https://andmed.stat.ee/en/stat under the subject area “Economy / National accounts / Satellite accounting / Pension accounts” in the following table: RAS21: Pension entitlements by pension scheme, 31 December. | |
Not applicable | |
Not used | |
European System of Accounts – ESA 2010 Technical compilation guide for pension data in national accounts – 2020 edition | |
Not available |
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Ministry of Social Affairs Ministry of Economic Affairs and Communications | |
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Corresponds to ESA 2010 requirements |
The geographical comparability of national accounts in Member States of the EU is ensured by the application of common definitions of the European System of Accounts (ESA 2010). Worldwide geographical comparison is also possible as most non-European countries apply the System of National Accounts (SNA 2008) guidelines, and SNA 2008 is consistent with ESA 2010. | |
National accounts time series compiled according to a common methodology start from 1995. | |
As there is no connection with other fields, cross-sectoral coherence is difficult to assess. | |
The outputs of government financial statistics are intercomparable and differences are rare. However, full consistency of data is not always possible and temporary discrepancies may occur. These are usually caused by vintage differences. |
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Not applicable |
SURVEY DATA Not used ADMINISTRATIVE DATA Population register Estonian Causes of Death Registry Register of Residence and Work Permits The State Human Resources Database Estonian Education Information System Social Insurance Board microdata Macroeconomic background information from the Ministry of Finance Special pensions information from State Shared Services Centre EUROPOP 2019 data from Eurostat DATA FROM OTHER STATISTICAL ACTIVITIES Data from statistical activities 21407 “Sector accounts”, 21303 “Goverment finance” and 30101 “Population” are used. | |
Annual | |
Data are obtained from administrative data sources through direct access to the FTP-server and database. | |
Arithmetic and qualitative controls are used in the validation process, including comparison with other data. | |
The methodology is developed according to ESA 2010 chapter 17. Pension microsimulation model was developed for the calculation of the 1st pillar pension statistics. Other statistics are calculated based on administrative data as well as data from core national accounts. | |
Not applicable |