2422753
GLB3131d1
1997
131
sou
sou
Statens offentliga utredningar 1997:131
Statens offentliga utredningar
Statens offentliga utredningar
d1
131
0
1998-01-01 00:00:00
2024-08-12 16:18:00
1998-01-01 00:00:00
Lag om premiepension - del 1
hämtad
html-ec
https://data.riksdagen.se/dokument/GLB3131d1/text
https://data.riksdagen.se/dokument/GLB3131d1
https://data.riksdagen.se/dokumentstatus/GLB3131d1
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<DIV id="page_1">
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD class="tr0 td0"><SPAN class="p0 ft0">SOU 1997:131</SPAN> </TD>
<TD class="tr0 td1"><SPAN class="p0 ft1">Bilaga 6 <SPAN class="ft0">285</SPAN></SPAN> </TD>
</TR>
<TR>
<TD class="tr1 td2"><SPAN class="p0 ft2"> </SPAN> </TD>
<TD class="tr1 td3"><SPAN class="p0 ft2"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p1 ft3">Tänkbara behållningar på premiepensionskonton</P>
<P class="p2 ft4">Promemorians syfte är att ge en bild av olika tänkta personers behållning på premiepensionskontot. Beräkningarna bygger på en rad olika antaganden om real tillväxt av bruttonationalprodukten (BNP) samt real avkastning på den tillfälliga respektive löpande förvaltningen.</P>
<P class="p3 ft1">Antaganden om tillväxt m.m.</P>
<P class="p4 ft0">Den genomsnittliga reala <NOBR>BNP-tillväxten</NOBR> var under perioden <NOBR>1951-1996</NOBR> ca 2,7 procent per år. Under 1950- och <NOBR>1960-talet</NOBR> var tillväxten emellertid jämfört med övriga tioårsperioder relativt hög. En förklaring till den höga tillväxten som brukar framhållas är att Sverige efter andra världskriget till skillnad från en rad andra europeiska länder hade en intakt produktionsapparat. Det framgår av tabell 1 att den genomsnittliga reala årliga <NOBR>BNP-tillväxten</NOBR> blir en procentenhet lägre om 1950- och 60- talen exkluderas ur observationsperioden. Inledningen av <NOBR>1990-talet</NOBR> förefaller emellertid inte heller uppvisa något mönster som med stor sannolikhet kan påföras framtiden. Det är den enda enskilda period som uppvisar tre på varandra följande år med fallande real BNP. I figur 1 nedan åskådliggörs grafiskt den reala årliga <NOBR>BNP-tillväxten</NOBR> under perioden <NOBR>1951-1996.</NOBR></P>
</DIV>
<DIV id="page_2">
<DIV id="dimg1">
<INGENBILD zsrc="GLB3131d12x1.jpg/" id="img1">
</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t1">
<TR>
<TD class="tr0 td4"><SPAN class="p5 ft0">286</SPAN> </TD>
<TD colspan=2 class="tr0 td5"><SPAN class="p6 ft1">Bilaga 6</SPAN> </TD>
<TD class="tr0 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD colspan=3 class="tr0 td9"><SPAN class="p7 ft0">SOU 1997:131</SPAN> </TD>
</TR>
<TR>
<TD class="tr2 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD colspan=22 class="tr2 td10"><SPAN class="p8 ft6">Figur 1. Å rlig real <NOBR>BNP-tillväxt</NOBR> <NOBR>1991-års</NOBR> priser, åren <NOBR>1951-1996</NOBR></SPAN> </TD>
<TD class="tr2 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr2 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr3 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td14"><SPAN class="p9 ft7">7,00</SPAN> </TD>
<TD class="tr3 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td14"><SPAN class="p9 ft7">6,00</SPAN> </TD>
<TD class="tr0 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td14"><SPAN class="p9 ft7">5,00</SPAN> </TD>
<TD class="tr0 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td14"><SPAN class="p9 ft7">4,00</SPAN> </TD>
<TD class="tr4 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD rowspan=2 class="tr5 td13"><!--[if lte IE 7]><SPAN style="margin-left:24px;margin-top:0px;margin-right:-56px;margin-bottom:0px;" class="p10 ft8"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:0px;margin-right:-24px;margin-bottom:32px;" class="p10 ft8"><![endif]--><![if ! IE]><SPAN style="margin-left:8px;margin-top:16px;margin-right:-40px;margin-bottom:16px;" class="p10 ft8"><![endif]>förändring</SPAN> </TD>
<TD class="tr0 td14"><SPAN class="p9 ft7">3,00</SPAN> </TD>
<TD class="tr0 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td14"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD rowspan=2 class="tr7 td13"><!--[if lte IE 7]><SPAN style="margin-left:25px;margin-top:-1px;margin-right:-58px;margin-bottom:1px;" class="p11 ft9"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:-1px;margin-right:-25px;margin-bottom:34px;" class="p11 ft9"><![endif]--><![if ! IE]><SPAN style="margin-left:8px;margin-top:16px;margin-right:-41px;margin-bottom:17px;" class="p11 ft9"><![endif]>Årlig procentuell</SPAN> </TD>
<TD class="tr6 td14"><SPAN class="p9 ft7">2,00</SPAN> </TD>
<TD class="tr6 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr6 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td14"><SPAN class="p9 ft7">1,00</SPAN> </TD>
<TD class="tr4 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr4 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr8 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td14"><SPAN class="p9 ft7">0,00</SPAN> </TD>
<TD class="tr8 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr8 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr9 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td14"><!--[if lte IE 7]><SPAN style="margin-left:27px;margin-top:0px;margin-right:-33px;margin-bottom:0px;" class="p12 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:21px;margin-top:0px;margin-right:-27px;margin-bottom:6px;" class="p12 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:24px;margin-top:3px;margin-right:-30px;margin-bottom:3px;" class="p12 ft10"><![endif]>1951</SPAN> </TD>
<TD class="tr9 td6"><!--[if lte IE 7]><SPAN style="margin-left:1px;margin-top:0px;margin-right:-9px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-1px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-3px;margin-top:4px;margin-right:-5px;margin-bottom:4px;" class="p13 ft10"><![endif]>1953</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1955</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1957</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1959</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1961</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1963</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1965</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1967</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1969</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1971</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1973</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1975</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1977</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1979</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1981</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1983</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1985</SPAN> </TD>
<TD class="tr9 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-7px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:3px;margin-top:4px;margin-right:-11px;margin-bottom:4px;" class="p13 ft10"><![endif]>1987</SPAN> </TD>
<TD class="tr9 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-2px;margin-top:0px;margin-right:-6px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:2px;margin-top:4px;margin-right:-10px;margin-bottom:4px;" class="p13 ft10"><![endif]>1989</SPAN> </TD>
<TD class="tr9 td15"><!--[if lte IE 7]><SPAN style="margin-left:11px;margin-top:0px;margin-right:-18px;margin-bottom:0px;" class="p14 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:4px;margin-top:0px;margin-right:-11px;margin-bottom:7px;" class="p14 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:7px;margin-top:4px;margin-right:-14px;margin-bottom:3px;" class="p14 ft10"><![endif]>1991</SPAN> </TD>
<TD class="tr9 td11"><!--[if lte IE 7]><SPAN style="margin-left:2px;margin-top:0px;margin-right:-10px;margin-bottom:0px;" class="p13 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-6px;margin-top:0px;margin-right:-2px;margin-bottom:8px;" class="p13 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-2px;margin-top:4px;margin-right:-6px;margin-bottom:4px;" class="p13 ft10"><![endif]>1993</SPAN> </TD>
<TD class="tr9 td12"><!--[if lte IE 7]><SPAN style="margin-left:10px;margin-top:0px;margin-right:29px;margin-bottom:0px;" class="p15 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:49px;margin-top:0px;margin-right:-10px;margin-bottom:-39px;" class="p15 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:30px;margin-top:-20px;margin-right:9px;margin-bottom:-19px;" class="p15 ft10"><![endif]>1995</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td14"><SPAN class="p9 ft7"><NOBR>-1,00</NOBR></SPAN> </TD>
<TD class="tr10 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr10 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr3 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td14"><SPAN class="p9 ft7"><NOBR>-2,00</NOBR></SPAN> </TD>
<TD class="tr3 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td4"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td13"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td14"><SPAN class="p9 ft7"><NOBR>-3,00</NOBR></SPAN> </TD>
<TD class="tr0 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td15"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td11"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p16 ft12">Källa: <SPAN class="ft11">SCB</SPAN></P>
<P class="p17 ft4">I Ds 1995:41 anges att de pensioner som betalas ut från fördelningssystemet skall pris- och följsamhetsregleras. Det innebär att ålderspensionen skall räknas upp med prisutvecklingen, givet att den reala tillväxten av inkomsterna i samhället uppgår till en viss tillväxtnorm. Avviker den faktiska realinkomsttillväxten från normen görs vid indexeringen ett avdrag eller ett påslag med vad som motsvarar avvikelsen.<SPAN class="ft13">1 </SPAN>Utgångspunkten för normen såsom redovisad i Ds 1995:41 är en real tillväxt om 1,5 procent per år. I det kortare perspektivet med <NOBR>1990-talet</NOBR> i fokus förefaller det vara ett något djärvt antagande. Sett i ett längre perspektiv, under en <NOBR>45-års</NOBR> period, framstår det emellertid som ett rimligt antagande. Ut- redningens beräkningar nedan bygger på antaganden om en real BNP- tillväxt om <NOBR>0-2</NOBR> procent.</P>
<P class="p18 ft11"><SPAN class="ft14">1 </SPAN>Teoretiskt bestäms reallönernas ökning långsiktigt av real <NOBR>BNP-ökning;</NOBR> däremot visar det sig empiriskt att vissa kortsiktiga avvikelser förekommer.</P>
</DIV>
<DIV id="page_3">
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD class="tr0 td0"><SPAN class="p0 ft0">SOU 1997:131</SPAN> </TD>
<TD class="tr0 td1"><SPAN class="p0 ft1">Bilaga 6 <SPAN class="ft0">287</SPAN></SPAN> </TD>
</TR>
<TR>
<TD class="tr1 td2"><SPAN class="p0 ft2"> </SPAN> </TD>
<TD class="tr1 td3"><SPAN class="p0 ft2"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p19 ft16">Tabell 1. Den genomsnittliga årliga reala <NOBR>BNP-tillväxten<SPAN class="ft15">2</SPAN></NOBR><SPAN class="ft15"> </SPAN><NOBR>(1991-års</NOBR> priser) m.m., under olika tidsintervall, åren <NOBR>1951-1996,</NOBR> procent</P>
<TABLE cellpadding=0 cellspacing=0 class="t2">
<TR>
<TD class="tr11 td16"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr11 td17"><SPAN class="p20 ft17">Real BNP-</SPAN> </TD>
<TD class="tr11 td18"><SPAN class="p21 ft17">Riskfri real-</SPAN> </TD>
<TD class="tr11 td19"><SPAN class="p22 ft17">Real</SPAN> </TD>
<TD class="tr11 td20"><SPAN class="p23 ft17">Real aktie-</SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td21"><SPAN class="p0 ft18"> </SPAN> </TD>
<TD class="tr6 td22"><SPAN class="p24 ft19">tillväxt</SPAN> </TD>
<TD class="tr6 td23"><SPAN class="p25 ft19">ränta<SPAN class="ft20">3</SPAN></SPAN> </TD>
<TD class="tr6 td24"><SPAN class="p25 ft7">obligations-</SPAN> </TD>
<TD class="tr6 td25"><SPAN class="p26 ft21">avkastning</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td26"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td27"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td28"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td29"><SPAN class="p25 ft21">avkastning</SPAN> </TD>
<TD class="tr12 td30"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td21"><SPAN class="p27 ft7"><NOBR>1951-1996</NOBR></SPAN> </TD>
<TD class="tr6 td22"><SPAN class="p24 ft19">2,66</SPAN> </TD>
<TD class="tr6 td23"><SPAN class="p25 ft19">1,5</SPAN> </TD>
<TD class="tr6 td24"><SPAN class="p25 ft19">1,2</SPAN> </TD>
<TD class="tr6 td25"><SPAN class="p26 ft19">8,4</SPAN> </TD>
</TR>
<TR>
<TD class="tr13 td21"><SPAN class="p27 ft7"><NOBR>1960-1996</NOBR></SPAN> </TD>
<TD class="tr13 td22"><SPAN class="p24 ft17">2,50</SPAN> </TD>
<TD class="tr13 td23"><SPAN class="p25 ft17">2,1</SPAN> </TD>
<TD class="tr13 td24"><SPAN class="p25 ft17">2,4</SPAN> </TD>
<TD class="tr13 td25"><SPAN class="p26 ft17">7,9</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td21"><SPAN class="p27 ft7"><NOBR>1970-1996</NOBR></SPAN> </TD>
<TD class="tr14 td22"><SPAN class="p24 ft17">1,82</SPAN> </TD>
<TD class="tr14 td23"><SPAN class="p25 ft17">2,4</SPAN> </TD>
<TD class="tr14 td24"><SPAN class="p25 ft17">3,3</SPAN> </TD>
<TD class="tr14 td25"><SPAN class="p26 ft17">9,3</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td21"><SPAN class="p27 ft7"><NOBR>1980-1996</NOBR></SPAN> </TD>
<TD class="tr15 td22"><SPAN class="p24 ft17">1,46</SPAN> </TD>
<TD class="tr15 td23"><SPAN class="p25 ft17">5,1</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p25 ft17">6,9</SPAN> </TD>
<TD class="tr15 td25"><SPAN class="p26 ft17">16,6</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td21"><SPAN class="p27 ft7"><NOBR>1990-1996</NOBR></SPAN> </TD>
<TD class="tr14 td22"><SPAN class="p24 ft17">0,63</SPAN> </TD>
<TD class="tr14 td23"><SPAN class="p25 ft17">5,9</SPAN> </TD>
<TD class="tr14 td24"><SPAN class="p25 ft17">12,1</SPAN> </TD>
<TD class="tr14 td25"><SPAN class="p26 ft17">7,9</SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td26"><SPAN class="p0 ft22"> </SPAN> </TD>
<TD class="tr16 td27"><SPAN class="p0 ft22"> </SPAN> </TD>
<TD class="tr16 td28"><SPAN class="p0 ft22"> </SPAN> </TD>
<TD class="tr16 td29"><SPAN class="p0 ft22"> </SPAN> </TD>
<TD class="tr16 td30"><SPAN class="p0 ft22"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p28 ft0"><SPAN class="ft1">Källa: </SPAN>Frennberg & Hansson, SCB, egna beräkningar</P>
<P class="p17 ft0">Den riskfria årliga reala räntan har i genomsnitt under den studerade perioden (åren <NOBR>1951-1996)</NOBR> varit 1,5 procent. I den tillfälliga förvaltningen ges ett visst utrymme för aktiv förvaltning av medlen, då Premiepensionsmyndigheten görs till ”kontohavare” och Riksgäldskontoret till motpart. Det blir möjligt att placera på den för en <NOBR>30-dagars</NOBR> statsskuldväxel. Utredningen räknar i det följande något längre löptider, vilket bör ge en högre avkastning jämfört med med en årlig real avkastning om <NOBR>2-3</NOBR> procent från den tillfälliga förvaltningen.</P>
<P class="p29 ft4">Under större delen av <NOBR>1970-talet</NOBR> rådde det negativ real ränta, dvs. inflationen mätt som KPI var högre än avkastningen för den riskfria räntan. Under <NOBR>1980-talet</NOBR> och framförallt under <NOBR>1990-talet</NOBR> har emellertid den årliga reala räntan ökat och har i genomsnitt under perioden 1980- 1996 varit 5,1 procent, vilket sett i ett internationellt perspektiv är relativt högt.</P>
<P class="p30 ft11"><SPAN class="ft23">2</SPAN><SPAN class="ft24">Beräknat som det geometriska medelvärdet för perioden.</SPAN></P>
<P class="p31 ft11"><SPAN class="ft23">3</SPAN><SPAN class="ft25">Den reala avkastningen för real riskfri ränta, real obligations- och aktieavkastning</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t3">
<TR>
<TD class="tr14 td31"></TD>
<TD rowspan=2 class="tr17 td32"><SPAN class="p0 ft11">har beräknats som, <SPAN class="ft1">R</SPAN><SPAN class="ft26">real, i</SPAN></SPAN> </TD>
<TD rowspan=2 class="tr17 td33"><SPAN class="p6 ft27">=</SPAN> </TD>
<TD class="tr14 td34"><SPAN class="p32 ft23"><SPAN class="ft28">(1 </SPAN><SPAN class="ft29">+ </SPAN><SPAN class="ft30">R</SPAN>nominell, t =i <SPAN class="ft28">)</SPAN></SPAN> </TD>
<TD rowspan=2 class="tr17 td35"><SPAN class="p21 ft11"><SPAN class="ft27">- </SPAN><SPAN class="ft0">1</SPAN>, där <SPAN class="ft31">p </SPAN>= inflation och <SPAN class="ft32">R </SPAN>=</SPAN> </TD>
</TR>
<TR>
<TD class="tr18 td31"></TD>
<TD rowspan=2 class="tr13 td36"><SPAN class="p33 ft35">(1 + <SPAN class="ft33">p </SPAN><SPAN class="ft34">t=i </SPAN>)</SPAN> </TD>
</TR>
<TR>
<TD class="tr18 td31"></TD>
<TD class="tr18 td32"><SPAN class="p0 ft36"> </SPAN> </TD>
<TD class="tr18 td33"><SPAN class="p0 ft36"> </SPAN> </TD>
<TD class="tr18 td35"><SPAN class="p0 ft36"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr11 td31"></TD>
<TD class="tr11 td32"><SPAN class="p0 ft11">avkastningen.</SPAN> </TD>
<TD class="tr11 td33"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr11 td35"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_4">
<DIV id="dimg1">
<IMG src="http://data.riksdagen.se/fil/GLB3131d1/GLB3131d14x1.jpg" style="width:535px;height:311px" id="img1">
</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t1">
<TR>
<TD class="tr0 td37"><SPAN class="p7 ft0">288</SPAN> </TD>
<TD colspan=2 class="tr0 td23"><SPAN class="p34 ft1">Bilaga 6</SPAN> </TD>
<TD class="tr0 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr0 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD colspan=3 class="tr0 td45"><SPAN class="p35 ft0">SOU 1997:131</SPAN> </TD>
</TR>
<TR>
<TD class="tr2 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD colspan=24 class="tr2 td46"><SPAN class="p36 ft1">Figur 2. Real avkastning på ettårsinvesteringar i olika tillgångsslag,</SPAN> </TD>
</TR>
<TR>
<TD class="tr9 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD colspan=4 class="tr9 td47"><SPAN class="p36 ft6">åren <NOBR>1951-1996</NOBR></SPAN> </TD>
<TD class="tr9 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr9 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td49"><SPAN class="p37 ft10">60</SPAN> </TD>
<TD class="tr9 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr9 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD rowspan=2 class="tr19 td49"><SPAN class="p37 ft10">50</SPAN> </TD>
<TD class="tr12 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD colspan=3 class="tr12 td50"><SPAN class="p38 ft37">Real aktieavkastning</SPAN> </TD>
<TD class="tr12 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr12 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr20 td37"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td37"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td6"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td38"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td39"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD colspan=2 class="tr20 td51"><SPAN class="p38 ft37">Real riskfri ränta</SPAN> </TD>
<TD class="tr20 td41"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td42"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td43"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td44"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td48"><SPAN class="p0 ft38"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr20 td37"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td49"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td37"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td6"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td38"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td39"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD colspan=4 class="tr20 td52"><SPAN class="p38 ft37">Real obligationsavkastning</SPAN> </TD>
<TD class="tr20 td42"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td43"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td44"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td8"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td7"><SPAN class="p0 ft38"> </SPAN> </TD>
<TD class="tr20 td48"><SPAN class="p0 ft38"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td49"><SPAN class="p37 ft10">40</SPAN> </TD>
<TD class="tr16 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr16 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr19 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td49"><SPAN class="p37 ft10">30</SPAN> </TD>
<TD class="tr19 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td49"><SPAN class="p37 ft10">20</SPAN> </TD>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td49"><SPAN class="p37 ft10">10</SPAN> </TD>
<TD class="tr15 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td49"><SPAN class="p37 ft10">0</SPAN> </TD>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr19 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td49"><SPAN class="p37 ft10"><NOBR>-10</NOBR></SPAN> </TD>
<TD class="tr19 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr19 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td49"><SPAN class="p37 ft10"><NOBR>-20</NOBR></SPAN> </TD>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td49"><SPAN class="p37 ft10"><NOBR>-30</NOBR></SPAN> </TD>
<TD class="tr15 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr15 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td49"><SPAN class="p37 ft10"><NOBR>-40</NOBR></SPAN> </TD>
<TD class="tr14 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td6"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td38"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td39"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td40"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td41"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td42"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td43"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr14 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr3 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr3 td49"><!--[if lte IE 7]><SPAN style="margin-left:49px;margin-top:0px;margin-right:-63px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:35px;margin-top:0px;margin-right:-49px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:42px;margin-top:7px;margin-right:-56px;margin-bottom:7px;" class="p39 ft10"><![endif]>195012</SPAN> </TD>
<TD class="tr3 td37"><!--[if lte IE 7]><SPAN style="margin-left:10px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p40 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-1px;margin-top:0px;margin-right:-10px;margin-bottom:11px;" class="p40 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:4px;margin-top:6px;margin-right:-15px;margin-bottom:5px;" class="p40 ft10"><![endif]>195212</SPAN> </TD>
<TD class="tr3 td6"><!--[if lte IE 7]><SPAN style="margin-left:1px;margin-top:0px;margin-right:-15px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-13px;margin-top:0px;margin-right:-1px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-6px;margin-top:7px;margin-right:-8px;margin-bottom:7px;" class="p39 ft10"><![endif]>195412</SPAN> </TD>
<TD class="tr3 td38"><!--[if lte IE 7]><SPAN style="margin-left:10px;margin-top:0px;margin-right:-19px;margin-bottom:0px;" class="p41 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:1px;margin-top:0px;margin-right:-10px;margin-bottom:9px;" class="p41 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:5px;margin-top:5px;margin-right:-14px;margin-bottom:4px;" class="p41 ft10"><![endif]>195612</SPAN> </TD>
<TD class="tr3 td39"><!--[if lte IE 7]><SPAN style="margin-left:0px;margin-top:0px;margin-right:-16px;margin-bottom:0px;" class="p42 ft39"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-16px;margin-top:0px;margin-right:0px;margin-bottom:16px;" class="p42 ft39"><![endif]--><![if ! IE]><SPAN style="margin-left:-8px;margin-top:8px;margin-right:-8px;margin-bottom:8px;" class="p42 ft39"><![endif]>195812</SPAN> </TD>
<TD class="tr3 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-20px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:0px;margin-right:-6px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-1px;margin-top:7px;margin-right:-13px;margin-bottom:7px;" class="p39 ft10"><![endif]>196012</SPAN> </TD>
<TD class="tr3 td40"><!--[if lte IE 7]><SPAN style="margin-left:10px;margin-top:0px;margin-right:-17px;margin-bottom:0px;" class="p43 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:3px;margin-top:0px;margin-right:-10px;margin-bottom:7px;" class="p43 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:6px;margin-top:4px;margin-right:-13px;margin-bottom:3px;" class="p43 ft10"><![endif]>196212</SPAN> </TD>
<TD class="tr3 td41"><!--[if lte IE 7]><SPAN style="margin-left:2px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p44 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-10px;margin-top:0px;margin-right:-2px;margin-bottom:12px;" class="p44 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-4px;margin-top:6px;margin-right:-8px;margin-bottom:6px;" class="p44 ft10"><![endif]>196412</SPAN> </TD>
<TD class="tr3 td7"><!--[if lte IE 7]><SPAN style="margin-left:5px;margin-top:0px;margin-right:-18px;margin-bottom:0px;" class="p45 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:0px;margin-right:-5px;margin-bottom:13px;" class="p45 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-2px;margin-top:7px;margin-right:-11px;margin-bottom:6px;" class="p45 ft10"><![endif]>196612</SPAN> </TD>
<TD class="tr3 td42"><!--[if lte IE 7]><SPAN style="margin-left:0px;margin-top:0px;margin-right:-14px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-14px;margin-top:0px;margin-right:0px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-7px;margin-top:7px;margin-right:-7px;margin-bottom:7px;" class="p39 ft10"><![endif]>196812</SPAN> </TD>
<TD class="tr3 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-7px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:0px;margin-top:7px;margin-right:-14px;margin-bottom:7px;" class="p39 ft10"><![endif]>197012</SPAN> </TD>
<TD class="tr3 td43"><!--[if lte IE 7]><SPAN style="margin-left:10px;margin-top:0px;margin-right:-18px;margin-bottom:0px;" class="p46 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:2px;margin-top:0px;margin-right:-10px;margin-bottom:8px;" class="p46 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:6px;margin-top:4px;margin-right:-14px;margin-bottom:4px;" class="p46 ft10"><![endif]>197212</SPAN> </TD>
<TD class="tr3 td44"><!--[if lte IE 7]><SPAN style="margin-left:0px;margin-top:0px;margin-right:-17px;margin-bottom:0px;" class="p47 ft40"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-17px;margin-top:0px;margin-right:0px;margin-bottom:17px;" class="p47 ft40"><![endif]--><![if ! IE]><SPAN style="margin-left:-9px;margin-top:9px;margin-right:-8px;margin-bottom:8px;" class="p47 ft40"><![endif]>197412</SPAN> </TD>
<TD class="tr3 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-20px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:0px;margin-right:-6px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-1px;margin-top:7px;margin-right:-13px;margin-bottom:7px;" class="p39 ft10"><![endif]>197612</SPAN> </TD>
<TD class="tr3 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-7px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:0px;margin-top:7px;margin-right:-14px;margin-bottom:7px;" class="p39 ft10"><![endif]>197812</SPAN> </TD>
<TD class="tr3 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-7px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:0px;margin-top:7px;margin-right:-14px;margin-bottom:7px;" class="p39 ft10"><![endif]>198012</SPAN> </TD>
<TD class="tr3 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-7px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:0px;margin-top:7px;margin-right:-14px;margin-bottom:7px;" class="p39 ft10"><![endif]>198212</SPAN> </TD>
<TD class="tr3 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-20px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:0px;margin-right:-6px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-1px;margin-top:7px;margin-right:-13px;margin-bottom:7px;" class="p39 ft10"><![endif]>198412</SPAN> </TD>
<TD class="tr3 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-7px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:0px;margin-top:7px;margin-right:-14px;margin-bottom:7px;" class="p39 ft10"><![endif]>198612</SPAN> </TD>
<TD class="tr3 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-7px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:0px;margin-top:7px;margin-right:-14px;margin-bottom:7px;" class="p39 ft10"><![endif]>198812</SPAN> </TD>
<TD class="tr3 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-20px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:0px;margin-right:-6px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-1px;margin-top:7px;margin-right:-13px;margin-bottom:7px;" class="p39 ft10"><![endif]>199012</SPAN> </TD>
<TD class="tr3 td8"><!--[if lte IE 7]><SPAN style="margin-left:7px;margin-top:0px;margin-right:-21px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-7px;margin-top:0px;margin-right:-7px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:0px;margin-top:7px;margin-right:-14px;margin-bottom:7px;" class="p39 ft10"><![endif]>199212</SPAN> </TD>
<TD class="tr3 td7"><!--[if lte IE 7]><SPAN style="margin-left:6px;margin-top:0px;margin-right:-20px;margin-bottom:0px;" class="p39 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-8px;margin-top:0px;margin-right:-6px;margin-bottom:14px;" class="p39 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:-1px;margin-top:7px;margin-right:-13px;margin-bottom:7px;" class="p39 ft10"><![endif]>199412</SPAN> </TD>
<TD class="tr3 td48"><!--[if lte IE 7]><SPAN style="margin-left:11px;margin-top:0px;margin-right:20px;margin-bottom:0px;" class="p48 ft10"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:42px;margin-top:0px;margin-right:-11px;margin-bottom:-31px;" class="p48 ft10"><![endif]--><![if ! IE]><SPAN style="margin-left:27px;margin-top:-16px;margin-right:4px;margin-bottom:-15px;" class="p48 ft10"><![endif]>199612</SPAN> </TD>
</TR>
<TR>
<TD class="tr21 td37"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD colspan=12 class="tr21 td53"><SPAN class="p36 ft11"><SPAN class="ft12">Källa: </SPAN>Frennberg &Hansson, egna beräkningar</SPAN> </TD>
<TD class="tr21 td44"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td8"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td7"><SPAN class="p0 ft5"> </SPAN> </TD>
<TD class="tr21 td48"><SPAN class="p0 ft5"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p17 ft0">Den reala genomsnittliga avkastningen för aktier respektive obligationer var under perioden <NOBR>1951-1996</NOBR> i genomsnitt 8,4 procent respektive 1,2 procent per år. Såvitt avser den löpande förvaltningen gör utredningen i det följande de relativt försiktiga antagandena om en årlig real avkastning om <NOBR>3,5-6</NOBR> procent.</P>
<P class="p49 ft1">Några exempel på intjänande i premiereservsystemet</P>
<P class="p50 ft4">Nedan görs en genomgång av hur åtta enskilda personers behållning på premiepensionskontot utfaller beroende på den enskildes pensionsgrundande inkomst, real <NOBR>BNP-tillväxt</NOBR> samt den reala avkastningen på den tillfälliga respektive löpande förvaltningen. Beräkningarna beaktar inte förvaltningskostnader, administrativa kostnader och arvsvinster.</P>
</DIV>
<DIV id="page_5">
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD class="tr0 td0"><SPAN class="p0 ft0">SOU 1997:131</SPAN> </TD>
<TD class="tr0 td1"><SPAN class="p0 ft1">Bilaga 6 <SPAN class="ft0">289</SPAN></SPAN> </TD>
</TR>
<TR>
<TD class="tr1 td2"><SPAN class="p0 ft2"> </SPAN> </TD>
<TD class="tr1 td3"><SPAN class="p0 ft2"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p51 ft0">Vidare bortses från val av och kostnad för efterlevandeskydd. I samtliga åtta exempel har antagits att uttag görs vid 65 års ålder, vilket innebär att skillnader i antal år har antagits ligga i början av det yrkesverksamma livet. Exemplen är valda så att person 1 har den bästa behållningen och person 8 den sämsta.</P>
<P class="p52 ft4">Person 1 har 45 yrkesverksamma år och tjänar under dessa maximala 7,5 basbelopp, dvs. 277 500 kr per år.</P>
<P class="p53 ft4">Person 2 har 41 yrkesverksamma år; 5 år 166 500 kr, 5 år 222 000 kr och 31 år 277 500 kr.</P>
<P class="p53 ft4">Person 3 har 44 yrkesverksamma år; 7 år 111 000 kr, 10 år 138 750 kr, 10 år 166 500 kr, 10 år 194 250 kr och 7 år 222 000 kr.</P>
<P class="p53 ft0">Person 4 har 40 yrkesverksamma år och tjänar under dessa 180 000 kr per år.</P>
<P class="p54 ft4">Person 5 har 35 yrkesverksamma år; 10 år 175 000 kr, 15 år 150 000 kr och 10 år 100 000 kr.</P>
<P class="p53 ft4">Person 6 har 35 yrkesverksamma år; 10 år 100 000 kr, 15 år 150 000 kr och 10 år 175 000 kr, dvs. livsinkomsten är spegelvänd jämfört med person 5.</P>
<P class="p53 ft0">Person 7 har 30 yrkesverksamma år; 10 år 75 000 kr, 10 år 100 000 kr och 10 år 125 000 kr.</P>
<P class="p54 ft4">Person 8 har 25 yrkesverksamma år; 10 år 75 000 kr, 10 år 85 000 kr och 5 år 70 000 kr.</P>
<P class="p53 ft41">I tabell 2 nedan anges den totala behållningen på premiepensionskontot samt månadsbelopp.<SPAN class="ft15">4</SPAN></P>
<P class="p55 ft4">Antagandena om tillväxt och avkastning är rangordnade så att A ger bästa utfall osv. I syfte att underlätta tabelläsningen anges exemplen nedan i koordinatform dvs. (A,1) osv.</P>
<P class="p56 ft11"><SPAN class="ft42">4 </SPAN>I tabellerna har även angivits uttag per månad, förutsatt att uttag sker vid <NOBR>65-års</NOBR> ålder (14,7 har använts som delningstal).</P>
</DIV>
<DIV id="page_6">
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD class="tr0 td54"><SPAN class="p0 ft1"><SPAN class="ft0">290 </SPAN>Bilaga 6</SPAN> </TD>
<TD class="tr0 td55"><SPAN class="p0 ft0">SOU 1997:131</SPAN> </TD>
</TR>
<TR>
<TD class="tr1 td56"><SPAN class="p0 ft43"> </SPAN> </TD>
<TD class="tr1 td57"><SPAN class="p0 ft43"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p57 ft44">Tabell 2. Sammanställning av årliga reala tillväxt- och avkastningsantaganden för de åtta tidigare presenterade personerna</P>
<TABLE cellpadding=0 cellspacing=0 class="t4">
<TR>
<TD colspan=3 class="tr22 td58"><SPAN class="p0 ft17">Alla belopp i kronor</SPAN> </TD>
<TD class="tr22 td59"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr22 td60"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr22 td60"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr22 td60"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr22 td59"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr22 td60"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr22 td60"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr22 td61"><SPAN class="p0 ft45"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft47">Reala</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p59 ft48">Person 1</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p23 ft48">Person 2</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p59 ft48">Person 3</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p59 ft48">Person 4</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p59 ft48">Person 5</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p23 ft48">Person 6</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p23 ft48">Person 7</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p23 ft48">Person 8</SPAN> </TD>
</TR>
<TR>
<TD class="tr22 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td67"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td68"><SPAN class="p58 ft49">antaganden</SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td71"><SPAN class="p0 ft45"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p58 ft47">A</SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50"><NOBR>BNP-tillv:</NOBR> 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft7">1 691 404</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft7">1 090 299</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">805 273</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">782 416</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">483 400</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">386 594</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">190 162</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">110 842</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 3%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">9 588<SPAN class="ft20">5</SPAN></SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">6 181</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">4 565</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">4 435</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">2 740</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">2 192</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 078</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">628</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr6 td67"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td68"><SPAN class="p58 ft19">Lö p. fö rv: 6%</SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td71"><SPAN class="p0 ft51"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td62"><SPAN class="p0 ft52"> </SPAN> </TD>
<TD class="tr16 td63"><SPAN class="p58 ft53">B</SPAN> </TD>
<TD class="tr16 td64"><SPAN class="p58 ft54"><NOBR>BNP-tillv:</NOBR> 2%</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft55">1 666 832</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft55">1 074 460</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">793 575</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">771 049</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">476 377</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">380 978</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">187 399</SPAN> </TD>
<TD class="tr16 td61"><SPAN class="p60 ft54">109 231</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">9 449</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">6 091</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">4 499</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">4 371</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">2 701</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">2 160</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 062</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">619</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr6 td67"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td68"><SPAN class="p58 ft19">Lö p. fö rv: 6%</SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td71"><SPAN class="p0 ft51"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td62"><SPAN class="p0 ft52"> </SPAN> </TD>
<TD class="tr16 td63"><SPAN class="p58 ft53">C</SPAN> </TD>
<TD class="tr16 td64"><SPAN class="p58 ft54"><NOBR>BNP-tillv:</NOBR> 1%</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft55">1 457 419</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">949 847</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">699 050</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">681 661</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">424 691</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">342 783</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">170 980</SPAN> </TD>
<TD class="tr16 td61"><SPAN class="p60 ft54">100 665</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 3%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">8 262</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">5 385</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">3 963</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">3 864</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">2 408</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 943</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">969</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">571</SPAN> </TD>
</TR>
<TR>
<TD class="tr22 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td67"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td68"><SPAN class="p58 ft17">Lö p. fö rv: 6%</SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td71"><SPAN class="p0 ft45"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td62"><SPAN class="p0 ft52"> </SPAN> </TD>
<TD class="tr16 td63"><SPAN class="p58 ft53">D</SPAN> </TD>
<TD class="tr16 td64"><SPAN class="p58 ft54"><NOBR>BNP-tillv:</NOBR> 1,5%</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft55">1 031 376</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">712 592</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">513 585</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">505 771</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">324 870</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">271 830</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">140 864</SPAN> </TD>
<TD class="tr16 td61"><SPAN class="p60 ft54">84 926</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">5 847</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">4 040</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 911</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 867</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">1 842</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 541</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">799</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">481</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr6 td67"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td68"><SPAN class="p58 ft19">Lö p. fö rv: 4,5%</SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td71"><SPAN class="p0 ft51"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td62"><SPAN class="p0 ft52"> </SPAN> </TD>
<TD class="tr16 td63"><SPAN class="p58 ft53">E</SPAN> </TD>
<TD class="tr16 td64"><SPAN class="p58 ft54"><NOBR>BNP-tillv:</NOBR> 2%</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">992 163</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">692 901</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">497 528</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">490 330</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">316 339</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">266 387</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">138 722</SPAN> </TD>
<TD class="tr16 td61"><SPAN class="p60 ft54">83 846</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">5 625</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">3 928</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 820</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 780</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">1 793</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 510</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">786</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">475</SPAN> </TD>
</TR>
<TR>
<TD class="tr22 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td67"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td68"><SPAN class="p58 ft17">Lö p. fö rv: 4%</SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td70"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr12 td71"><SPAN class="p0 ft45"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td62"><SPAN class="p0 ft52"> </SPAN> </TD>
<TD class="tr16 td63"><SPAN class="p58 ft53">F</SPAN> </TD>
<TD class="tr16 td64"><SPAN class="p58 ft54"><NOBR>BNP-tillv:</NOBR> 1%</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">831 119</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">590 820</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">422 296</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">417 551</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">272 275</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">232 728</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">123 381</SPAN> </TD>
<TD class="tr16 td61"><SPAN class="p60 ft54">75 436</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">4 712</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">3 349</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 394</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 367</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">1 544</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 319</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">699</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">428</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr6 td67"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td68"><SPAN class="p58 ft19">Lö p. fö rv: 4%</SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td71"><SPAN class="p0 ft51"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td62"><SPAN class="p0 ft52"> </SPAN> </TD>
<TD class="tr16 td63"><SPAN class="p58 ft53">G</SPAN> </TD>
<TD class="tr16 td64"><SPAN class="p58 ft54"><NOBR>BNP-tillv:</NOBR> 0,75%</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">796 813</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">568 645</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">406 090</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">401 783</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">262 598</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">225 258</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">119 920</SPAN> </TD>
<TD class="tr16 td61"><SPAN class="p60 ft54">73 512</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">4 517</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">3 224</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 302</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 278</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">1 489</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 277</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">680</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">417</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr6 td67"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td68"><SPAN class="p58 ft19">Lö p. fö rv: 4%</SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td71"><SPAN class="p0 ft51"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p58 ft47">H</SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50"><NOBR>BNP-tillv:</NOBR> 1%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">729 985</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">529 586</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">376 388</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">372 820</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">245 430</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">212 963</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">114 510</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">70 583</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">4 138</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">3 002</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 134</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 113</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">1 391</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 207</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">649</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">400</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr6 td67"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td68"><SPAN class="p58 ft19">Lö p. fö rv: 3,5%</SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td71"><SPAN class="p0 ft51"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr16 td62"><SPAN class="p0 ft52"> </SPAN> </TD>
<TD class="tr16 td63"><SPAN class="p58 ft53">I</SPAN> </TD>
<TD class="tr16 td64"><SPAN class="p58 ft54"><NOBR>BNP-tillv:</NOBR> 0%</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">705 669</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">508 898</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">362 680</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p61 ft54">359 385</SPAN> </TD>
<TD class="tr16 td65"><SPAN class="p60 ft54">236 325</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">204 808</SPAN> </TD>
<TD class="tr16 td66"><SPAN class="p60 ft54">110 328</SPAN> </TD>
<TD class="tr16 td61"><SPAN class="p60 ft54">68 127</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td62"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td63"><SPAN class="p0 ft46"> </SPAN> </TD>
<TD class="tr10 td64"><SPAN class="p58 ft50">Tillf. fö rv: 2%</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">4 000</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">2 885</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 056</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p61 ft50">2 037</SPAN> </TD>
<TD class="tr10 td65"><SPAN class="p60 ft50">1 340</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">1 161</SPAN> </TD>
<TD class="tr10 td66"><SPAN class="p60 ft50">625</SPAN> </TD>
<TD class="tr10 td61"><SPAN class="p60 ft50">386</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td62"><SPAN class="p0 ft45"> </SPAN> </TD>
<TD class="tr6 td67"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td68"><SPAN class="p58 ft19">Lö p. fö rv: 4%</SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td70"><SPAN class="p0 ft51"> </SPAN> </TD>
<TD class="tr6 td71"><SPAN class="p0 ft51"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p62 ft4">Vid en given inkomst spelar antaganden om real <NOBR>BNP-tillväxt</NOBR> samt den reala löpande avkastningen störst roll för behållningen på premiepensionskontot. Avkastningen på den tillfälliga förvaltningen är i detta sammanhang av underordnad betydelse.</P>
<P class="p63 ft4">Vikten av vilken real <NOBR>BNP-tillväxt</NOBR> som antas framgår av en jämförelse mellan exempel (E,2) och (I,2). I det första exemplet (E,2) antas den reala <NOBR>BNP-tillväxten</NOBR> vara 2 procent, medan den antas vara noll i exempel (I,2). I exempel (E,2) är behållningen på premiepensionskontot 36 procent högre än behållningen i exempel (I,2). Det motsvarar en skillnad i behållningen på 184 003 kr eller 1 043 kr per månad.</P>
<P class="p64 ft11"><SPAN class="ft56">5 </SPAN>Avser månadsbelopp.</P>
</DIV>
<DIV id="page_7">
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD class="tr0 td0"><SPAN class="p0 ft0">SOU 1997:131</SPAN> </TD>
<TD class="tr0 td1"><SPAN class="p0 ft1">Bilaga 6 <SPAN class="ft0">291</SPAN></SPAN> </TD>
</TR>
<TR>
<TD class="tr1 td2"><SPAN class="p0 ft2"> </SPAN> </TD>
<TD class="tr1 td3"><SPAN class="p0 ft2"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p65 ft0">Betydelsen av den löpande förvaltningen kan illustreras med en jämförelse mellan exemplen (B,1) och (E,1). I det första exemplet (B,1), då den löpande reala avkastningen är 6 procent per år, dvs. 2 procentenheter högre än i (E,1) är behållningen på premiepensionskontot 1 666 832 kr och månadsbeloppet 9 449 kr. I exempel (E,1) är behållningen på premiepensionskontot 992 163 kr och månadsbeloppet 5 625 kr. Således en skillnad i behållning på premiepensionskontot på 674 669 kr eller 3 824 kr per månad. En ökning av avkastningen från den löpande förvaltningen med två procentenheter medförde alltså att behållningen på premiepensionskontot blev 68 procent högre. Som en jämförelse kan pekas på exemplen (A,1) och (B,1), där en ändring med 1 procentenhet av antagandet om avkastningen från den tillfälliga förvaltningen bara medför en ändring med 1,5 procent av behållningen på premiepensionskontot.</P>
<P class="p66 ft4">Den nu redovisade effekten är starkare ju längre tid personen sparar; person 1 har den längsta yrkesverksamma tiden av alla exempelpersonerna. För person 8, som har den kortaste yrkesverksamma tiden, uppgår skillnaden mellan (B,8) och (E,8) ”bara” till 30 procent. (Som angetts ovan antas skillnader i antalet yrkesverksamma år ligga i början.)</P>
<P class="p55 ft0">Som delvis redan framgått är det viktigt för utvecklingen av tillgodohavandet på premiepensionskontot <SPAN class="ft1">när </SPAN>pensionsrätten tjänas in; ju tidigare i livet pensionsrätten tjänas in, desto högre blir tillgodohavandet. Detta kan belysas genom en jämförelse mellan personerna 5 och 6. De har samma antal yrkesverksamma år och samma totala livsinkomster, men inkomsterna är spegelvända i tiden. Den högre intjäningen i början av livet leder till att person 5 vid <NOBR>65-års</NOBR> ålder enligt antagandena på rad A har 25 procent högre behållning på premiepensionskontot än person 6.</P>
<P class="p67 ft0">Slutsatsen av det ovanstående är alltså att det för den slutliga behållningen på premiepensionskontot (och därmed för pensionens storlek) är av stor betydelse när under livet pensionsrätten tjänas in, hur stor den reala <NOBR>BNP-tillväxten</NOBR> blir och hur stor avkastningen från den löpande förvaltningen blir. Avkastningen från den tillfälliga förvaltningen spelar däremot en underordnad roll.</P>
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GLB3131d1
SOU_1997__131_d1.pdf
46237
pdf
Lag om premiepension - del 1
https://data.riksdagen.se/fil/2C69A4D8-FCF8-43A7-A4D6-329BC497A811
GLB3131d2
SOU_1997__131_d2.pdf
48101
pdf
Lag om premiepension - del 2
https://data.riksdagen.se/fil/3D7F1E5E-B407-4323-8051-0A494DF9AE60