Template-type: ReDIF-Paper 1.0
Author-Name: Anne M. Garvey
Author-Email: anne.garvey@uah.es
Author-Workplace-Name: Department of Economics and Management Sciences, University of Alcalá, Madrid (Spain).
Author-Name: Juan Manuel Pérez-Salamero González
Author-Email: juan.perez-salamero@uv.es
Author-Workplace-Name: Department of Financial Economics and Actuarial Science, University of Valencia, Valencia. (Spain).
Author-Name: Manuel Ventura-Marco
Author-Email: manuel.ventura@uv.es
Author-Workplace-Name: Department of Financial Economics and Actuarial Science, University of Valencia, Valencia. (Spain). 
Author-Name: Carlos Vidal-Meliá
Author-Email: carlos.vidal@uv.es
Author-Workplace-Name: Department of Financial Economics and Actuarial Science, University of Valencia (Spain).
Author-Workplace-Name: research affiliate with the Instituto Complutense de Análisis Económico (ICAE), Complutense University of Madrid (Spain).
Author-Person: pvi85 
Title: From “Table 29” to the actuarial balance sheet: is it really that big a leap?
Abstract: EU regulations since 2017 have required all Member States to disclose their accrued-to-date pension liabilities (ADL) using a standard actuarial 
	cost method and some common assumptions. This applies to both Social Security (SS) schemes and unfunded defined benefit (DB) schemes covering civil 
	servants. These pension liabilities have to be disclosed in a supplementary table referred to as Table 29. An actuarial balance sheet (ABS) can be 
	defined as a financial statement that lists a pension system's obligations to contributors and pensioners at a particular date, together with the 
	amounts of the assets (financial and in particular those from contributions) that underwrite those commitments. The ABS can be used to assess the 
	solvency of SS schemes, whereas Table 29 cannot. This paper develops a methodology to (easily) transform Table 29 into an ABS and compile its associated 
	income statement (IS). To enable policymakers to better understand how the model would function, the paper also contains a country case study based on 
	data from the most recently published Table 29 for Spain. According to our best estimate assumptions, it can be said that the Spanish pension system is 
	partially insolvent because only part of the pension entitlements is backed up by assets, and that the system's sustainability has markedly deteriorated 
	over the period 2015-2018. 
Classification-JEL:  G22, H55, H83.
Keywords: Accountability; Actuarial Balance Sheet; Pension Liabilities; Social Security; Spain; Table 29; Useful Information.
Length: 37 pages 
Creation-Date: 2021-03
Number: 2021-05
X-File-Ref: http://america.sim.ucm.es/repec/ucm/ref/doicae2105.txt
File-URL: https://eprints.ucm.es/id/eprint/64444/1/2105.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doicae:2105