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Actuarial balance sheets as a tool to assess the sustainability of social security pension systems

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  • Assia Billig
  • Jean‐Claude Ménard

Abstract

The choice of the methodology used to produce a social security pension system's balance sheet is mainly determined by the system's financing approach. In this article, it is shown using the example of the Canada Pension Plan that if the assessment of the financial sustainability of a pay‐as‐you‐go or partially funded system is done through the means of an actuarial balance sheet, then the methodology used should take into account future contributions of current and future participants. The balance sheets produced using the open group approach, as well as methodologies used in United States and Sweden, are discussed.

Suggested Citation

  • Assia Billig & Jean‐Claude Ménard, 2013. "Actuarial balance sheets as a tool to assess the sustainability of social security pension systems," International Social Security Review, John Wiley & Sons, vol. 66(2), pages 31-52, April.
    • Handle: RePEc:wly:intssr:v:66:y:2013:i:2:p:31-52
    DOI: 10.1111/issr.12008
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    Cited by:

    1. Muharrem Umut, 2023. "Measuring the Performance of Private Pension Companies in Türkiye by Gray Relational Analysis Method," JRFM, MDPI, vol. 16(9), pages 1-18, September.
    2. Carlos Vidal-Meliá & Manuel Ventura-Marco & Juan Manuel Pérez-Salamero González, 2018. "Actuarial accounting for a notional defined contribution scheme combining retirement and longterm care benefits," Documentos de Trabajo del ICAE 2018-16, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    3. Anne M. Garvey & Manuel Ventura-Marco & Carlos Vidal-Meliá, 2021. "Does the pension system’s income statement really matter? A proposal for an NDC scheme with disability and minimum pension benefits," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 34(1), pages 292-310, January.
    4. Anne M. Garvey & Juan Manuel Pérez-Salamero González & Manuel Ventura-Marco & Carlos Vidal-Meliá, 2021. "From “Table 29” to the actuarial balance sheet: is it really that big a leap?," Documentos de Trabajo del ICAE 2021-05, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    5. Iyer Subramaniam, 2015. "Social Insurance Pension Schemes: Stochastic Actuarial Valuation Using an Analytical Model," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 9(2), pages 261-301, July.
    6. Carlos Vidal Meliá & Juan Manuel Pérez-Salamero González & Anne M. Garvey & Anna Castañer Garriga, 2024. "The supplementary table on pensions (Table 29): Actuarial Balance Sheet Update for the Spanish Pension System to 2021, Wave Three," Studies on the Spanish Economy eee2024-18, FEDEA.

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