STATISTICS EXPLANATIONS REGARDING ACCRUED PENSION ACCUMMULATED

RIGHTS AT THE END OF A PERIOD WITHIN SOCIAL SECURITY

1. Introduction

Economic Policy Committee (EPC) established by Commission Decision 74/122 / CCE (2) performing

certain activities related to the sustainability of pensions and reforms on pensions.

The work of experts in statistics, on the one hand, and the experts in the field of aging operating under the

CPE, on the other hand, should be closely coordinated at national and at European level, regarding

macroeconomic assumptions and other actuarial parameters to ensure consistency and comparability of

results from one country to another and to ensure effective communication of data and information on

pensions to users and stakeholders.

It should also be clear that the accumulated pension rights by a specific date in the social security

systems is not in itself an indicator of the sustainability of public finances (alin.21 Regulation 549/2013).

European System of National and Regional Accounts 2010 (ESA 2010) was recently updated to keep

pace with new social and economic.

The new European System of Accounts (ESA 2010) allows for better analysis and international

comparability of pension schemes within and between countries by introducing a supplementary table on

pension schemes. Recommendations on developing this table were provided in a guide. This guide is a

reference for all Member States of the European Union to develop supplementary pension table.

Supplementary table on accumulated pension rights provided in Transmission Program of the European

System of Accounts (ESA 2010) and is important in the context of an aging society, the necessary

detailed information is needed on pensions.

The main purpose of the national accounts data on pensions is to:

a) provide an overview of the pension entitlements of households in a single data set. Pension

entitlements comprise a portion of the assets of households and are relevant to an analysis of

consumption and saving behavior by.

b) provide comparability of data on pension entitlements of households across countries by covering

all pension insurance systems.

2. Pension systems of national accounts

A defined contribution scheme (para 17.54 ESA 2010) is a pension scheme where the benefits are

defined exclusively in terms of the level of the fund built up from the contributions made over the

employee’s working life and the increases in value that result from the investment of such funds by the

manager of the pension scheme.

A defined benefit scheme (para 17.56 ESA 2010) is a pension scheme where the benefits payable to the

employee on retirement are determined by the use of a formula, either alone or in combination with a

guaranteed minimum amount payable.

At the end of an accounting period, the level of the pension entitlements due to past and present

employees can be calculated by estimating the present value of the amounts due to be paid in retirement

using actuarial calculations based on a set of assumptions reflecting the expectation of long-term

developments in demography.

Pension entitlements arising from social security schemes are not included in the core national accounts.

Pension entitlements arising from social security schemes are included in the supplementary table for

accrued-to-date pension entitlements in social insurance to allow comparison of country data.

The recording of the flows for social security pension schemes refers to contributions made by the

employer and by the employees and to social security benefits.

Comparison between defined benefit systems and defined contribution systems

The fundamental difference in accounting for a defined benefit pension scheme as compared to a defined

contribution pension scheme is that, for the defined benefit pension scheme, the benefit to the employee

in the current period is determined

in terms of the undertakings made by the employer about the level of pension, whereas for the defined

contribution pension scheme the benefit to the employee in the current period is determined by the

contributions made to the scheme, and the investment income and holding gains and losses earned on

those and previous contributions. Thus while there is in principle complete information available on the

benefits for the participant in the defined contribution pension scheme, the benefits for the participants in

a defined benefit pension scheme are estimated actuarially.

Actuarial iphotesis - the data from national account are measured ex post, as they include only the

current values of the entitlements that arise from the accrued pension rights at the balance sheet date. The

method is based on observable past events and transactions, such as membership of the pension scheme

and paid contributions. However, such ex post measures also rely on a number of assumptions in the

modelling process. Estimates are made for the probability of current contributors dying or becoming

disabled before reaching the pensionable age. The measures also reflect future changes of the payment

stream due to any legislation enacted prior to the year for which pension entitlements are being 2

calculated. Finally, the method requires some important assumptions on future developments, notably

regarding the discount rate for future pension disbursements.

Discount rate - the discount rate applied to estimates of future pension benefits in the case of accrued-to-

date entitlements is one of the single most important assumptions to be made in the modelling of pension

schemes, since its accumulated impact over many decades can be very large. The discount rate from a

chosen approach may change over time, which would lead to revaluations in the accounts

The same discount rate has to be used for all pension schemes where government is the pension manager

(including social security pension schemes) at whatever level of government since the desired result

should approximate risk-free yields.

Wage growth

Defined benefit pension schemes often apply a formula to the member’s salary — whether it be the final

salary, an average of a period of years, or lifetime earnings — to determine the level of pension. The final

pensions paid are affected by the average

growth of members’ salaries, notably through promotions and career progression.

It is, therefore, appropriate to consider what assumptions are made for the future development of wages.

The assumed long-term development of wages should correspond with the observed discount rate. Both

variables are, in the long-term, interdependent.

Demographic assumptions

Future pension payments are subject to demographic effects, in terms of the age/ gender balance of

members and their longevity.

The accounting profession uses two actuarial methods to measure the impact of wage increases , namely :

The accrued benefit obligation (ABO) records only the benefits actually accrued to date.

The projected benefit obligation (PBO) is a more prudent measure of what the eventual level of enti-

tlement is likely to be. For an individual, the PBO makes assumptions about how many future promotions

the person is likely to receive and calculates his final salary accordingly.

3. Supplementary table on pension rights accumulated at the end of a periodThe table contains three concepts namely pension rights :

A) Accrued-to-date liabilities (ADL)

These rights and obligations include the present value of retirement pensions to be paid in the future

based on accrued rights. Pension rights accrued due to social contributions already paid by current

workers and the remaining pension entitlements of existing pensioners. Are not considered accumulated

rights acquired after curent year.

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B) Current workers and pensioners liabilities (CWL)

For CWL, the pension system should continue until the last contributor dies. However, new entries of

participants are not permitted. This concept refers to the ADL and the present value of the pension rights

that will be accummulated by today's taxpayers because their future contributions

C) Closed Group Valuation (CGV)

ADL estimate does not allow the provision of services of future benefits to be accumulated by current

members or new entrants to the public sector. ADL estimate is also known as "closed group evaluation".

Since actuarial values for pension rights or obligations related to defined benefit (unfunded schemes) on

social security in EU countries are not normally made available by the administrator of the pension

scheme, national accounts statisticians must estimate the actuarial value

The table is in the form of a matrix line - column comprising 10 rows and 11 columns (A-K).

Rows represent transactions , more or less consistent with transactions of the National System of

Accounts.

Table 1: The rows of the suplimentary table on accumulated pension rights

Code ESARow

no Changes in pension entitlements due to transactions

XAF63LS 1 Pension entitlements (incl contingent pension entitlements)

XD61p 2 Increase in pension entitlements due to social contributions

XD6111 2.1 Employer actual social contributions

XD6121 2.2 Employer imputed social contributions

XD6131 2.3 Household actual social contributions

XD6141 2.4 Household social contribution supplements

XD61SC 2.5 Less: Pension scheme service charges

XD619 3 Other (actuarial) change of pension entitlements in social security pension schemes

XD62p 4 Reduction in pension entitlements due to payment of pension benefits

XD8 5 Changes in pension entitlements due to social contributions and pension benefits

XD81 6 Transfers of pension entitlements between schemes

XD82 7 Change in entitlements due to negotiated changes in scheme structure

    Changes to pension entitlements due to other economic flows

XK7 8 Changes in entitlements due to revaluations

XK5 9 Changes in entitlements due to other changes in volume

XAF63LE 10 Pension entitlements (incl. contingent pension entitlements

Row 1 shows the opening stock of pension entitlements, which is equivalent to the closing stock of the

previous accounting period.

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Changes in pension entitlements due to transactions

Row 2 Employer and employee actual social contributions are recorded in rows 2.1 and 2.3, as in the core

national accounts.

Row 2.4 Household social contribution supplements shows the property income earned or

imputed in the schemes, which is routed via the households sector or the rest of the world sector. It should

be noted that for all defined benefit schemes including social security, whether funded or unfunded, this

property income is equivalent to the unwinding of the discount rate.

In other words, the value is equal to the discount rate times the pension entitlements at the beginning of

the accounting period.

Row 2.5 are pension scheme service tariffs provided by the pension

Row 3 is registering other (actuarial) change of pension entitlements in social security pension schemes.

This item is calculated on actuarial basis.

Row 4 Reduction in pension entitlements due to payment of pension benefits represent pension benefits

that are paid during the accounting period

Row 5 presents the changes in pension entitlements due to contributions and benefits.

It’s calculated as: Row 2 + Row 3 - Row 4

Row 6 Transfers of pension entitlements between schemes

When one unit takes over the responsibility for pension entitlements from another unit, two transactions

are recorded in row 6. First, there is a transfer of pension entitlements from the original pension scheme

to the new pension scheme. Second, there may be a transfer in cash or other financial assets to compen-

sate the new pension scheme. It is possible that the value of the transfer of financial assets is not exactly

equal to the value of the pension entitlements transferred. In that case a third entry is needed in trans-

actions of capital transfers to correctly reflect the changes in net worth of the two units concerned.

Row 7 shows the impact of reforms of pension scheme structures on entitlements relating to past service.

Changes to pension entitlements due to other economic flows

Rows 8 and 9 account for the other flows as revaluations and other changes in volume associated with

pension schemes in social insurance

Revaluations are due to changes of key model assumptions in the actuarial calculations. These

assumptions are the discount rate, the wage rate and the inflation rate.

Other changes in actuarial estimates are more likely to be recorded as other changes in volume of assets.

The effects of price changes due to the investment of the entitlements are recorded as revaluations

appearing in the revaluation account.

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When the demographic assumptions used in the actuarial calculations are changed, they are recorded as

other changes in the volume of assets.

Row 10 End stock of pension entitlements at the end of the accounting period;

Table 2: Columns of the table of accrued pension rights accumulated

XPC1W XPB1W XPCB1W XPCG XPBG12 XPBC13 XPBOUT13 XP1314 XPTOT XPTOTRH XPTOTNRH

A B C D E F G H I J K

Pens i on enti tlements

Non-res ident

hous eholds

Defi ned contri buti on

s chemes

Defi ned benefi t

s chemes a nd other

non-defi ned

contri bution

s chemes

Tota lDefi ned

contri buti on s chemes

Defi ned benefi t s chemes for genera l government empl oyees

Cla s s ifi ed in fi na ncia l

corpora ti ons

Cla s s ifi ed in genera l

government

Cla s s ifi ed in genera l

government

Core na ti ona l a ccounts Not in the core accounts

Tota l Pens i on Schemes

Non-genera l government

Res i dent hous eholds

Genera l government

Socia l s ecuri ty pens i on s chemes

The columns of the table refer to the three groupings of pension schemes, as follows:

1. by type of recording into pension schemes completely recorded in the core national accounts (columns

A to F) and those whose entitlements are only recorded in the supplementary table (columns G and H);

2. by type of pension manager into non-general government (columns A to C) and general government

pension schemes (columns D to H); pension schemes including social security classified in general

government are shown in columns D, F, G and H; and

3. by type of pension scheme into defined contribution schemes (columns A and D) and defined benefit

schemes (columns B and E to G).

For the most part, the beneficiaries of pension schemes are resident households. In some countries, the

number of non-resident households receiving pension benefits may be significant. In this case, column K

is added to show the total for non-resident households.

Pension schemes are classified further according to the pension manager, as government and non-

government pension managers.

The pension manager is responsible also for determining the terms of another employment-related

pension scheme and bears the ultimate responsibility for pension entitlements.

The pension manager also retains a significant degree of responsibility over the long-term policy of

investment in assets, including the selection of investment options and the structure of administrative

providers.

Although the same unit may frequently carry out both the functions of a pension manager and of a

pension administrator, in some cases they are the responsibilities of different units.6

When government takes responsibility for providing benefits to large sections of the community, the

social security function fills the role of a multi-employer scheme. Like the insurance corporation, the

government then takes on the responsibility for any shortfall in funds to meet the pension liabilities or

may be entitled to retain any surplus generated.

It is often the case, though, that social security is funded on a pay-as-you-go basis so there is no question

of a surplus arising and, if there is a shortfall in resources, government may have powers to change the

entitlements not just relating to future employment but also for the past(para 17.77 ESA 2010).

Columns B, D, E, F, G shall not be filled in Romania.

4. Pensions systems in RomaniaIn the period, 2005-2008 Romania implemented the strategy of reforming and updating pension system.

After the pension reform of 2008, Romania was established a new pension system with several pillars,

including:

a) Pillar I: mandatory public PAYG system ;

b) Pillar II: Is the name given to the mandatory private pension system, defined contribution;

c) Pillar III: is the name given pension system, run by private companies, a system based on

individual accounts and voluntary membership

Romanian pension system is governed by Law 263/2010 on the unitary public pension and entered into

force on January 1, 2011.

Table -Accrued-to-date pension entitlements in social insurance is prepared for the reference year of 2015

and be completed for columns A, H, I, J and the rows 1 to 6 and 10.

The data in column A rows 2-6 are recorded in the national accounts.

In Romania there are two types of schemes namely:

1. The defined contribution classified outside government (shown in column A)

2. Social security pension system classified in the general government sector (shown in column H)

4.1. Private pension funds As recommended by ESA 2010, defined contribution schemes are schemes in which the future benefits

depends on the value of investments accumulated in the system. Accumulated investment value depends

on the level of contributions, investment income earned and capital gains and losses. It is considered that

private pension funds (Pillar II) is a defined contribution scheme.

Regarding social contributions pension funds law provides:

Para 30

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(1) The persons no older than 35 years, who are insured in accordance with art.5 paragraph 1 from Law

19/2000 regarding the public pension system and other social insurance rights, and who are contributing

to the public pension system, must participate in a private pension fund

(2) The persons, other than the ones mentioned under paragraph 1, no older than 45 years, who are

already insured and who contribute to the public pension system, have the option to participate to a

private pension fund.

Para 35

(1) Following the adhesion or the random distribution, the participants must contribute to a private

pension fund and cannot redraw from the private pension funds system during the entire period that they

make payments to the public pension system, until they are eligible for the payment of a private pension.

(2) Are exempted from the provisions of paragraph 1, the periods when payments are not made to the

public pension system.

(3) If a participants stops making contributions to a private pension fund, he/she will remain a

participant, with full rights, at the fund.

Par 39

(1) If a participant wishes to adhere to another private pension fund, he/she is obliged to notify in writing

the administrator of the fund he/she want to transfer from, in 30 days time before the effective adhesion to

the new private pension fund, and to send to it a copy of the new adhesion act.

(2) One stops being a participant to the old private pension fund on the day of the transfer of the account

value, the role of participant to the new fund starts on the same day.

Para 42

(1) Contribution to the pension fund is part of the individual social security contribution due to the public

pension system.

(2) The contributions to the private pension funds, is recorded distinctively, is deducted from the gross

salary of the insured, in a similar manner with the contributions paid under the provisions of Law

19/2000, modified and amended to day.

(3) The contribution to the private pension fund is established and paid in the same conditions as the

social insurance contributions.

Para 47

(1) Every participant has an individual account.

(2) The contributions and the cash/ liquidities transfers of the participants, as well as their accessories, are

paid into the participant’s individual account.

Para 55

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(1) A private pension fund can only be administrated by the joint-stock company, established in

accordance with the provisions of commercial legislation and present law provisions whose unique

object of activity is the administration of private pension fund

(2) An administrator can administrate, in Romania, only one pension fund.

Para 56

(1) The name of the administrator contains the expression “pension funds”.

(2) The expression, stipulated in para (1) shall be used only in the name of the company which receives

the administration authorization in accordance with present law provisions

It is considered that private pension funds (Pillar II) is a funded defined contribution scheme, given that:

a) Transfers to pension benefits distributed in the future will depend only on accumulated contributions

and return on assets.

b) Contributions actually paid in a period corresponding to the current pension obligations relating to that

period for the pension fund (Pillar II).

Social contributions collected in a given month are transferred to Pillar II no later than the 20th of the

following month and representing the obligations incurred by pension funds.

The data source for the private pension funds (Pillar II) is the Financial Supervisory Authority.

According to the guideline on developing additional table, Pillar III pension (optional) are not recorded

as "... policies of individual pension insurance are policies where the beneficiaries it undertakes its own

without being member of a scheme organized collectively for groups of employees at as with social

security ".

4.2. Social security pension system classified in the general government sector

4.2.1. Introductory elements

Pension rights are registered like positions in supplementary table and represent future benefit payments

of pensions.The information are provided by National Commission for Prognosis.

These positions derive from the application of actuarial estimation methods which are based on the

concept of net present value. For such estimates must start from different assumptions. First, it has chosen

an appropriate discount rate, given that pension rights are calculated in terms of present value, so they

reflect the sum of current and future expected cash flow relative to a given base year.

Another key assumption shows future salary increases. Often, the development of future pension levels

are highly dependent on the assumptions labor, for instance by indexation of the formula. Furthermore,

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demographic assumptions - especially watching life expectancy - plays a significant role in estimating

pension rights. This estimate is based on an appropriate choice of the three key assumptions mentioned

above and others (such as the inflation rate).

a) Discount rate

The crucial question, when calculating pension rights is “what it worth today future payments of pension

benefits?” A tool for assessing the value of a future stream of payments is the discount factor (DF).

It is calculated using the following formula:

DFt = 1/ (1+r) s-t

The discount rate r, as part of the ground determines the DF. To calculate the present value of future

benefit of a year t from a future benefit from year s, such future payment must be multiplied by DFt.

Generally, there are two approaches to the interpretation of this factor. From the perspective of the lender,

who earn their pension rights, the discount rate is the amount of future payments in terms of actual

payment. Actual payments are seen as worth more than the future ones, because of opportunity costs and

potential risks , associated with future payments waves. This means that the discount factor is generally

below par. From the debtor's perspective, the discount rate is used to calculate pension reserves to be

provided today to finance future payment obligations.

Choosing a discount rate differs by accounting standards. In the case of the government managed pension

schemes is accepted as reasonable basis government bonds. As criterion for the choice of the discount

rate, it is not only rely on bonds issued by a single state, but choose a cart related (eg bonds in Central

Europe). The maturity of these securities must be similar to pension rights, ie at least 10 years. In

addition, to ensure comparability between Member States, have used the same discount rate in all

countries, and the rate obtained must be stable to avoid disturbances resulting from frequent changes.

According to these principles, Romania used , in line with the recommendations and assumptions used

by the Working Group on Aging (AWG) from the European Commission, the rate of 3% in real terms

and 5% in nominal terms.

b) Increase wage

Assumptions regarding future wage developments have a significant impact on the level of pension

entitlements and that evolution is generally determined by two factors: the promotion and advancement of

career and general salary growth in the economy. Individual route during employment is often related to

age and other factors, such as differences in the dynamics of promotions between the private and public

sector. PROST model used by Romania in the calculation of pension rights, does not account for

individual differences.

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Overall wage growth in the economy will also affect the level of pensions. Wage developments is not

certain, therefore in this case has gone on certain assumptions. Generally, it is considered that in long-

term, wages are in line with increasing of labor productivity per capita. This indicator presents relatively

heterogeneous values across EU Member States, including those with lower GDP per capita was

registered as have higher productivity growth in recent years.

As AWG projections, this trend will continue over coming decades, with the Central and Eastern

European countries showing a growth rate faster. Where possible, this principle should be followed in

estimating pension entitlements, with AWG assumptions regarding salary increase coresponding of labor

productivity developments. The data series on forecast gross average wage economy of Romania used to

estimate pension obligations trend follows a quasi-identical to the AWG and is obtained from the

calculation model.

Note that assumptions regarding salary increases are systematically updated, usually at in interval of three

years, according to AWG assumptions update.

c) Demographic assumptions

Life expectancy play an important role in the calculation of pension liabilities, as it determines the

expected number of years along the annuities are paid. This indicator is obtained based on mortality tables

already set for shaping pensions. In recent years there has been an increase in life expectancy and

demographic assumptions issued by Eurostat take this into account.

- Fertility rates may play a role, especially in estimating survivor pension liabilities of orphans.

A future higher fertility rate would lead to a greater number of children who receive such a

pension.

- Migration also be relevant in estimating pension rights.

In case of calculations done to estimate pension rights corresponding social insurance system in Romania,

they were used EUROPOP 2015 projections by age and gender, for mortality and net migration rates and

the age for fertility rates.

Calculation of pension liabilities is made using PROST model, developed by the World Bank, in a

considerable number of countries.

The model is based on documented assumptions on future developments, including:

• Wage increases

• The real profitability of pension assets

• Growth

• Extending coverage for a contributory pension scheme

Also, one of the key assumptions of the model is that once retired, individuals continue to receive the

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pension until his death. On the other hand, at the same age, both pensioners and those who are still in

employment are equally likely to die.

The model is data intensive to support the robustness of its results. Key data required are:

• Population: fertility and mortality rates by age and sex.

• Participation rates of employment, unemployment rates by age and sex.

• Number of contributors and beneficiaries, their contribution and modes of retirement age and

sex.

• Salaries and pension age and sex distribution of income for contributors and pensioners.

4.2.2. General Description of the model

The central model (Pension Reform Options Simulation Toolkit - BAD) consists of a set of tools that

allow simulation of various pension reform options being used by the World Bank. With this toolkit are

modeled contributions and pension rights, with revenue and expenditure from the system for a long time

in the future. In addition, the model is designed to promote public policy decisions based on evidence,

bringing together quantitative and qualitative analysis of pension schemes.

The model uses data specific to each country, provided by the European Commission, and generates

projections of population, which, combined with the economic assumptions are used to forecast future

volumes of contributors and beneficiaries. These, in turn, generate flows of incomes and expenses. Then

the model ,projected fiscal balance, taking into account any partial pre-funding liabilities. Also, a special

section of model PROST, analyzes the impact of pensions individually on each worker.

The model may be a type approach "stock" or one type "flow". In „stock” approaches, parameters, such as

pensioners, is expressed as the total number of persons removed from the activity as a percentage of the

population, rather than the probability of retirement because stocks can provide more stable predictions of

the future.

4.2.3. The results of the model

PROST program produces five output modules, comprising Microsoft Excel tables with graphical

summaries. The modules are:

Projections of population, including tables of life expectancy, population pyramids, population

dependency rates etc.

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Demographic structure: labor and employment, the number of contributors and beneficiaries, system

dependency rates.

Financial flows: projections of wages, benefits, income and expenses in the pension system, pension

scheme balance and hence the resulting debt. The module of financial flows calculates adjustments -at

benefit levels and contribution rates - that would "balance" the system , that would properly align income

and expenses.

Fundamental reform: this model illustrates the effect of a shift to a regime "multi-pillar" pension that

will incorporate both pay-as-you-go defined benefits and also a type of defined contribution funded

scheme or exclusively one or the other. Again, it measure the impact on both the finances of the system

and individually, ie pension rights, including the measurement of the transition costs. Total pension

benefits and value of each of the pillars are presented separately.

Data sources used are:

- Demographic assumptions (EUROPOP 2015) and macroeconomic AWG

- National Public Pensions House of Romania (Statistical Indicators Pillar I and II)

- Financial Supervisory Authority - Private Pensions Sector

4.3. Sensitivity analysis Data presented in the supplementary table are influenced by the choice of assumptions based on the best

information available at the time the estimate data. Changes in the assumptions applied can lead to

significant changes in estimates of pension rights.

The estimates are particularly sensitive to the discount rate used for calculating the present value of

pension rights.

The data set includes a sensitivity analysis for pension schemes not recorded in the national accounts,

indicating to what extent the pension rights may change if the discount rate is higher or lower (+/- 1) than

agreed on baseline scenario.

5. Sustainability It should be stressed that the pension rights accumulated in social security are not suitable as a measure

of the sustainability of pension systems and should not be considered as part of the public debt.

Analysis sustainability of pension systems requires different approaches-oriented computing, especially

in the consideration of future cash of social contributions.

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Reporting on pensions is very complex. Different approaches to calculating pensions serve different

analytical purposes.

Data on pensions from supplementary table are not suitable for assessing the sustainability of pension

systems. They can be interpreted as the value of the pension that accrued up to a year, based on previous

contributions (and therefore de facto rights that households would receive if closure systems at a time).

Rights that will be accrued after that year are not included. A high level of accrued pension rights does

not mean that pension systems are unsustainable and, conversely, a low level of accrued pension rights

does not mean that these pension systems are sustainable. Sustainability of pension systems depends on

proper development of pensions and contributions in the coming years.

Thus, to assess the sustainability of the pension system requires a different approach for computing based

on an "open system". Unlike the data from the supplementary table covering only acrued rights to a

specific date for the current and past workforce (closed system), estimates regarding „ open system”

includes future rights to be accumulated during the rest of current profesional career and future rights of

people who are not already included in the system.

Sustainability assessment take in consideration further contributions. At European level, the projected

impact of pension systems on public finances was tackled in ”2015 Ageing Report and Fiscal

Sustainability „ prepared by the General Economic Directorate and Financial Affairs of the European

Commission. Another report will be published in 2018.

7. References Estimates of accrued to date pension rights under social security were based on guideline

recommendations on pension systems and on the European System of Accounts (ESA 2010) -

http://ec.europa.eu/eurostat/web/pensions/manuals-and-guidelines

8. Dissemination Plan The results will be disseminated on the website of the National Institute of Statistics. The data table (.xls)

file will be accessed by atached rar.file

Estimates of accrued pension rights at the end of a period will enter in the annual statistical work.

Data estimation is performed at an interval of three years, and the publication will be made at t + 24

months after the end of reference as recommended by Regulation 549/2013.

Comparative data with other Member States of the European Union wil can be found on the Eurostat

website at: http://ec.europa.eu/eurostat/web/pensions/pension-data-in-national-accounts

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