Módszertani anyag a magánnyugdíjpénztári átlépések ESA2010 szerinti elszámolásáról
A Magyar Nemzeti Bank alább küldi az elkészült módszertani anyagot a magánnyugdíjpénztári átlé-
pések ESA2010 szerinti elszámolásáról, melyet az Eurostat részére 2014. júniusban továbbított. Az
Eurostat a kialakított elszámolási megoldással kapcsolatosan nem tett észrevételt.
Továbbá tájékoztatjuk, hogy a nemzeti számlákban, a pénzügyi számlákban és az EDP jelentésben az
alábbi konstrukció került felhasználásra a magánnyugdíjpénztári vagyonátvételek hatásainak új
módszertan szerinti kimutatására.
Módszertani leírás
Transfer of pension obligation from private pension funds
According to paragraphs 273-275 of ESA10 transfers from pension obligations “should not alter
government net lending/net borrowing”. Instead, “the lump sum payment should be viewed as a
prepayment of social contributions”, a “financial advance (F.8)”.
Between 2009 and 2013 Hungarian private pension funds transferred most of their assets and obli-
gations to government. The implementation of the rule will have the following impact on the past
time series:
2009
2010
2011
2012
2013
Impact on net lending/net borrowing of GG (HUF
billion)
-26
-65
-2700
-55
-10
In percent of GDP
-0,1
-0,2
-9,8
-0,2
0,0
Chapter III.6 of MGDD (Impact on government accounts of transfer of pension obligations) specifies
the treatment of transactions after the years of the transfer. Two imputations should be imple-
mented:
a) Liability A.F8 is to be amortized in the form of a D.759 imputed revenue. (III.6.2.3.15.) “This
progressive extinction might follow the planned schedule for benefits payments or, for practi-
cal reasons, take the form of a linear imputation on a given period (such as 20-25 years).”
b) On AF.8 liability interest expenditure should be imputed. “In this regard, the rate of discount
used for the estimation of the pension obligations at the time of their transfer to government
could be used or, as a second best, a government benchmark long term interest rate.”
(III.6.2.3.16.)
MAGYAR NEMZETI BANK
Kommunikáció
Telefon: + 36 (1) 428-2751 │ Fax: + 36 (1) 429-8000 │ E-mail:
[email protected] │ Web
: www.mnb.hu
The following questions arise:
1. Which is the first year for the two imputations?
2. If we choose the linear imputation of D.759 how long period should be chosen?
3. As the extinction should be progressive and linear what rate should be used?
4. What is the acceptable interest rate for interest expenditure imputation?
Our answers are the following:
1. As the most significant lump sum payments were transferred in 2011 we chose 2012 as the
first year of the schedule.
2. We took into account the specificities of private pension funds (the young age structure of
the beneficiaries) and chose a longer extinction period than is offered by MGDD: 35 five
years.
3-4. As we chose the progressive linear schedule for the amortization of AF.8 the interest rate
chosen determines the annual nominal increase of D.759. The interest rate is decided in 3%. It
is lower than the recent government benchmark long term interest rate but the model is set up
for 35 years and the Hungarian economic indicators are converging to the European average.
On the other hand the rate also should reflect the prospective increase of the nominal pension
payments. A higher rate (for example 5%) would contradict to the modest expectations.
The results of the model are the following:
HUF million
2011 2012 2013 2014 2020 2030
2040 2045 2046
AF.8 stock
2791 2846 2855 2851 2766 2 286 1 150
218
0
F.8 (Transfer of pension 2700 55
10
obligation)
D. 759 receivable
84
87
89
106
143
192
223
225
D.41 payable
84
85
86
84
71
39
13
7
Impact on B.9
0
1
4
23
72
153
210
218
Budapest, 2014. november 13.
MAGYAR NEMZETI BANK
Kommunikáció
Telefon: + 36 (1) 428-2751 │ Fax: + 36 (1) 429-8000 │ E-mail:
[email protected] │ Web
: www.mnb.hu
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