Database Specific
Database Specific Abstract AbstractThe Pensions at a Glance indicators, covering all 34 OECD countries, are designed to show future entitlements for workers who entered the labour market in 2008 and spend their entire working lives under the same set of rules. The results presented here include all mandatory pension schemes for private-sector workers, regardless of whether they are public or private.
Source Source Contact person/organisation Contact person/organisation Direct source Direct sourceBibliographic citation:
Organisation for Economic Co-operation and Development: OECD Pension Statistics. UK Data Service. http://dx.doi.org/10.5257/oecd/pen/2013
Source metadata Source metadata Source Periodicity Source PeriodicityYearly
Data Characteristics Data Characteristics Date last updated Date last updated10th November 2014
Periodicity PeriodicityAnnual
Population & Scope Population & Scope Concepts & Classifications Concepts & Classifications Classification(s) used Classification(s) usedYear of Labour market entry: This is the year when the individual enters the labour market. Pension entitlements modelled reflect the rules in place that year though incorporate any legislated changes. The changes in rules that have already been legislated, but are being phased-in gradually, are assumed to be fully in place from the start.
Career structure: Current results are only available for full careers, without any breaks for childcare or unemployment.
Rate of return: This is the real rate of return after administrative charges on funded, defined-contribution pensions.
Retirement Age: Current results are only available for those retiring at the national retirement age, which differs by country.
Entry Age: The age at which the individual enters the labour market. Full career assumes entry at age 20.
Family Structure: Current results are only available for single people.
Key statistical concept Key statistical conceptThe gross replacement rate is defined as gross pension entitlement divided by gross pre-retirement earnings. It is a measure of how effectively a pension system provides income during retirement to replace earnings, the main source of income prior to retirement.
The net replacement rate is defined as the individual net pension entitlement divided by net pre-retirement earnings, taking account of personal income taxes and social security contributions paid by workers and pensioners.
Gross pension wealth shows the size of the lump sum that would be needed to buy a flow of pension payments equivalent to that promised by the mandatory pension system in each country. It is measured and expressed as a multiple of gross annual individual earnings.
Net pension wealth is the present value of the flow of pension benefits, taking account of the taxes and social security contributions that retirees have to pay on their pensions. It is measured and expressed as a multiple of gross annual individual earnings in the respective country. The reason for using gross earnings as the comparator is to isolate the effect of taxes and contributions paid in retirement from those paid when working. This definition means that gross and net pension wealth are the same when people are not liable for contributions and income taxes on their pensions.
Earnings - Gross annual earnings, in national currency
Net annual earnings, in national currency
Gross average annual wage (100%), in national currency.
Other Aspects Other Aspects Other comments Other commentsCopyright:
Organisation for Economic Co-operation and Development
Recommended uses and limitations Recommended uses and limitationsThe Pensions at a Glance indicators, covering all 34 OECD countries, are designed to show future entitlements for workers who entered the labour market in 2008 and spend their entire working lives under the same set of rules. The results presented here include all mandatory pension schemes for private-sector workers, regardless of whether they are public or private.
Bibliographic citation:
Organisation for Economic Co-operation and Development: OECD Pension Statistics. UK Data Service. http://dx.doi.org/10.5257/oecd/pen/2013
Yearly
Annual
10th November 2014
The gross replacement rate is defined as gross pension entitlement divided by gross pre-retirement earnings. It is a measure of how effectively a pension system provides income during retirement to replace earnings, the main source of income prior to retirement.
The net replacement rate is defined as the individual net pension entitlement divided by net pre-retirement earnings, taking account of personal income taxes and social security contributions paid by workers and pensioners.
Gross pension wealth shows the size of the lump sum that would be needed to buy a flow of pension payments equivalent to that promised by the mandatory pension system in each country. It is measured and expressed as a multiple of gross annual individual earnings.
Net pension wealth is the present value of the flow of pension benefits, taking account of the taxes and social security contributions that retirees have to pay on their pensions. It is measured and expressed as a multiple of gross annual individual earnings in the respective country. The reason for using gross earnings as the comparator is to isolate the effect of taxes and contributions paid in retirement from those paid when working. This definition means that gross and net pension wealth are the same when people are not liable for contributions and income taxes on their pensions.
Earnings - Gross annual earnings, in national currency
Net annual earnings, in national currency
Gross average annual wage (100%), in national currency.
Year of Labour market entry: This is the year when the individual enters the labour market. Pension entitlements modelled reflect the rules in place that year though incorporate any legislated changes. The changes in rules that have already been legislated, but are being phased-in gradually, are assumed to be fully in place from the start.
Career structure: Current results are only available for full careers, without any breaks for childcare or unemployment.
Rate of return: This is the real rate of return after administrative charges on funded, defined-contribution pensions.
Retirement Age: Current results are only available for those retiring at the national retirement age, which differs by country.
Entry Age: The age at which the individual enters the labour market. Full career assumes entry at age 20.
Family Structure: Current results are only available for single people.
Copyright:
Organisation for Economic Co-operation and Development