Transcript Progress Report on Compiling 2008 SNA Table 17.10 for Australia Amanda Seneviratne Australian Bureau of Statistics.

Progress Report on Compiling 2008 SNA Table 17.10 for Australia
Amanda Seneviratne
Australian Bureau of Statistics
Session overview
What this session will cover:
I.
Pension policy framework in Australia
II. Types of Pension funds in Australia
III. Populating 2008 SNA table 17.10
IV. Questions encountered in populating table 17.10
V. Demand for a Pension Satellite account
VI. Questions for the working party on National Accounts
Pension policy framework in Australia
The Australian retirement incomes framework comprises three pillars:
I.
The Age Pension
II. The Superannuation Guarantee
III. Voluntary superannuation incentives.
Types of Pension funds in Australia
Australian pension funds are classified into the following functional categories:
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Corporate funds
Industry funds
Public sector funds
Retail funds
Small funds (including Self-managed Superannuation funds, SMSFs)
The above funds operate the following pension schemes:
I. Defined benefit schemes
II. Accumulation schemes
III. Hybrid schemes
Table 17.10
Supplementary table on pension
schemes in social insurance
Populating 2008 SNA table 17.10
Table 3: Australian Superannuation Entitlements, June 2010
Questions encountered in populating table 17.10
A. Social Insurance and Social Assistance in Australia.
B. Clarification on the definition of ‘Sponsor’ in table 17.10.
C. Separate reporting of Defined benefit, Accumulation and Hybrid schemes.
Demand for a Pension funds satellite account
•
Increasing pension obligations on governments due to demographic changes will
be fully articulated in an Australian pension satellite account.
•
Increased balances of pensions funds over time due to compulsory nature of
superannuation in Australia will require greater reporting and monitoring, a
pension satellite account would fulfil this requirement.
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The satellite account would facilitate comparability and analysis of pension funds
on an international footing.
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The satellite account would provide critical information and analysis on entities
that provide services to the superannuation sector, such as investment managers.
Questions for the Working Part on National Accounts
• Table 17.10 does not cover social assistance, a significant part of retirement benefits in
Australia. Do the WPNA think that an additional column to capture such arrangements
should be included?
• The ABS seeks clarification on the term ‘Sponsor’ with regards to public sector
corporations.
• The SNA suggests in paragraph 17.153 in case of when employers take ‘contribution
holiday’ that the contributions should be imputed even in the event of a contribution
holiday. It states:
It is important that contributions continue to be recorded even in the event of a contribution
holiday benefit to the employer being regarded as a change in liabilities between the
pension fund and the employer. This leaves the net worth of both the same as when
contributions are not recorded under a contribution holiday without reducing the
compensation of employees artificially.
The ABS is not clear on how the above SNA recommendation could be implemented
and would welcome assistance/clarification from the membership of the WPFS/WPNA?