|- iv -|
|---|
|B. Risks Faced by Active Workers and Pensioners...................................................... 55|
|C. Risks Faced by Pension Institutions......................................................................... 57|
|D. Risks Faced by Government .................................................................................... 59|
|V. Conclusions and Lessons for Other Countries............................................................. 62|
|Table 1 Social Pension: Demographic and Economic Data, 1990-2003.......................... 4|
|Table 2 ATP Coverage, Contributions and Benefits ......................................................... 6|
|Table 3 Contributions to Occupational Pension Plans, 1995-2004 ................................... 8|
|Table 4 SP Coverage, Contributions and Benefits............................................................ 11|
|Table 5 Contributions to Personal Pension Plans, 1995-2004.......................................... 13|
|Table 6 Pension Assets .................................................................................................... 14|
|Table 7 Asset Composition.............................................................................................. 15|
|Table 8 Investment Returns ............................................................................................. 16|
|Table 9 Administrative Expense Ratios (Percent of Average Assets)............................. 17|
|Table 10 Investment Expense Ratios (Percent of Average Assets)................................. 17|
|Table 11 Total Operating Expense Ratios (Percent of Average Assets) ......................... 17|
|Table 12 Average Disposable Income of Pensioners, 2000 and 2045............................. 24|
|Table 13 Contributions to personal and occupational pension schemes in 2003 by Income|
|Group ................................................................................................................................ 26|
|Figure 1 Evolution of Old Age Dependency Ratio............................................................ 5|
|Figure 2 Evolution of Contribution Rate ........................................................................... 9|
|Figure 3 Participation in Occupational Pension Plans by Age Group, 2003...................... 9|
|Figure 4 Guaranteed Interest Rates and After-Tax Yield-to-Maturity on a 10-year|
|Government Bond, 1988-2005.......................................................................................... 11|
|Figure 5 Market Concentration........................................................................................ 19|
|Figure 6 Average expected replacement ratios for different groups of education in 2000<br>and 2045............................................................................................................................ 24|
|Figure 7 Calculated Replacement Ratios......................................................................... 25|
|Figure 8 The Insurance Contract...................................................................................... 37|
|Figure 9 Balance Sheet Under the Old and the New Accounting System....................... 37|
|<br>Figure 10 Starting Point................................................................................................... 38|
|<br>Figure 11 Interest Rate Decrease..................................................................................... 39|
|Figure 12 Interest Rate Increase ...................................................................................... 40|
|Figure 13 Balance Sheet After Stocks Fall by 20 percent ............................................... 41|
|Figure 14 Balance Sheet After Stocks Fall by 40 percent ............................................... 41|