Search results for "pay-as-you-go"
showing 4 items of 4 documents
Three essays on actuarial social security theory
2015
Esta tesis se centra en dos de los instrumentos básicos para mejorar los sistemas de pensiones de reparto (PAYG pension systems): el balance actuarial (ABS) y las cuentas nocionales de aportación definida (NDC). Las investigaciones sobre dichos instrumentos consideran, en general, sólo la contingencia de jubilación. La tesis explora las posibilidades de generalizarlos añadiendo dos nuevas contingencias, la invalidez permanente (disability) y la dependencia (LTC). Los objetivos principales que esta tesis persigue son los siguientes: 1.- Desarrollar la base teórica necesaria para poder formular el balance de situación actuarial (ABS) tipo Suecia en un sistema de pensiones de reparto de presta…
Social Insurance Accounting for a Notional Defined Contribution Scheme Combining Retirement and Long-Term Care Benefits
2018
This paper develops a social insurance accounting model for a notional defined contribution (NDC) scheme combining retirement and long-term care (LTC) contingencies. The procedure relies on standard double-entry bookkeeping and enables us to compile a “Swedish” type actuarial balance sheet (ABS) following a framework equivalent to an open group approach. This methodology is suitable for reporting the system’s solvency status and can show periodical changes in the system’s financial position by means of an income statement. The information underpinning the actuarial valuation is based on events and transactions that are verifiable at the valuation date, without consid…
The Sustainability Factor: How Much Do Pension Expenditures Improve in Spain?
2020
The reform of 2013 represented a qualitative leap in the reform of the Spanish pension system. Unlike its predecessors, it introduced two automatic resetting mechanisms similar to those of other European countries. The first is the sustainability factor, scheduled to come into effect in 2019 but delayed until 2023, and its ultimate reversal cannot be ruled out. The objective of this study was to quantify the savings, or the lowest expenditure, that can be achieved in the Spanish public contributory pension system by applying it. These savings are measured in terms of cash&mdash
The Actuarial Balance Sheet for Pay-As-You-Go Finance: Solvency Indicators for Spain and Sweden
2008
This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old-age contingency, based on official data. The main accounting entries are developed from the principles of double-entry bookkeeping. The novel entry in the balance sheet, entitled the ‘contribution asset’ or ‘hidden asset’, is at the centre of the theoretical discussion. A comparison between the official balance sheet for the Swedish notional account system and our balance sheet for the Spanish contributory pension system is also provided. The main finding is that the Spanish pension system has an insolvency rate of 31.4 per cent. The policy implication is that unless curren…