Latvia is among the first countries to launch calculation of state accrued pension entitlements

26.03.2015

On 26 March 2015, the Central Statistical Bureau (CSB) hosts a visit by Jens Gruetz, expert of the Statistical Office of the European Union (hereinafter - Eurostat). During the visit, the CSB experts will report on the progress achieved in the calculation of a new indicator - state accrued-to-date pension entitlements.

Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union foresees preparation of data on the accrued pension entitlements in social insurance pension schemes. The new statistical information will enable the Member States to forecast, summarise and compare at an international level the amount of money expressed in today's value, which would have to be paid to future pensioners, based on the contributions accumulated at the time of reference. This information will also be used to estimate the amount needed for future pension payments to current pensioners, taking into account life expectancy.

Latvia is among the first EU Member States which has adopted a macro-simulation model for the calculation of the state accrued pension entitlements and has presented the first results to Eurostat. In 2017 all national statistical institutes of the EU Member States will have to provide Eurostat with data on the accrued pension entitlements in the social insurance scheme in 2015.

 

More information:
Government Finance Section
Inta Vanovska
Tel +371 67366966