the pension satellite account in the canadian system of national accounts oecd working party on...

The Pension Satellite Account in the Canadian System of National Accounts

OECD Working Party on Financial Statistics

Allan Tomas

Income and Expenditure Accounts Division

Statistics Canada

December 1, 2010

Outline

Pension Satellite Account structure and the Canadian pension system

Pension Satellite Account usefulness Pension Satellite Account results SNA implementation issues Future developments

23-04-20Statistics Canada • Statistique Canada2


Stock-flow matrix presentation of the pension satellite account

Opening wealth position

Inflows: contributions, investment income

Outflows: withdrawals

Revaluations and other volume changes

Closing wealth position

Social security

Employer-based plans

Individual registered saving plans

Total


Usefulness of the Pension Satellite Account: Analysis

Changes in the pension system Personal saving and wealth evolution Forecasting economic outcomes Projecting tax revenue Impact on capital markets Sustainability and adequacy issues Pension system risk

Need for a Pension Satellite Account

Assets of Canada’s pension system, at market value



Pension Assets in Household Assets


Pension Assets as a share of Household Financial Assets

Government unfunded pension liabilities



Changes to social security strategy result in accumulation of assets


Contributions, by tier


Withdrawals, by tier

Changes to the Social Security Plans


Contributions Less Withdrawals, by tier


Investment Income, by tier


Net Inflows (Contributions + Investment Income – Withdrawals), by tier



Revaluations, by tier


Labour Income, Personal Expenditure and Pension Withdrawals -Using the Pension Account as an Analytical Tool


Using the Pension Account as an Analytical Tool -


Unfunded pension liabilities recognized in the core accounts COMPLETED

Output of pension schemes COMPLETED Actuarial valuation for employer-based defined benefit

plans and accrual basis for contributions BEING EVALUATED

Treatment of social security plans, including actuarial valuations BEING EVALUATED

Presentational issues for employer-based plans BEING EVALUATED

SNA Implementation Issues Regarding Pensions

Future Development of the PSA

Move to a quarterly frequency Possible extensions

• Link to standard supplementary SNA tables on pensions

• Defined benefit plans

Micro-macro linkages Continue to improve accuracy & detail


the pension satellite account in the canadian system of national accounts oecd working party on...

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