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The supplementary table on pensions (Table 29): Actuarial Balance Sheet Update for the Spanish Pension System to 2021, Wave Three

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  • Carlos Vidal Meliá
  • Juan Manuel Pérez-Salamero González
  • Anne M. Garvey
  • Anna Castañer Garriga

Abstract

The aim of this paper is to advocate for a shift in the management of pension liabilities within social security schemes. The proposed change is from an 'out of sight, out of mind' approach to a more transparent approach that accurately reflects the net worth of the system, i.e. a 'tell it like it is' approach. This involves disclosing all assets and liabilities of the scheme through the use of an actuarial balance sheet (ABS) and its associated income statement (IS).

Suggested Citation

  • 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.
    • Handle: RePEc:fda:fdaeee:eee2024-18
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    References listed on IDEAS

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    1. Eduardo Levy Yeyati & Federico Sturzenegger, 2023. "A balance‐sheet approach to fiscal sustainability," Fiscal Studies, John Wiley & Sons, vol. 44(1), pages 61-84, March.
    2. Settergren, Ole & Mikula, Boguslaw D., 2005. "The rate of return of pay-as-you-go pension systems: a more exact consumption-loan model of interest," Journal of Pension Economics and Finance, Cambridge University Press, vol. 4(2), pages 115-138, July.
    3. Settergren, Ole & Mikula, Boguslaw D., 2005. "The Rate of Return of Pay-As-You-Go Pension Systems: A More Exact Consumption-Loan Model of Interest," Discussion Paper 249, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    4. Anne M. Garvey & Juan Manuel Pérez-Salamero González & Manuel Ventura-Marco & Carlos Vidal-Meliá, 2023. "Transforming the supplementary table on pension liabilities (Table 29) into an actuarial balance sheet," Public Money & Management, Taylor & Francis Journals, vol. 43(8), pages 783-792, November.
    5. Klaus Kaier & Christoph Müller, 2015. "New figures on unfunded public pension entitlements across Europe: concept, results and applications," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 42(4), pages 865-895, November.
    6. Bianca Mann & Peter C. Lorson & Lasse Oulasvirta & Ellen Haustein, 2019. "The Quest for a Primary EPSAS Purpose – Insights from Literature and Conceptual Frameworks," Accounting in Europe, Taylor & Francis Journals, vol. 16(2), pages 195-218, May.
    7. 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.
    8. Robert Holzmann & Robert Palacios & Asta Zviniene, 2001. "On the Economics and Scope of Implicit Pension Debt: An International Perspective," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 28(1), pages 97-129, March.
    9. De Haan, Leo, 2018. "Recovery measures of underfunded pension funds: higher contributions, no indexation or pension cuts?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 17(4), pages 437-468, October.
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