THE CHILEAN PENSION SYSTEM STATISTICAL APPENDIX

Transcription

1 THE CHILEAN PENSION SYSTEM 213

2 214

3 THE CHILEAN PENSION SYSTEM ACTIVE MEMBERS AND TOTAL CONTRIBUTORS (As a December each years) Years Number of Number of Members (1) Contributors (2) ,400, ,440,000 1,060, ,620,000 1,229, ,930,353 1,360, ,283,830 1,558, ,591,484 1,774, ,890,680 2,023, ,183,002 2,167, ,470,845 2,267, (3) 3,739,542 2,289, ,109,184 2,486, ,434,795 2,695, ,708,840 2,792, ,014,444 2,879, ,320,913 2,961, ,571,482 3,121, ,780,400 3,296, ,966,143 3,149, ,105,731 3,262, ,280,191 3,196, ,427,656 3,450,080 March ,458,117 3,516, Millions March 2002 Members Contributors (1) Active members are those who are still alive and who are not receiving a pension. (2 Corresponds to the number of members who contributed in December of each of the years listed. (3) Data of contributors as of November 1990, because an extraordinary process for clarifying misplaced contributions was carried out in December that year, meaning that the December figure is not representative. 215

4 AVERAGE ANNUAL TAXABLE INCOME EMPLOYEES (In pesos as of March 2002) Years Average Male Female 1989 $ 201,453 $ 221,250 $ 157, $ 207,390 $ 228,777 $ 160, $ 217,724 $ 238,447 $ 172, $ 228,714 $ 248,975 $ 184, $ 244,351 $ 264,292 $ 202, $ 257,664 $ 277,370 $ 216, $ 270,056 $ 289,664 $ 230, $ 281,926 $ 301,195 $ 244, $ 293,836 $ 313,051 $ 256, $ 302,978 $ 322,280 $ 267, $ 305,164 $ 322,641 $ 274, $ 308,822 $ 323,959 $ 282, $ 312,722 $ 326,797 $ 288,157 March 2002 $ 314,007 $ 327,603 $ 290,

5 THE CHILEAN PENSION SYSTEM PENSION SYSTEM COVERAGE RELATIVE TO THE TOTAL WORK FORCE (As a percentage) Years Members Covered (1)/ Contr. To Old System/ (Mem. Cov. + Contr. O. Sys.)/ Work Force Work Force Work Force % 8.12% 64.93% % 7.52% 66.43% % 7.03% 68.85% % 6.47% 70.31% % 5.66% 69.48% % 5.04% 70.14% % 5.10% 72.09% % 4.62% 72.69% % 4.02% 72.73% % 3.76% 72.07% % 3.48% 70.06% % 3.46% 71.94% % 3.05% 72.05% March ,73% n.d. n.d. 80% 60% 40% 20% 0% March 2002 Años Member Covered/Work Force Contributors Old System/Work Force (Members Covered + Contributors Old System)/Work Force (1) Corresponds to members of the AFP System with fewer than twelve months without movement in their individual capitalization accounts. 217

6 CONTRIBUTIONS DECLARED BUT WITHOUT PAYMENT (Accumulated figures in pesos as of March 2002) Years Contributions declared % of Pension Fund but without payment Net Worth (In thousands of $) ,261, % ,020, % ,334, % ,250, % ,052, % ,723, % ,186, % ,277, % ,892, % ,158, % ,795, % ,988, % March ,373, % In millions of $ as of March to , , , , , ,000 80,000 60,000 40,000 20, March 2002 Contributions declared but without payment % of Pension Fund Net Wort 0.90% 0.80% 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% % of Pension Fund Net Worth 218

7 THE CHILEAN PENSION SYSTEM NUMBER OF PENSIONS PAID IN THE SYSTEM BY TYPE OF PENSION (1) (As of december each year) Years Retirement Early Total Partial Widows Orphans Others (3) TOTAL Retirement Disability (2) Disability (2) ,108 2, , , ,521 5, , , , ,340 9, , , , ,872 11, , , , ,740 14, , , , ,797 16, , , , ,506 18, , ,129 2,824 14, ,245 19,798 1,051 69, ,876 5,790 15, ,214 23,079 1,325 87, ,141 15,673 15, ,472 29,414 1, , ,763 26,054 15, ,810 29,262 1, , ,089 37,521 15, ,848 31,450 2, , ,440 53,354 15, ,965 34,616 2, , ,591 69,537 16,760 1,216 32,279 36,107 2, , ,374 80,576 17,865 1,438 35,516 38,468 3, , ,405 94,116 18,917 1,626 38,792 41,097 3, , , ,177 20,159 1,832 41,789 44,951 4, , , ,559 22,827 2,284 46,312 47,676 4, , , ,221 23,523 2,370 52,997 53,714 5, , , ,603 25,794 2,991 57,173 56,818 5, ,420 March , ,218 26,374 3,156 58,088 57,930 6, ,981 Number of People 160, , , ,000 80,000 60,000 40,000 20, March 2002 Years Retirement Early Retirement Total + Partial Disability Widows, Orphans + Others (3) (1) Excluding the first pension payment. (2) Does not include transitory disability pensions. (3) Correspond to pensions to mothers of offspring from a non-marital relationship, and the parents of the member. 219

8 AVERAGE AMOUNT OF PENSIONS PAID IN THE SYSTEM (1) (As of December each years in pesos of March 2002) Years Retirement Early Total Partial Widows Orphans Others (3) Retirement Disability (2) Disability (2) ,091-82,446 23,649 51, , ,255-74,502 20,855 44, , ,234-64,596 18,133 36, , ,242-61,831 17,298 33, , ,193-61,992 18,092 33, , ,211-60,143 17,415 37, , , ,876-63,005 18,327 35, , , ,760-65,420 21,073 36, , , ,987-63,822 21,787 38, , , ,080 50,861 68,561 21,863 36, , , ,776 89,811 73,099 24,858 38, , , , ,883 76,380 25,027 41, , , , ,466 76,866 27,931 41, , , , ,704 79,315 28,427 41, , , , ,780 77,014 28,142 38, , , , ,018 77,999 28,256 38, , , , ,278 78,869 28,096 40, , , , ,993 84,184 29,793 44, , , , ,201 88,028 30,280 47, , , , ,570 88,234 30,608 46,766 March , , , ,887 87,489 29,966 45,564 Average Amount $ 240,000 $ 210,000 $ 180,000 $ 150,000 $ 120,000 $ 90,000 $ 60,000 $ 30,000 $ March 2002 Years Retirement Early Retirement Total + Partial Disability Widows, Orphans + Others (3) (1) Excluding the first pension payments. (2) Does not include transitory disability pensions. (3) Correspond to pensions to mothers of offspring from a non-marital relationship and to the parents of the member. 220

9 THE CHILEAN PENSION SYSTEM NUMBER OF PENSIONS PAID PROGRAMED WITHDRAWAL BY TIPE OF PENSION (1) (As of December each year) Years Retirement Early Total Partial Widows Orphans Others 3) TOTAL Retirement Disability (2) Disability (2) ,064 2, , , , , , , , ,306 2, , , , ,817 3, , , , ,287 3, , , , ,956 4, , , , ,867 6, , , , ,640 8, , , , ,211 13, , , , ,121 14, , ,868 2,288 4, ,421 16,189 1,246 68, ,465 5,572 4, ,636 18,992 1,617 85, ,777 10,276 6, ,353 20,551 1,908 98, ,653 10,818 6, ,042 21,647 2, , ,482 12,177 7, ,361 22,322 2, , ,490 11,964 9,109 1,074 21,845 22,321 2, , ,575 14,146 10,429 1,405 23,520 23,390 2, , ,678 15,032 10,401 1,644 28,257 26,972 3, , ,069 16,612 12,000 2,119 30,948 28,806 3, ,516 March ,023 18,113 12,301 2,205 31,412 29,376 4, ,507 AVERAGE AMOUNT OF PENSIONS PAID IN PROGRAMED WITHDRAWAL BY TYPE OF PENSION (1) (In December each year in pesos as of March 2002) Years Retirement Early Total Partial Widows Orphans Others (3) Retirement Disability (2) Disability (2) , ,446 23,649 51, , , ,078 7,613 13, , , ,860 8,423 14, , , ,698 8,099 11, , , ,747 9,881 17, , , ,585 9,719 16, , ,274 72, ,924 13,444 28, , ,404 83, ,917 18,141 28, , ,262 71, ,382 18,465 30, , ,571 78,559 50,861 54,910 21,057 31, , ,522 85,524 89,573 64,629 24,944 34, , ,182 82, ,679 63,819 23,487 34, , ,373 96, ,482 69,002 27,374 36, , , , ,179 72,566 28,346 38, , ,105 92,651 86,172 63,657 26,888 33, , ,288 92,165 87,305 63,009 26,564 32, , ,801 90,221 77,263 60,741 25,106 32, , ,681 92,327 80,016 68,192 27,212 35, , ,750 99,788 84,823 73,213 26,078 39, , ,909 99,031 84,385 72,890 26,402 38,745 March , ,778 96,445 83,512 71,281 25,268 37,154 (1) Pensions corresponding to the first payment are excluded. (2) Transitory disability pensions are not included. (3) These correspond to pensions paid to mothers of offspring from a non-marital relationship and to the member s parents. 221

10 NUMBER OF PENSIONS PAID IN LIFE ANNUITIES BY TYPE OF PENSION (1) (As of December each year) Years Retirement Early Total Partial Widows Orphans Others (3) TOTAL Retirement Disability (2) Disability (2) , , , , , ,705 2,791 1, , , ,972 5,717 2, ,807 3, , ,428 14,792 2, ,502 4, , ,599 23,461 2, ,037 4, , ,529 33,127 3, ,763 6, , ,261 43,750 2, ,621 7, , ,162 53,382 2, ,275 8, , ,736 63,831 3, ,766 10, , ,723 75,626 3, ,656 13, , ,761 90,443 4, ,531 17, , ,696 99,127 6, ,284 19, , , ,720 7, ,342 23,060 1, , , ,636 8, ,760 24,915 1, ,431 March , ,971 8, ,229 25,524 1, ,256 AVERAGE AMOUNT OF PENSIONS PAID IN LIFE ANNUITIES BY TYPE OF PENSION (1) (In December each year in pesos as of March 2002) Years Retirement Early Total Partial Widows Orphans Others (3) Retirement Disability (2) Disability (2) , , , , , , , , , , , , ,383 24,620 26, , , , ,975 27,698 73, , , , ,425 31,747 67, , , , ,749 32,071 63, , , , ,883 32,557 64, , , , ,229 34,177 73, , , , , ,313 35,797 71, , , , , ,531 33,367 66, , , , , ,116 33,853 63, , , , , ,496 33,205 60, , , , , ,306 33,367 64, , , , , ,334 34,015 74, , , , , ,574 36,121 70, , , , , ,708 36,121 71,818 March , , , , ,411 36,121 71,604 (1) Pensions corresponding to the first payment are excluded. (2) Transitory disability pensions are not included. (3) These correspond to pensions paid to mothers of offspring from a non-marital relationship and to the member s parents. 222

11 THE CHILEAN PENSION SYSTEM NUMBER OF PENSIONS PAID IN TEMPORARY INCOME BY TYPE OF PENSION (1) (As of December each year) Years Retirement Early Total Partial Widows Orphans Others (3) TOTAL Retirement Disability (2) Disability (2) , , , , , , , , , , , ,200 6, , , , , , , , , ,829 March ,003 5, ,698 AVERAGE AMOUNT OF PENSIONS PAID IN TEMPORARY ONCOME BY TYPE OF PENSION (1) (In December each years in pesos as of March 2002) Years Retirement Early Total Partial Widows Orphans Others (3) Retirement Disability (2) Disability (2) , , , ,417 94, , , ,570 92, , , , ,096 81, , , , ,038 81, , , , ,683 97, ,064 51, , , , , , ,933 82, , , , , , , , , , , , , , , , , , , , , , , , , ,604 79, , , , , , ,848 99, , , , , ,639 82, , , , , , , , , , , , , ,347 March , , , , , , ,755 (1) Pensions corresponding to the first payment are excluded. (2) Transitory disability pensions are not included. (3) These correspond to pensions paid to mothers of offspring from a non-marital relationship and to the member s parents. 223

12 VOLUNTARY SAVINGS ACCOUNTS (As of December each year) Number Average Period Accumulated Balance (1) ,948 90, ,226 96, , , , , , , , , , , , , ,016, , ,019,765 85, , , ,044, , ,061, ,427 March ,064, ,722 Number Accounts 1,200, , , , , ,000 $ 300,000 $ 250,000 $ 200,000 $ 150,000 $ 100,000 $ 50,000 Average Balance Number of Accounts Average Balance 2001 March 2002 $ 0 (1) In pesos of March

13 THE CHILEAN PENSION SYSTEM COMPENSATION SAVINGS ACCOUNT (As of December each year) Number Average Period Accumulated Balance (1) ,484 18, ,850 23, ,821 36, ,558 42, ,523 43, ,203 52, ,938 55, ,709 63, ,901 74, ,190 80, ,535 85,324 March ,295 85,941 Number Accounts 500, , , , , , , , ,000 50, March 2002 Number Accounts Average Balance $ 100,000 $ 90,000 $ 80,000 $ 70,000 $ 60,000 $ 50,000 $ 40,000 $ 30,000 $ 20,000 $ 10,000 $ 0 Average Balance (1) In pesos of March

14 VALUE OF THE PENSION FUNDS (As a December each year) Years Value of the Pension Funds Funds/GDP Millions of US$ (1) % % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % March , Millions of dollars 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, March % 50% 40% 30% 20% 10% 0% Funds/GDP Value of Pension Funds Funds/GDP (1) Amount in millions of dollars as of March

15 THE CHILEAN PENSION SYSTEM DEVELOPMENT OF PENSION FUND INVESTMENT BY INDUSTRIAL SECTOR AND FINANCIAL INSTRUMENTS (As percentage as of December each year) March 2002 Type1 Type2 Type1 Type2 Type1 Type2 Fund Fund Fund Fund Fund Fund State Sector Central Bank of Chile General Treasury of the Republic Recognition Bond MINVIU Financial Sector Mortgage-backed securities Time Deposits Bonds of Financial Institutions Shares of Financial Institutions Forwards Company Sector Shares Bonds Investment Fund Shares Foreing Sector Mutual Fund and Company Shares Debt Instruments Forwards Others Disposable Assets TOTAL ASSETS

16 REAL ANNUAL YIELD ON THE UNID DEFLATED BY THE UF (As a percentage) Average Average Years for Type 1 Fund (1) for Type 2 Fund (1) 1981 (2) (3) Jan-March Annual Average 10,7 (4) 9,3 (5) 35.0% Real Annual Yield Type 1 Fund 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% Average 10.7% Jan-March 2002 (1) Weighted average for the value of the Pension Fund of each AFP in the corresponding period. (2) Period July 1981-December (3) Period May December (4) Corresponds to the average real annual yield obtained by a contribution which entered the System in July 1981 and is held in it until March (5) Corresponds to the average real annual yield obtained by a contribution which entered the System in May 2000 and is held in it until March

17 THE CHILEAN PENSION SYSTEM Fixed Monthly Commission per Contribution (In pesos as of March 2002) COMMISSIONS CHARGE BY THE ADMINISTRATORS (As of December each year) March 2002 Weighted Mean Maximum 1,536 2,095 1,558 1,175 1,343 1,106 1,774 1,461 1, ,830 1,725 1,103 1,078 1,031 1,005 1,000 Minimum Additional Contribution (As % of Taxable Wage) March 2002 Weighted Mean Maximum Minimum Fixed Monthly Commission for Balance Maintenance (In pesos as of March 2002) Weighted Mean 1,616 1,625 1, Maximum 1,975 2,051 1,652 1,307 1, Minimum Annual Percentage Commission on the Balance Weighted Mean Maximum Minimum Fixed Monthly Commissions for Programmed Withdrawal (In pesos as of March 2002) March 2002 Weighted Mean Maximum ,830 1,725 1,648 1,611 1,541 1,502 1,495 Minimum Percentage Commissions for Programmed Withdrawal (In pesos as of March 2002) March 2002 Weighted Mean Maximum Minimum

18 SOCIAL SECURITY COST FOR AN AVERAGE MEMBER Years Social Security Cost Real Average Social Security Cost ($ as of March 2002) Taxable Income (1) (% of Average Income) ($ as of March 2002) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,340 2, , ,966 2, , ,119 2,44 March , ,728 2,43 Note: (1) Taxable Income as of December each year. $ 9,000 Monthly Social Security Cost $ 8,000 $ 7,000 $ 6,000 $ 5,000 $ 4,000 Social Security Cost $ 3,000 Years March Social Security Cost in $ Social Security Cost as % of Taxable Income 230

19 THE CHILEAN PENSION SYSTEM AVERAGE COST FOR PENSIONERS USING PROGRAMMED WITHDRAWAL Years Cost per Programmed Pension under Cost per Pension Withdrawal Programmed (% of the Pension) ($ as of March 2002) Real Average ($ as of March 2002) , , , , , , ,011 86, ,008 86, March ,

20 TRANSFER OF MEMBERS BETWEEN ADMINISTRATORS Year Total Total Total Notification Rejections Acceptances , , ,998 11, , ,920 17, , ,760 6, , ,813 4, , ,601 65, , ,754 91, , , , , , , , , , , ,260, , , ,531, , , ,956, ,570 1,328, ,101, ,376 1,569, ,125, ,449 1,577, ,363 82, , ,850 18, , ,099 9, , ,913 8, ,096 Jan-March ,060 1,744 56,316 2,500,000 Number of Transfers 2,000,000 1,500,000 1,000, ,000 0 Jan-March 2002 Notifications Rejections Acceptances 232

21 THE CHILEAN PENSION SYSTEM NUMBER OF SALES AGENTS (as of December each year) Years Total for the System Source: F.E.C.U. AFP , , , , , , , , , , , , , , , , , , , ,742 March ,554 Number of Sales Agents 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,

22 ANNUAL INCOME AND OPERATING EXPENSES OF THE AFPS (In thousands of dollars as of March) Jan-mar, (1) OPERATING INCOME 81,650 88,955 95, , , , , , , , , , , , , , , , , , ,927 Income from Commissions 70,450 76,500 87,723 87,270 94, , , , , , , , , , , , , , , , ,809 Profits from Obligatory Deposit 11,200 12,455 5,385 9,692 7,399 8,968 6,856 13,139 24,286 29,529 18,760 34,586 33,844 16,672 14,867 22,244 9,028 47,688 26,110 30,661 41,438 Profits from Premiums Funds 0 0 1,912 3,140 2,410 2,611 1,562 2,538 4,264 2,691 1,647 1,660 1,256 1, Profits (loss) plc with Complementary corp, Purpose ,874 6,714 19,987 98,953 27,397 19,517 Profits (loss) Inv, in Security Deposit Firms Others Operating Income ,126 19,368 15,367 13,111 15,074 18,715 24,805 14,890 12,963 10,635 12,177 10,343 9,179 15,912 OPERATING EXPENSES (89,997) (78,532) (85,361) (83,873) (82,848) (87,875) (221,801) (235,569) (246,612) (229,325) (271,577) (311,338) (350,198) (364,477) (377,613) (421,400) (383,524) (363,726) (333,150) (325,406) (319,562) Wages: Personnel (22,628) (22,942) (26,164) (27,130) (29,879) (32,947) (39,437) (45,318) (53,431) (56,745) (63,503) (71,305) (79,220) (77,362) (73,745) (78,899) (78,900) (80,642) (77,972) (73,888) (59,775) Wages: Sales Force (13,896) (12,457) (11,975) (13,450) (14,264) (14,808) (20,149) (20,476) (27,139) (32,435) (47,447) (66,919) (85,335) (104,277) (125,989) (149,583) (120,174) (87,714) (49,687) (42,639) (38,339) Wages: Board of Directors (271) (356) (558) (556) (517) (537) (571) (670) (712) (836) (981) (1,301) (1,288) (1,245) (1,372) (1,464) (1,120) (1,427) (1,350) (1,448) (1,502) Marketing expenses (15,999) (6,739) (7,649) (4,165) (3,160) (3,228) (5,182) (5,515) (5,863) (5,198) (7,375) (9,163) (11,021) (12,444) (16,146) (17,725) (8,586) (7,273) (4,720) (6,404) (6,395) Computing expenses (6,631) (6,537) (5,808) (6,609) (5,351) (5,322) (5,712) (6,570) (8,536) (7,855) (7,697) (8,469) (9,479) (9,000) (8,721) (9,916) (7,706) (7,400) (6,070) (6,106) (5,869) Administration expenses (14,943) (16,585) (19,764) (22,524) (24,104) (26,416) (32,382) (34,698) (38,504) (41,551) (49,455) (55,358) (62,721) (67,471) (57,208) (59,324) (52,981) (44,431) (44,135) (44,434) (44,187) Depreciation (1,287) (1,410) (1,800) (2,241) (2,814) (4,194) (4,016) (4,368) (4,990) (5,231) (6,969) (7,540) (8,580) (8,995) (8,936) (9,066) (7,923) (8,076) (7,086) (7,972) (6,066) Amortization (11,639) (11,226) (11,057) (7,195) (2,630) (101) (163) (162) (270) (380) (804) (1,729) (2,556) (1,978) (2,119) (2,040) (1,140) (1,111) (1,172) (1,471) (1,466) Disability Insurance Premium (2) (4,221) (117,418) (106,099) (76,737) (85,888) (87,430) (88,419) (79,929) (81,239) (91,474) (102,992) (122,839) (137,688) (137,580) (152,538) Other Operational Expenses (2,704) (280) (587) (2) (128) (322) (109,969) (376) (1,069) (2,357) (1,458) (2,124) (1,578) (1,776) (2,137) (1,909) (2,003) (2,813) (3,271) (3,464) (3,425) OPERATING RESULTS (8,348) 10,423 9,659 16,229 21,717 26,422 26,278 54,282 65,465 75,323 71,863 82,434 76,683 80,519 71,977 76,187 81, , , , ,365 Notes: (1) Information for the first quarter of 2002, annualised. (2) The premium of the disability and survivorship insurance has appeared as a separate item in accounts since 1988, the date on which the accounting system fro these expenses was modified. 234

23 THE CHILEAN PENSION SYSTEM ANNUAL INCOME AND OPERATING EXPENSES OF THE AFPS (As a percentage) Jan.-mar (1) OPERATING INCOME Income from Commissions Profits from Obligatory Deposit Profits from Premiums Fund Profits (loss) plc with complementary corp. Purpose Profits (loss) Inv. in Security Deposit Firms Other Operating Income OPERATING EXPENSES Wages: Personnel Wages: Sales Force Wages: Board of Directors Marketing expenses Computing expenses Administration expenses Depreciation Amortization Disability Insurance Premium (2) Other Operational Expenses Notes: (1) Information for the first quarter of 2002, annualised. (2) The premium of the disability and survivorship insurance has appeared as a separate item in accounts since 1988, the date on which the accounting system fro these expenses was modified. 235

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