Search results for "Actuarial reserves"
showing 4 items of 4 documents
A "Swedish" actuarial balance sheet for a notional defined contribution pension scheme with disability and retirement benefits
2016
This paper proposes a “Swedish” type actuarial balance sheet for a notional defined contribution scheme embedding disability insurance within the retirement pension system. The underlying framework supporting the actuarial balance relies on a multistate overlapping generations model that includes the so-called survivor dividend and a minimum pension benefit for both contingencies. The proposed ABS splits the system into two parts: the actuarial part (pure NDC) and the redistributive part, which includes the assets and liabilities originating from non-contributory rights. The paper also contains a numerical example that sheds light on the real applicability of our proposal and confirms that …
The cost and actuarial imbalance of pay‐as‐you‐go systems: the case of Spain
2010
This work determines the actuarial cost of delivering a monetary unit of pension in the case of a pay‐as‐you‐go system. The model is also applied to determining the imbalance and the unitary pension cost of the contributory pension system of the Spanish Social Security system. The study covers all benefits and all regimes for five consecutive years from 2002 to 2006. Policy alternatives are presented that would allow the system to be brought back into balance by actuarially equating the cost to the value of the pension delivered.
An Actuarial Balance Model for DB PAYG Pension Systems with Disability and Retirement Contingencies
2012
In this paper we develop a theoretical basis for drawing up a “Swedish” type actuarial balance sheet for a defined benefit pay-as-you-go (DB PAYG) scheme with retirement and disability benefits. Our model enables us to obtain the system's expected average turnover duration, measure the scheme's solvency and explore the phenomenon identified as “pension reclassification”, a widespread practice that masks the system's real status unless further pension information becomes available. The model is clearly linked to actuarial practice in social security and gives partial support to the practical adaptation of Swedish methodology carried out by OSFI (2012) in applying the concept of the contribut…
Is the Reform of the Spanish Public Pension System of 2011 Justified from an Actuarial Point of View?
2012
The aim of this paper is basically to answer three questions about the Spanish public retirement pension system. Is the 2011 reform of the system, which will gradually come into force starting on 1-01-2013, justified from an actuarial point of view? What measures would have been adopted in the Spanish system if all the accounting principles applied in the notional account pension system in Sweden were enforced? What measures would be adopted if current legislation on defined benefit private pension plans were applied to the system? To this end we formulate a Swedish-type actuarial balance for the Spanish public retirement pension system as at 31-12-2010 and project a solvency indicator for …