The diversity of pension plans and their accounting liabilities
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1 The diversity of pension plans and their accounting liabilities June 2015, Ph.D. Certified Pension Actuary of Japan (The Institute of Strategic Solutions for Pension Management)
2 Classification of DB plans and DC plans in FAS87 Category Defined plans Defined Contribution plans Definition one that defines an amount of pension benefit to be provided, usually as a function of one or more factors such as age, years of service, or compensation a plan that provides pension benefits in return for services rendered, provides an individual account for each participant, and has terms that specify how contributions to the individual's account are to be determined rather than the amount of pension benefits the individual is to receive 1
3 Classification of DB plans and DC plans in IAS19 Category Defined plans Defined Contribution plans Definition post-employment benefit plans other than defined contribution plans post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods 2
4 Re-classification of pension plans Traditional DB Traditional DB DB Pension Equity Pension Equity Cash Cash Lump-sum Lump-sum DA DC DC Here, DA (Defined Accumulation) plans are whose benefits are accumulated at the point. I also call them as Termination plans. (Note) This concept was presented in Innovation of Pension scheme by Kubo for ICA
5 The characteristic of traditional pension plans accumulations are at retirement (pensionable) age. That is why the current value should be calculated by discounting future pension benefits. Current Value Discount Pension 3 Pension 2 Pension Entry Service Retirement 4
6 The characteristic of DA plans accumulation are at the point (now) as lump-sum. Future pension benefits are calculated with interests. The current value should be based on the lump-sum (account balance). Current Obligation (CBO) Interest Future Value of s pension Entry Service Retirement 5
7 The structure of pension payments in DA plans Yearly accruals Yearly accruals Yearly accruals Additions by services Additions by services Additions by services CBO Additions by salary increases CBO Additions by salary increases CBO Interests Additions CBO Conversion to Pensions Pension payments Entry Termination Pensionable age End of payments CBO is key element for DA plans, and should be used for accounting liabilities. 6
8 The structure of Cash plans Pay Credit Pay Credit Pay Credit Services Services Services Interests Interests Interests Additions Conversion to Pensions Pension payments Entry Termination Pensionable age End of payments Thus, Cash plan is one of DA plans. That is why PBO or ABO is not adequate for its accounting. In CB plans, CBO is account balance and for accounting liabilities. 7
9 Salary related plans: difference Plan type Accumulated (Current) salary Career average salary Final salary s and future salary increases is defined as a percentage of current salary for each service year. Past benefits are not influenced by future salary increases. is defined as a percentage of average salary for each service year. Can be converted to Accumulated salary plan as below. Past benefits are not influenced by future salary increases. is defined as a percentage of final salary for each service year. Past benefits are revised by future salary increases. Average Salary x rate = (Accumulated Salary / Years of Service) x rate So, only the final salary plan may have a reason to include future salary increases for its accounting validation. 8
10 Salary related plans: future salary increases Accumulated salary plan Only ABO is reasonable 2nd year benefit 1st year benefit Final salary plan Revaluation by salary increase 1st year benefit PBO or ABO? 2nd year benefit (Current Final Salary) (Current Accumulated rates) (Current Final Salary) (Current Accrued rate (Last year Accumulated rates (Current Final Salary) (Current Accrued rate) (Current Final Salary) (Last year Accumulated rates (Current Final Salary) (Current Accrued rate (Last year Final Salary) (1 Salary Increase rate) (Last year Accumulated rates (Current Final Salary) (Current Accrued rate (Last year Final Salary) (Last year Accumulated rates +(Last year Final Salary) (Salary Increase rate) (Last year Accumulated rates 9
11 Time passing of relating and non-relating services Pay Credit Pay Credit Pay Credit relating services Should be excluded from accounting liabilities Services Interests Services Interests Services Interests Conversion to Pensions Entry Hypothetical Pensionable age End of payments Termination Pension payments Interests Additions non-relating services Should be included in accounting liabilities Inflation-related increases in UK corporate pensions after terminations 10
12 ing liabilities for various pension plans Category Plan design ing liability Defined Traditional pension dominated type (Retirement ) Final salary Accumulated salary Average salary ABO ABO ABO Flat amount ABO Accumulated lump-sum dominated type (Termination ) (Defined Accumulation) Final salary Accumulated salary Average salary Flat amount Max (CBO, ABO) Max (CBO, ABO) Max (CBO, ABO) Max (CBO, ABO) Cash Max (CBO, ABO) Defined Contribution Pure Defined Contribution Accrued and unpaid contributions 11
13 curve and guarantee of interests of various plans Category While active After retirement Lump-sum allowance Prescribed (Realized performance) Traditional DB plans Prescribed Fixed interests Cash -like plans Prescribed Variable interests Cash plans Variable interests Variable (Fixed) interests Pure DC plans Realized performance Realized performance For Traditional DB plans, the burden of guaranteeing fixed interests after retirement (including for beneficiaries) has become huge because of longer life-expectancy and market fluctuations. For DC and CB plans, there may be trend to be paid by lump-sum and not to be linked to pension payments for old-age security. 12
14 The concept of Pension Clearance Organization While Active (Funding stage) After retirement (Payment stage) New DB plans (Lump-sum Allowance) (Cash type) (Current DB concept) Pure DC plans Pension Clearance Organization (The 3rd party) Accept funds from plans Guarantee fixed/variable interests Menus for various annuities Some adjustment for market fluctuations etc. We should not stick to the concept that (DB) pension plans bear the responsibility to provide annuities. 13
15 Referrences European Financial Reporting Advisory Group (EFRAG)/ Discussion Paper, The Financial Reporting of Pensions (2008) and its Feedback paper (2009) FAS87 Employers ing for Pensions IAS19 Employee s Mercer Introduction to benefit plans around the world (2013 Edition) The Institute of Strategic Solutions for Pension Management/ Project team on ing for Retirement s/ Phase report Recognition and Measurement of Pension Liability (2014) Pension Finance and the Significance of Defined Pension Plans (PBSS/Boston, 2008) Innovation of Pension scheme (ICA/Cape Town, 2010) Ross M. Skinner, Pension ing The problem of equating payments tomorrow with expenses today (Clarkson Gordon, 1980) 14
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