The supplementary table 29 of the Eurostat transmission program covers the statutory and occupational pension schemes in social insurance in Belgium. The FPB is charged with the compilation of columns G and H, which include accrued-to-date pension entitlements/liabilities in the statutory pension schemes, representing the present discounted value of accrued-to-date future old-age and survivor pensions of current beneficiaries and future beneficiaries who accumulated pension rights up to the valuation date.
This version of the report of January 2021 is an update of the version originally posted on the FPB website in December 2020. New estimates have been made with the assumption of a fixed discount rate of 2% for the baseline scenario and 1 and 3% for the sensitivity analysis.
The supplementary table 29, “Accrued-to-date pension entitlements in social insurance” of the Eurostat transmission program covers the statutory pensions and occupational pension schemes in social insurance in Belgium. In a working paper that was published May 2017, the Federal Planning Bureau presented a first methodology to complete the columns on the statutory pension schemes. Following this publication and the preliminary data transmission towards Eurostat mid-2017, the decision was taken to change the model and implement the PBO-methodology. Moreover, the first model contained an error in the programming part which lead to an overestimation of the accrued rights. This error has been corrected for. Consequently, the accrued-to-date pension entitlements are lower than the ones presented in the working paper.
Supplementary table 29, "Accrued-to-date pension entitlements in social insurance" for Belgium will be published for the first time in 2017. This table covers the pension schemes in social insurance: statutory pensions and occupational pensions, whether they are funded or not. Table 29 shows the pensions entitlements on an accrued-to-date basis. These are present values of the pension entitlements of the retired population and the part of pension entitlements that is already accrued by the future beneficiaries. As such, accrued-to-date liabilities do not represent public debt and are not an indicator of the fiscal or financial sustainability of the pension systems and are only appropriate for national accounts purposes. Accrued-to-date liabilities should only be interpreted as an asset from the households in national accounts’ terminology. An assessment of the sustainability of the pension systems can be found in the reports of the Ageing Working Group or the Belgian Study Commission for Ageing.