|In implementing SNA93, the Australian Bureau of Statistics (ABS) faced the question of how to treat unfunded superannuation schemes relating to general government employees. In Australia, unfunded schemes in the general government sector that offer defined benefits have historically been a significant component of the social security arrangements. This note describes typical unfunded superannuation arrangements relating to many general government employees in Australia and explains the treatment of these arrangements in the Australian System of National Accounts (ASNA). A number of issues associated with this treatment are considered. In particular, and consistent with funded schemes, we believe that assets and liabilities associated with unfunded pension schemes should generally be recorded in the sectoral balance sheets.
Peter Harper, Australian Bureau of Statistics
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