In the 1993 SNA, promises to pay future pension benefits are not recognized as liabilities of social security schemes or unfunded employer schemes. The review will investigate the analytical relevance of recording liabilities for the latter in the national accounts and, if appropriate, formulate recommendations regarding their valuation and measurement. The review should also address the problems of under- and over-funded defined benefit schemes where at present liabilities are recognized only to the extent that reserves have been built up. The implications for the definition of output of pension schemes, compensation of employees and saving as well as measurement issues need to be addressed. The review will also lead to a reconciliation of the recommendations of the 1993 SNA and the IMF
Government Finance Statistics Manual regarding the treatment of unfunded employer pension schemes.