Pension funds, balance sheet and profit and loss account
10.13.10 - Financial institutions
Annual.
Only at the national level.
960 - Division for financial corporations
Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading, etc. Sections 1 and 4, and Statistics Act Section 2-2.
- Regulation (EC) No 2056/2002 of the European Parliament and of the Council of 5 November 2002 amending Regulation No 58/97 concerning structural business statistics.
-Council Regulation (EC) 2223/96 of 25 June 1996.
Not relevant.
The purpose is to provide statistics for the national accounts, financial accounts and census of foreign assets and liabilities, and obtain an overview of the insurance market and private pensions pursuant to the Norwegian Taxation Act. The data are also used for supervisory purposes and are included in Norges Bank's credit indicator. The first statistics for certain balance sheet and profit and loss figures for private pension funds were published in 1951.
Data are included in the national accounts, financial accounts and census of foreign assets and liabilities. Other major users are the Banking, Insurance and Securities Commission of Norway, the Ministry of Finance and Norges Bank.
The population is all municipal and private pension funds, including pension funds established by municipal enterprises.
Statistics Norway receives paper forms from respondents that are registered in a database. The collecting is done in cooperation with the Banking, Insurance and Securities Commission of Norway.
The statistics contain statistics for all municipal and all private pension funds. Before 1999 the data for the private pension funds was based on a sample of the private pension funds. The sample criterion was total assets, and at 31 December 1998 the sample consisted of all units with total assets of more than NOK 100 million. The totals were estimated by undertaking a proportional grossing up of the sub items in the balance sheet and profit and loss account of the pension funds not included in the sample. The grossing up factor was estimated from changes in the figures in the sample between year t and t-1.
The Banking, Insurance and Securities Commission of Norway are working together with Statistics Norway to collect the data. Profit and loss and balance sheet figures are collected along with sector-distributed figures for bonds, shares, primary capital certificates and loans.
Based on administrative records.
Controls are part of the receiving and data entry process. In the event of discrepancies the respondent is contacted by phone.
Not relevant.
The analysis is split into two parts, i.e. the sum of all municipal pension funds and the sum of all private pension funds. From 1998 data for pension funds established by municipal enterprises are separated from private pension funds.
Private pension funds: The purpose is to provide old age and disability pensions to employees and employers who are members of the fund, and, if relevant, pensions to the survivors of the employees.
Municipal pension funds: All municipalities and counties have set up pension plans for their employees through wage agreements. The objective is about the same as for the private pension plans.
Municipal enterprises pension funds: Pension funds for municipal enterprises. The objective is about the same as for the private pension plans.
Joint Pension under Collective Agreement (FTP) and Agreement Based Pension (AFP): FTP is a pension plan established through agreements between the Confederation of Norwegian Business and Industry (NHO) and the Confederation of Trade Unions (LO). The scheme covers employees who have a wage agreement with LO-affiliated unions and are not covered by statutory occupational pension schemes, and employees of companies affiliated with NHO. AFP is based on wage agreements between labour and management. Statistics Norway collects and publishes balance sheets and profit and loss figures for the FTP and AFP plans for the LO, Confederation of Vocational Unions (YS) and NHO.
Balance sheet: The balance sheet shows assets, liabilities and equity at the end of the financial year.
Profit and loss account: Shows income, costs and expenses over the course of the calendar year.
Loans: Covers loans from financial institutions to the public defined as households, non-financial corporations and local governments, and loans between the financial institutions.
Bonds: Freely negotiable interest-bearing securities with an original term of more than one year issued in connection with borrowing.
Shares: Shares in joint-stock companies.
Primary capital certificate: Securities the savings banks can issue to increase their equity. Capital obtained through primary capital certificates is perpetual subordinated loan capital.
Financial instruments: Uniform financial assets and liability items have been merged into a limited number of instrument groups in order to be able to compare financial balance sheets.
Institutional sector grouping: This is a statistical standard based on recommendations for national accounts statements issued by the UN (System of National Accounts 1993). During statistical processing the actors in institutional sectors are grouped primarily according to socio-economic function, but also according to the organizational form and ownership. The main purpose of institutional sector grouping is to differentiate between actors who have special duties or play a major role in society, such as central government, financial enterprises, non-financial enterprises and households.
Industrial classification: In order to compare and analyse statistical information a Standard Industrial Classification is frequently used. A closer overview of industrial classifications is found in the Banking and Credit Statistics booklet. Financial enterprises: Concepts and definitions (only in Norwegian).
Types of income and expenses: The profit and loss account is divided into types of income and expenses in order to make it easier to compare figures.
Errors and discrepancies can occur in the accounting data. These discrepancies can have several sources:
* Errors in transmitting the data from the institutions' primary accounts to receiving media
* Different accounting and estimation principles
* Different entry times
* Incompletely filled out reports from respondents
Not relevant.
There are no sampling errors in municipal and private pension funds because the figures are based on a total census:
Variance: No statistics
Skewness: No statistics
Non-response: Response rate is 100.
Not relevant.
Municipal enterprise pension funds have been incorporated in figures for private pension funds until financial year 1997. From 1998 figures are published separately.
Data are included in national accounts, financial accounts and census of foreign assets and liabilities.
http://www.ssb.no/pensjonsfond_en/
Annual statistics on pension funds are published in Today's Statistics and in the Banking and Credit Statistics booklet. Both are on the Internet at the following addresses: http://www.ssb.no/english/subjects/10/13/10 and http://www.ssb.no/english/publications/etter_serie/.
The statistics for pension funds and sample surveys are documented in internal working paper IN 91/13.
Financial enterprises: Concepts and definitions, Banking and Credit Statistics. Current Figures. (Only in Norwegian)
NOS C515. Accounting Statistics for Financial Enterprises 1990-1997.
Økonomiske analyser 8/99 (only in Norwegian).
Micro data are stored in an Oracle database.
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