Definition: Private funded social insurance schemes

ESA 1995

There are two categories of such schemes. The first consists of schemes in which the social contributions are paid to insurance enterprises or autonomous pension funds that are separate institutional units from both the employers and the employees. The insurance enterprises or autonomous pension funds are responsible for managing the resulting funds and paying the social benefits. The second category consists of schemes in which employers maintain special reserves to defray social benefits. These reserves are segregated from their other reserves, but they do not constitute separate institutional units from the employers and are referred to as non-autonomous pension funds.
Source:
Eurostat, "European System of Accounts - ESA 1995", Office for Official Publications of the European Communities, Luxembourg, 1996
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