It's not clear to me either, but as I understand it it doesn't include pensions because social contributions are not part of "disposable income".
I think that "the net adjustment for change in pension entitlements" is there to take into account the expected reduced future income from pension entitlements dwindling over time (edit: in effect, making pensions count as negative savings) somehow, but it's unclear.
I looked for another perspective but the French national bank doesn't mention pensions in its explanations[0].
I think that "the net adjustment for change in pension entitlements" is there to take into account the expected reduced future income from pension entitlements dwindling over time (edit: in effect, making pensions count as negative savings) somehow, but it's unclear.
I looked for another perspective but the French national bank doesn't mention pensions in its explanations[0].
[0] https://www.banque-france.fr/system/files/2024-08/epargne-de...