In the household sector accounts we treat contributions to and pensions from privately funded schemes as current transfers that affect disposable income. However, logically they should be seen as ‘acquisition and disposal of financial assets’ as the pension reserves are owned by the households with claims on them (this is recognised in the financial accounts and balance sheets). To reconcile these two approaches we need to add back pension contributions to, and subtract pension receipts from, household disposable income. This means measured saving will reflect any change in households’ net equity in pension funds. We make the opposite adjustment to pension providers’ use of income accounts.