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Valuing public pension liabilities deficits… A bleak outlook

January 2013

The EDHEC-Risk Institute published a study on pension liabilities in EU countries. Due to the variety of national systems, getting a clear view of pension liabilities is not straightforward. The recent 2012 Ageing Report (European Commission, 2012) goes a long way in providing comparable figures and projections of public and other pension expenditures. The present value of pension liabilities is very sensitive to the discount rate chosen. At a 5% discount rate, the accrued-to-date liabilities exceed 100 per cent of 2010 GDP in 18 out of 27 countries; of above 200 per cent in eight countries; and up to 483 per cent for Belgium. At a 4% rate, 12 countries are above 200 per cent and seven countries above 400 per cent. At a 3% rate, 11 countries are above 400 per cent of GDP, six countries are above 800 per cent…

To read the report, click on this link.