Pension plan funds
Pension plan funds are monetary intermediaries which provide government insurance program by offering revenue to the insured persons following their retired life. Typically they also supply death as well as handicap benefits. Pension plan schemes are important cornerstones of European families’ income during retirement. Pension plan funds additionally play a role in economic markets as institutional capitalists. For these factors, the ECB accumulates analytical information on the annual report of pension funds and also on the funds’ members. This helps the ECB evaluate the monetary system and also family riches.
While pension systems differ greatly across countries, there are two major kinds: defined advantage and also specified contribution. In a specified advantage plan the future settlement to the policyholder is predetermined, or has at the very least an assured minimum amount. By contrast, in a defined contribution system the routine contribution (or “premium”) paid to the system is repaired and also the worth of the insurance holder’s pension wide range depends on the performance of the pension funds’ financial investments.
Pension fund statistics
Our pension fund stats incorporate information on the various pension plan schemes in euro location countries in one harmonised set of stats. All pension plan funds which fit the definition of social insurance are consisted of unless they are consisted of in various other stats, such as those on insurance firms or mutual fund. Pension plan schemes that are given through governments are also excluded.
New pension plan fund data, ECB Economic Publication, Issue 7/2020
The pension fund statistics existing information on the possessions and obligations of pension funds as well as on the funds’ members.
The obligations consist primarily of the reserves that pension plan funds have actually deposited to meet their future payment responsibilities towards insurance policy holders. Liabilities additionally include pension plan funds’ equity, car loans got and other economic obligations.
The properties reveal the financial investments of the paid premiums as well as various other liabilities. They likewise reveal the insurance claims that pension funds might have against other celebrations such as reinsurance firms. Such insurance claims emerge when a pension plan fund pays part of the costs settlements connected with the pension plan plans it holds to a reinsurance company in order to move part of the threats of these policies. Similarly, pension plan funds’ claims versus various other celebrations like companies are tape-recorded as an asset.
Information
The annual report information on pension funds are divided right into 2 areas: possessions and also liabilities.
The assets section offers information on the holdings of pension funds, i.e. info on the funds’ investments, loans supplied as well as other cases. This includes information concerning the nation as well as sector of the counterparty (in the case of assets the counterparty is generally either the issuer of the monetary instruments or the recipient of the lending). The data also supply information about the economic tool itself, broken down by type of instrument as well as by maturity.
The responsibilities section offers information on claims against euro location pension plan funds. These obligations contain pension plan fund gets held as cover for claims by policyholders, in addition to of pension funds’ equity, fundings got and also other economic obligations. The information collected supply info concerning the instrument in addition to concerning the nation and sector of the counterparty (when it comes to responsibilities the counterparty is generally the policyholder or the lender).
Pension fund data consist of info on both exceptional amounts (” supply information”) as well as purchases (” circulation data”).
Stocks describe the worth of the possession or responsibility at the end of the reference quarter or year. Flows describe the sum of all procurements and also sales of a provided type of property during the period, or the sum of all inflows and also outflows of cash from as well as to the pension plan funds, recorded as liabilities.
The ECB computes growth prices on the basis of flow data as opposed to by merely contrasting end-of-period superior quantities. Development rates are calculated from an index that is acquired by dividing transactions by the superior amounts at the start of the period to which they refer.
The data collected on members of pension funds can be broken down into the list below types:
active: a pension plan system participant that is making contributions (and/or in support of whom contributions are being made) and also is gathering properties, or has accumulated properties in the past, as well as is not yet retired;
deferred: a pension plan system member who no more contributes to, or builds up take advantage of, the plan however has not yet started to obtain retired life gain from it;
retired: a pension scheme participant that no more contributes to, or builds up gain from, the plan and has actually begun to receive retirement benefits from that system.
The data are reported yearly. It is essential to note that some members may be counted more than once due to the fact that they can be in more than one pension plan system and also be classified as greater than one type, i.e. active, deferred or retired.
Analytical Information Warehouse
All pension fund time series
Ceased pension fund balance sheet info
Since Q1 2020, the harmonised euro location pension fund stats change the discontinued non-harmonised insurance company and pension fund analytical dataset (accumulated from Q1 2008 to Q2 2016) and also the discontinued non-harmonised pension fund stats (gathered from Q1 2016 to Q4 2019).
Before the introduction of the harmonised statistics, information were collected on a best shot basis by national central banks, which made use of resources other than straight collection to calculate these information
Mapping of IC and also PF datasets to historic non-harmonised data.
Records
The records listed below reveal the aggregate annual report information of euro area pension funds for the 6 newest quarters, with stock information for all euro area pension funds combined as well as for each euro location country individually as of completion of Q3 2019. It also reveals economic purchases for all euro area pension funds integrated from Q1 2020 onwards and also, as of Q1 2021, annual growth rates also.
All euro location pension plan funds annual report
Euro location countries pension plan funds annual report
Information on coverage
The lawful requirements for pension fund data are laid down in Regulation ECB/2018/2, which defines the analytical standards to be fulfilled by pension plan funds when reporting details on their possessions as well as obligations. This Guideline is enhanced by Guideline ECB/2021/12, which sets out the treatments that national central banks have to follow when reporting pension fund statistics to the ECB.
Guideline ECB/2018/2
Corrigendum to ECB Guideline ECB/2018/2
Standard ECB/2021/12
National central banks have the alternative to carry out a solitary reporting flow for statistical and also managerial information. They may use national managerial information as accumulated by the national managerial authorities. In order to minimise the reporting burden for pension funds, Law ECB/2018/2 allows the national reserve banks to obtain the necessary analytical information from data reported for supervisory functions.
In some countries data are gathered using national design templates, while in various other nations data are collected through a taxonomy specified by the European Insurance Policy as well as Occupational Pensions Authority (EIOPA). For this purpose, the ECB has actually worked very closely with EIOPA to incorporate statistical demands into managerial data demands.
EIOPA: Data Point Version and also XBRL, Taxonomy 2.5.0
The taxonomy covers layouts with info for statistical functions in addition to the supervisory requirements (“informal reporting templates consisting of ECB attachments”). Accompanying documents include directions on the ECB add-ons.
More info on the derivation of pension plan fund data from supervisory coverage is given in a particular collection guide.
