Program Summary & Details Update: November 2 2014

Transcription

Program
Summary & Details
Update: November 2 2014
Summary
09.00
10.00
10.30
11.30
11.45
Registration & Welcome
Plenary Opening
Room
THEATRE
•
Welcome by Eric Eggink, Chairman of the WorldPensionSummit
•
Welcome in The Hague by Jozias van Aartsen, Mayor of the City of The Hague
•
Introduction 2014 by Harry Smorenberg, Chairman of the WorldPensionSummit | Financing Pensions
•
Keynote Opening: Peter Borgdorff, Managing Director PFZW
TRACK
TRACK
A1
Room
THEATRE
B1
TRACK
TRACK
Room
TOYODA
C1
Room
LIBRARY
Global Financial Literacy
Creating Pension Mobility in
Ageing & Workability | Teresa
Making the best of two
Practice | Annamaria Lusardi,
Europe, best practice case for
Ghilarducci, New School for
worlds – DB and DC |
GFLEC | Washington
EU Research Workers | Paul
Social Research | New York &
Joo Hee Lee, Fidelity
Jankowitsch, University of
Fieke van der Lecq, ESE |
Solutions | London
Technology | Vienna
Rotterdam
TRACK
TRACK
TRACK
TRACK
A2
Room
THEATRE
B2
Room
BENTLEY
C2
Room
TOYODA
D2
Room
LIBRARY
Global Pension Regulatory
Reputation Management,
The Distribution Challenge in
Ageing & Elderly Care: New
Debate | Rick McGahey, The
Overview of Developments |
Pensions | Josef Pilger, EY |
Innovative Solutions
New School | Chinelo Anohu-
Cees van Riel, Reputation
Sydney | Nicolette Opdam, EY |
Amazu, PenCom | Paul
Institute | Rotterdam
Amsterdam | Ronald
Ketellapper, i-PensionSolutions
12.45
Berstein, Novastar | Santiago
| Amsterdam
12.45
Buffet Lunch
14.00
TRACK
15.30
Room
BENTLEY
Global Asset Management:
Hilbers, DNB | Solange
15.00
D1
A3
TRACK
Room
THEATRE
B3
TRACK
Room
LIBRARY
C3
TRACK
Room
TOYODA
D3
Room
BENTLEY
New Pension Fund Management
The 4th Pillar: Income from
Evaluating New Governance
Pensions & Healthcare | Soon
| Panel Debate | Yoojin Kim, JP
Work after Retirement |
Models, Optimizing Pension
Khai Eng, CPF | Singapore
Morgan | New York | Elena
Anderson & Naegele,
Risk Management | Chirag V.
Manola-Bonthond, CERN |
Eurofound | Dublin
Patel, State Street Associates |
Geneva | Stefan Lundbergh, AP4
London | John Bolton, State
| Stockholm
Street
TRACK
A4
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TRACK
Room
TOYODA
B4
Room
THEATRE
C4
TRACK
Room
BENTLEY
D4
Room
LIBRARY
China’s Pension Finance
From DB towards ‘Collective-
Investment Opportunities in
Start Recognising that
Challenge | Jiye Hu, China
Individual DC’ | International
Infrastructure & Public
Pensions Members are in
University | Beijing
Trends | Stefan Lundbergh,
Services | Martin Blaiklock,
Fact Consumers | Nigel
Cardano | Rotterdam | Barbara
Infrastructure & Energy Project
Ferrier, Ferrier Pearce |
Zvan, OTPP | Toronto | Mats
Finance | Teddington
London
16.30
Langensjö
17.00
Plenary Closing Keynote Panel | Integrating ESG into Long-Term Thinking: Identifying Risks and Capturing Opportunities
Room
THEATRE
Introduction by Michael Jantzi, CEO Sustainalytics | Toronto. Panelists: Eloy Lindeijer, CIO PGGM | Zeist, Lloyd Kurtz, CIO Nelson Capital
Management | Berkeley and Fiona Reynolds, Managing Director PRI | London
17.45
17.45
18.45
2
Cocktail Reception
WorldPensionSummit 2014
Program day 1 - WorldPensionSummit 2014 - NOV 5
08.00
Summary
08.00
Registration & Coffee Reception
09.00
Plenary Opening Keynote Speech
09.30
10.00
Room
THEATRE
by Hans-Horst Konkolewsky, Secretary General ISSA | Geneva
TRACK
A5
TRACK
TRACK
Room
TOYODA
B5
Room
BENTLEY
C5
Room
THEATRE
Investment Challenges, Opportunities &
The Pension Pillars in Europe:
Rethinking Defined Contribution Plans |
New Strategies | William H. Bohnsack,
Classification, Evolution and Current
Gary Blank, Fidelity Investments |
Oak Hill Advisors | New York
Trends | Francesco Briganti, AEIP |
Boston
Brussels
11.30
TRACK
A6
TRACK
TRACK
Room
TOYODA
B6
Room
THEATRE
C6
Room
BENTLEY
Legal Aspects of Corporate Pensions |
The African Pension Challenge & Key
Securing Overseas Pension Payments |
Eric Bergamin, Bergamin Pension Law |
Essentials & Debrief | Chinelo Anohu-
Stephan Haas, SVB | Amstelveen
Rotterdam | Jamie McConville, LK
Amazu, PENCOM | Abuja
Shields | Dublin | Elsebeth AaesJørgensen, Norrbom Vinding |
12.30
Copenhagen
12.30
13.30
Buffet Lunch
13.30
TRACK
A7
TRACK
Room
TOYODA
B7
TRACK
Room
THEATRE
C7
Room
BENTLEY
Intergenerational Equity, Longevity &
Pension Innovation in Latin America |
New Perspectives on Fiduciary Duty |
Inflation Protection Panel | Hamlin
Heinz Rudolph, Worldbank | New York |
Joakim Sandberg, Filosofi | Gothenburg |
Lovell, THFJ | Andrew C. Reid, DB |
Solange Berstein, Novaster | Santiago-
Gerald Cartigny, MN | The Hague
Robin Ellison, Pinsent Masons | Matt
Chile
Wilmington, Aon Hewitt | London
14.30
14.45
Plenary Closing Keynote Speech by Joanne Segars, CEO NAPF | London
Pensions, Politics & People
Room
THEATRE
15.30
15.30
16.30
3
Farewell Reception
Pension Investment &
Risk Management
Pillars & Pension
Scheme Development
Corporate Pensions
Pensions
Organization
Ageing, Health &
Elderly Care
Communication &
Financial Literacy
Program day 2 - WorldPensionSummit 2014 - NOV 6
11.00
PLENARY
Introduction 2014
Welcome
09.1009.20
SPEAKERS
TOPIC
Jozias van Aartsen,
Jozias Johannes van Aartsen is the Mayor of The Hague. In this
Mayor of The Hague
capacity, he chairs the Municipal Council and the Municipal
Executive (college van burgemeester en wethouders). The mayor
of The Hague is responsible for the portfolio of public order and
safety. Mayors in the Netherlands are not elected but are
appointed by the Crown. He studied law at the Vrije Universiteit
and was the personal secretary of the VVD (Dutch Liberal Party)
Wednesday November 5
party faction leader in the Dutch Lower House of Parliament
4
(Tweede Kamer) from 1971 to 1974. Thereafter he became
director of the Telders Foundation, the scholarly think tank of
the VVD. In 1979 he joined the Ministry of the Interior as Chef de
Bureau of the Secretary General. From 1983 to 1985 he was
Deputy Secretary General there and from 1985 to 1994 Secretary
General himself at the Ministry of Interior. Thereafter he became
a member of parliament and served as Minister of Agriculture,
Nature and Fisheries (1994-1998) and Minister of Foreign Affairs
(1998-2002). In 2002 he again became a member of parliament,
where he served as faction chairman of the VVD party from 2003
to 2006. He stepped down after his party showed a disappointing
return in the municipal elections.
The City of The Hague is pleased to host the
WorldPensionSummit 2014. Jozias van Aartsen, has the
ambition to position his city as key in pension developments on a
global level: “The Dutch might be viewed as pioneers in the field
of pensions, but we are now facing challenges that call for global
insights and unique approaches. The WorldPensionSummit is
the international platform where these new ideas are shared,
and global networking is a stimulus for pension professionals.
So: welcome to The Hague!"
PLENARY
Introduction 2014
Financing Pensions | New Roles New Responsibilities
09.2009.30
SPEAKERS
TOPIC
Harry Smorenberg,
Gradually we realize that securing adequate pension provision is
Founder & Chairman
a joint key task of workers, employers and the government.
WorldPensionSummit
Question is: "What is adequate?". This world is still quite diverse
with emerging economies starting to build their base pension
infrastructure, mature economies still 'rebalancing their pillars'
and the 'old economies' realizing that many retired citizens are
outliving their savings and become a new market segment of
"New Old Poor".
The meaning of the word "pensions" steadily shifts towards
"securing personal financial continuity in active and inactive
times of our life". Financing pensions will be an integral part of
aggregating savings out of work in a flexible and swift changing
labor environment. Much more control and discipline (and
understanding !) will be asked from the individual. As we grow
older, working longer might become our 4th pillar of 'income
after retirement' as we have to realize that our income will vary
during our lifetime and we do have to become flexible in
accepting (part time / multiple) jobs and adjusted career paths
and matching earnings when working well past the age of 65. The
fast changing labor market will impact to great extend the
present traditional pension structures!
Securing sufficient contribution levels in pension plans will be a
major challenge. In my view, pension provisions should merge
into an individually managed fund that could be linked to
healthcare and housing as these are two key 'game changers' of
the financial agenda of an individual. Saving for healthcare
(healthcare insurance) and saving for pensions (as a form of life
insurance) do meet each other for sure as we grow older... Such a
fund can be part of collective schemes to mitigate risks and
should be protected against leakage. We do have to re-invent
pensions and accept New Roles and New Responsibilities in our
market place in order to Finance Pensions or rather 'secure
personal financial continuity'.
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PLENARY
Keynote Opening Speech
How to Create Better Results to Support a Sustainable and
Reliable Pension for our Participants
09.3010.00
SPEAKERS
TOPIC
Peter Borgdorff,
Also in the Netherlands, ‘pensions’ is a hot topic, these days. We
Managing Director
are facing a lot op changes such as new legislation, regulatory
PFZW | Zeist
measures and many articles and fierce debates in the (social)
media. The current 'collective pension system', which kept the
Netherlands in first position on the 'mercer list" for years, is
under enormous pressure.
Nonetheless the mission at PFZW is to secure best results in
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order to realize a sustainable and reliable pension contribution
for all participants.
Peter will discuss key trends, suggest essential directions in new
pension framework development and share the PFZW 'blue print
investment approach' to meet the pension promise of the
participants.
About PFZW:
PFZW is responsible for the pension policy and pension assets of
2.6 million current and former employees in the Dutch care and
welfare sector, with invested assets amounting to 156.3 billion
Euro
TRACK
A1
Pension Investment & Risk Management
Global Asset Management: Making the best of two worlds –
DB and DC
10.3011.30
SPEAKERS
TOPIC
Joo Hee Lee,
Successful pension management is possible only via concerted
Portfolio Manager and
effort among plan sponsors, members, asset managers, and
Team Leader Solutions
government. Financial literacy is far too complex for laymen to
Design, Fidelity
attain, and hence Defined Benefit (DB) plans are the most
Solutions | London
appropriate for retirement income. Nonetheless, the past few
decades saw an exodus from DB to Defined Contribution (DC),
predominantly because liability immunisation mechanism
struggles to deliver.
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This transition has left many closed DB assets, which are by
definition diminishing in size but their management remains
complex. To provide a scalable solution for these plans, we have
developed a multi-asset investment process optimised to meet
company-specific liabilities.
Even the best managed DC is no full substitute for DB as the
resulting benefits will vary significantly between members.
Nonetheless, with a properly optimised lifecycle investing,
sponsors can reduce the disparity. We believe lifecycle investing
is best modelled through a return maximisation with a strict risk
budget as a function of the time-to-retirement.
While DC sponsor’s responsibility may end when the member
retires, it is highly desirable for them to also provide postretirement education. In our view, however, a superior solution is
rather a hybrid approach to benefit from the best of two worlds,
DB and DC.
TRACK
B1
Communication & Financial Literacy
Global Financial Literacy: Preparing the New Generations for
DC Pension Systems
10.3011.30
SPEAKERS
TOPIC
Annamaria Lusardi,
During this sessions the financial literacy among the young and
Academic Director
the fact that in many countries around the world, the young are
Global Financial Literacy
not financially literate, will be discussed by Annamaria Lusardi.
Excellence Center |
Washington
A closer look also to the US Generation Y:
They are young, tech savvy and confident; diverse, connected
and idealistic. And, they face a host of financial challenges. At 80
million strong, Gen Y is the largest generation in U.S. history. Its
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members account for about a third of the country’s workforce,
and their impact is expected to grow rapidly in the coming
decade. As a result, helping these young adults achieve financial
security has huge implications—not just for the individuals, but
for the economy and the nation’s future. To understand this
group’s personal finances and financial-management practices,
GFLEC and TIAA-CREF Institute, took a close look at 2,124
college-educated respondents age 23 to 35 who took part in the
2012 wave of the US National Financial Capability Study. Despite
encouraging findings in terms of asset ownership, collegeeducated Millennials are burdened by debt and struggle to meet
payments on short- and long-term obligations. They turn to
expensive credit card practices and alternative financial services
to help make ends meet, and they lack a financial reserve to help
meet the expenses of an unexpected negative event.
Furthermore, underlying Gen Y financial decision making is a
generally low level of financial literacy. The results suggest that
the promotion of financial literacy—through financial
education—is needed. In particular, there is a need for improved
knowledge and understanding regarding debt and debt
management. Programs aimed at improving financial literacy
could help Gen Y minimize the costs incurred in managing debt,
improve personal financial safety nets, and fortify both shortterm and long-term financial stability and security.
TRACK
C1
Corporate Pensions
Creating Pension Mobility in Europe
Presenting a Best Practice Case for EU Research Workers
10.3011.30
SPEAKERS
TOPIC
Paul Jankowitsch, Vice
Mobility of researchers contributes to excellence and competitiveness. However,
Rector for Finance &
mobile researchers in Europe risk losing their supplementary pension benefits
Chairman of the Board
and that is – according to a European Study - a number of around 160.000
of Directors, RESAVER | researchers from higher education institutions only when moving to another
Vienna
country. Building on earlier preparatory work, the European Commission
committed itself in the 2012 European Research Area (ERA) Communication to
“support stakeholders in setting up pan-European supplementary pension
fund(s) for researchers”. The Director General Research and Innovation invited a
core group of employer representatives with an in-depth understanding of the
technicalities to prepare the ground for the establishment of what is now known
as “Retirement Savings Vehicle for European Research Institutions - RESAVER”.
The Task Force was chaired by Paul Jankowitsch, TU Wien, with Theodore
Economou, CERN, as secretary and representatives from VSNU, Synchrotron
Trieste, the Italian National Research Council, the Central European University
Budapest, Gent University and Cambridge University, Italy`s Institute of
Technology, Politechnico Torino, Fondazione Edmund Mach and CERIC of Trieste
attending as members; and important European university organizations like
CESAER, EUA, LERU and the RUSSELL Group attending as observers. By
exploring the potential of the IORP Directive (Institutions for Occupational
Retirement Provision) the Task Force concluded that it is technically feasible to
establish a single pension arrangement open to employers located in a number of
different countries. Such a vehicle would allow employees to remain affiliated to
their supplementary pension scheme, provided their employer participates in it.
The vehicle should be a defined contribution scheme in order to avoid any future
liabilities for the employers. By 1st of October 2014 the Task Force has
transformed into a legal person (‘Consortium’) in the form of an international
non-profit organization according to Belgian law. The RESAVER pension fund
should be operational in the course of 2015, with defined pension contributions
being transferred by participating research institutions. In the end, RESAVER will
remove pensions as a barrier to researchers’ mobility and provide researchers
and their employers with access to a high quality European second pillar pension
plan. The project subsequently contributes to the establishment of a European
labour market for researchers.
9
TRACK
D1
Ageing & Workability
10.3011.30
SPEAKERS
TOPIC
Teresa Ghilarducci,
During this session Economics Professors Ghilarducci and Fieke
Bernard Schwartz
van der Lecq will cover the following topics:
Professor of Economics,
- Comparison of older population and their labor force
The New School for
participation rates across countries.
Social Research New
- Emphasis on the lower women's labor force participation and
York | New York
the productivity lost when women and older men are not
engaged in the market economy.
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Fieke van der Lecq,
- Recognition of the worth of nonmarket work at the end of one's
APG chair Pension
working career.
Markets (ESE),
- comparison of lifetime paid for not working across countries.
Academic director
- compare old age longevity numbers. In countries were older
Certified Pension
people work longer is longevity less or more? A quick look at the
executive program
data suggests that longevity is enhanced by more labor force
(ESAA), Erasmus
participation. The causation is unclear.
School of Economics |
- once these differences are acknowledged we will discuss the
Rotterdam
value and efforts of institutions across Europe and in the United
States to encourage and allow for more labor force participation
among the elderly population.
– closer look at employers, industries, cities, countries, and
regions that have successfully let people who want to work
longer and into older age do so.
– old age discrimination laws.
- once it is established that public-policy wants older people to
feel welcome in the labor force we can discuss what has to
happen for older people to work longer.
- best practices for engaging in older workforce.
TRACK
A2
Global Pension Regulatory Dialogue
11.4512.45
SPEAKERS
TOPIC
Paul Hilbers, Division
Regulatory Dialogue and panel discussion on key Issues in
Director Supervisory Policy
pensions around the globe from a regulatory perspective.
Dep., De Nederlandsche
Bank & Professor
Focus of the session: Pension regulators face a complicated and
Supervision of Financial
rapidly changing world. Traditional defined benefit pensions not
Institutions, Nyenrode
only must continue providing benefits to people, but their
Business University |
increasingly large pools of capital are subject to complex
Amsterdam
financial regulations both within pension law frameworks, and
also through international banking and financial regulation. At
Solange Berstein,
the same time, the rise of defined contribution pensions
President Council Novaster
presents new and different challenges to regulators. They must
LA, Consultant IDB &
meet greater needs for communication with individual
Former Head of the
participants, but also with firms and other sponsors trying to
Pensions Supervisory
understand the requirements of these newer pension regulatory
Authority Chile | Santiago
regimes, and how they coexist or come into conflict with the
older, more established defined benefit system.
Chinelo Anohu-Amazu,
Director General National
Pension Commission
Nigeria | Abuja
Rick McGahey, Director,
Environmental Policy &
Sustainability Management
& Prof. Professional
Practice in Public Policy &
Economics, The New
School for Social
Engagement | New York
Josina Kamerling,
Head Regulatory Outreach
CFA institute | Brussels
11
TRACK
B2
Reputation Management, Overview of Developments
11.4512.45
SPEAKERS
TOPIC
Cees van Riel, Co-
How Important is a Strong Reputation of Pensions?
Founder and Vice
Chairman Reputation
The Reputation Institute has done a Global Study that proved a
Institute | Rotterdam
strong correlation between an organizations’ reputation and
consumer willingness to recommend and ‘buy’ from it. For
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Eric Eggink, CEO
companies with excellent reputations, 85% of consumers say
EgginkvanManen |
they would definitely buy their products. You can contrast that
Amstelveen
with only 9% of consumers who would do the same for
companies with a negative Reputation. The pension industry has
a worldwide task, to fill the gap in interest, information and trust
amongst participants in pension schemes. Learn more during
track B2 about how pension organization can create trust,
positive experiences, and the willingness to actively participate
in pension matters and decisions. Eric Eggink, Chairman of the
Summit, will lead this track and illustrate together with
Professor Cees van Riel, CEO of the Reputation Institute and the
PGGM case the practical ins and outs of building a strong
reputation.
TRACK
C2
Pensions Organization
The Distribution Challenge in Pensions
11.4512.45
SPEAKERS
TOPIC
Josef Pilger,
Josef leads Ernst & Young’s Pension and Retirement practice
Asia Pac Pension
across Asia Pacific which serves government, public sector and
Practice Leader EY |
private sector clients. He works in EY’s financial services
Sydney
practice with 20 years strategic and operational experience in
Asia Pacific, Europe and the US. He worked in several strategic
13
Nicolette Opdam,
and operational industry and advisory roles servicing
Dutch Pension Practice
Governments and leading organizations the public and private
Leader EY, partner,
sector in the life insurance, asset management, wealth
attorney at law
management and Pensions & Retirement industry in Asia
Pacific, Europe and the US. Prior to joining EY Josef was
Ronald Ketellapper
European Head of Pensions of a German bank as well as Member
Board member (CEO) i-
of the Executive Board of Management and Chief Operating
PensionSolutions
Officer of a bank-owned multi-employer master trust pension
fund in Europe.
Josef works with many Governments, public sector pension
institutions and regulators across Asia Pacific to analyse,
design, establish, refine and evolve pension, retirement and
broad social insurance policy, delivery, funding, governance,
investment and supervision.
He works with many leading pension and retirement providers
along the value chain including pension funds, life insurers,
retail banks, asset managers and wealth managers across Asia
Pacific to protect, improve and grow their business. He provides
strategic and operational advice in areas including strategic
direction, growth, performance improvement, distribution and
business transformation programs.
TRACK
A3
Peering through the Periscope: The New Age of Pension Fund
Management
14.0015.00
SPEAKERS
TOPIC
Yoojin Kim,
Around the globe, nations of all sizes and economic standings are facing
Executive Director, J.P.
significant challenges in helping their populations cope with saving for a secure
Morgan Asset
future. Demographic and societal factors are reshaping the way in which
Management’s GIM
individuals need to think and plan for retirement, while economic challenges and
Solutions (GMAG) | New
opportunities are altering the dynamics of investing for the future. More than
York
one-third of the world’s population in developed countries such as Italy and
Japan will be 65 and older by 2050, affecting the attitudes of young and old
Elena Manola-
14
individuals.
Bonthond, Head of
Strategic Planning
To meet these retirement and savings challenges, numerous countries have
CERN | Geneva
begun shifting their focus from defined benefit retirement systems—which have
come under intense pressure in recent years—to self-directed defined
Stefan Lundbergh,
contribution systems. Although the benefits of a DC model are significant, a
Non-exec. board
major pitfall is that individuals are left with the burden of determining
member, Fourth
contribution amount and investment selection. Unfortunately, most individuals
Swedish National
in DC plans lack sufficient financial literacy, discipline and incentive to make
Pension Fund |
long-term investment decisions. And in the U.S., financial education efforts have
Stockholm
failed to motivate and engage individuals around investment decision making.
Outcome-oriented investment approaches such as target date funds in the U.S.
and UK are proving to be a compelling option that can potentially replicate the
asset class diversification and professional management available in DB plans
while simplifying investment selection for the ordinary citizen.
For multinational corporations, approaches to managing DB and DC systems vary
by country but the end outcome is the same: to help employees achieve sufficient
replacement income in order to live a secure retirement. Our panelists will
discuss how multinational firms can build a sound corporate governance
structure that can help streamline the complex process of managing multiple DB
and DC plans across the globe. Real-world examples will be shared of how some
leading global firms are creating efficiencies by taking a holistic approach to
managing DB and DC plans.
TRACK
B3
Pillars & Pension Scheme Development
The 4th Pillar: Income from Work after Retirement
14.0015.00
SPEAKERS
TOPIC
Rob Anderson, Head of
Paid work after the age at which people are entitled to a pension
Unit, Living Conditions &
is becoming increasingly common in the EU. Part of those who
Quality of Life at
work after the pension age do so because they need this 4th
Eurofound | Dublin
pillar income to make ends meet. For many retirees, tough, the
additional income may allow for higher living standards, but the
15
Gerhard Naegele,
main motivation is that they see work as a way to stay in contact
Director of the Institute
with others, contribute to society, stay healthy and keep learning
of Gerontology,
in a field of interest to them and often part of their identity.
TU/Technical University
Employers also show increased interest in employing people
| Dortmund
above the pension age, and there are reasons to believe that this
interest will further increase. Many retirees who are currently
not involved in paid work, would like to be.
This session will discuss the role of the 4th pillar, but also how
willingness and ability among employees can be increased by
taking measures well-before the pension age, and by developing
tailor-made work arrangements. It will also discuss how
governments can facilitate work after retirement by addressing
barriers in ways that contribute to sustainable and adequate
pension systems.
Key take-aways:
-Work is an increasingly important source of income for people
after the statutory pension age in the EU.
-Some working retirees are purely motivated by financial need,
but many work because they want.
-Many older people would like to be involved in paid work, but
face barriers.
-The ability and willingness of people to gain income through the
4th pillar can be influenced by employers and governments, by
taking measures already early in life.
TRACK
C3
Corporate Pensions
Evaluating New Governance Models, Optimizing Pension
Risk Management
14.0015.00
SPEAKERS
TOPIC
Chirag V. Patel,
Taking a 'Hands-on' Approach to Risk and Return
Managing Director and
Head of Europe, Middle
At WorldPensionSummit 2014 State Street presents findings of
East and Africa, State
its new 2014 Asset Owners Survey, conducted by the Economist
Street Associates |
Intelligence Unit. The research finds pension funds re-evaluating
London
their attitude to investment risk as they adjust to a continued
difficult investment environment. With 77 percent expecting
16
John Bolton, State
their risk appetite to increase over the next three years, how are
Street | London
pension funds now spending their “risk budget”? What does the
new risk-return balance look like?
TRACK
D3
Pensions & Healthcare:
Singapore’s Social Security System: More Than Just Retirement
14.0015.00
SPEAKERS
TOPIC
Soon Khai Eng , Director
Singapore’s Social Security System: More Than Just Retirement
of the Policy, Statistics &
Research Division of the
The Central Provident Fund (CPF) is the bedrock of Singapore’s
Central Provident Fund
social security system. Established in 1955 as a simple savings
Board | Singapore
scheme for old age, the CPF has evolved into a comprehensive
social security savings system spanning retirement, housing and
healthcare that serves 3.5 million members today.
17
The CPF is a fully-funded defined contribution scheme, but is
distinct from other retirement income systems in several ways.
Besides providing a lifelong income through a national annuity
scheme, the CPF has also contributed to a very high home
ownership rate through allowing part of contributions to be used
for property purchases. In the area of healthcare, the CPF has
facilitated the access to affordable and quality medical care,
through individualised healthcare savings and risk pooling
through a national medical insurance scheme. From end 2015,
this national medical insurance scheme will be enhanced to
provide universal and lifetime protection against large hospital
bills for all Singaporeans.
This presentation will share Singapore’s experience in
developing a comprehensive social security system through the
CPF, and how it has balanced multiple policy objectives of
retirement, housing and healthcare in a sustainable way that
meets the needs of its population.
TRACK
A4
China’s Pension Finance Challenge
15.3016.30
SPEAKERS
TOPIC
Jiye Hu, Professor of
How to develop China’s pension finance | Key lessons from
Law & Finance, Center
European countries
for Law & Economics,
China University of
By the experience of European countries like PIGS, the
Political Science & Law |
Netherlands, the UK and Switzerland, we learned that if a
Beijing
country develops its secondary pillar pension (private pension)
and pension finance, its financial system, fiscal system and
pension system will be more stable. If a country does not invest
18
into the development of private pensions, it may be more likely to
face a sovereign debt crisis, pension payments crisis and
potentially civil unrest. China is currently facing the enormous
pressure as a result of the one-child policy and the aging peak.
China could learn more from the experience of the pension
finance development from e.g. The Netherlands, UK and
Switzerland.
China’s individual account pension, enterprise annuity,
occupational pension, and commercial pension insurance funds
must invest in capital markets to ensure the preservation and
appreciation of assets. At the same time, the pension finance
will benefit China’s capital market development as well.
TRACK
B4
From DB towards ‘Collective-Individual DC’ | International
Trends
15.3016.30
SPEAKERS
TOPIC
Stefan Lundbergh,
The global trend grows stronger with a move from classic DB to
Head of innovation,
Collective/Individual DC. When considering change from one
Cardano and non-exec.
system to another, it could be useful to have some guiding
board member, Fourth
principles on pension design. During this track the first panel
Swedish National
member, Stefan Lundbergh from Cardano, will outline a set of
Pension Fund |
principles and illustrate those by using examples from the UK,
Rotterdam
the NL and Sweden. After that Barbara Zvan from OTPP will
outline how OTPP has reformed the pension contract in order to
19
Barbara Zvan,
make the pension plan robust going forward. Join the discussion
Senior Vice-President,
if you are considering pension reforms too. Mats Langensjö is
Asset Mix and Risk &
the sessions moderator.
Chief Investment Risk
Officer, Ontario
Teachers’ Pension Plan
| Toronto
Mats Langensjö,
Independent Advisor, M.
Langensjö & Co |
Stockholm
TRACK
C4
Investment Opportunities in Infrastructure & Public Services
15.3016.30
SPEAKERS
TOPIC
Martin Blaiklock,
During this session Martin Blaicklock will address a wide range
Infrastructure & Energy
of topics related to Investment opportunities in Infrastructure
Project Finance |
and the Public Sector, a.o.:
Teddington
•How Governments finance investment in public service assets:
public v. private
• What are Public-Private Partnerships (“PPP”)? Advantages &
disadvantages
20
• What are the key risks? How can these be mitigated?
• What funding structures prevail? How much debt? How much
equity? Differences between sectors.
• What kinds of investor returns are achievable and over what
period?
• What are the key ingredients of the underlying contractual
framework?
• How can investors protect themselves against political
interference?
TRACK
D4
Start Recognising that Pensions Members are in Fact
Consumers
15.3016.30
SPEAKERS
TOPIC
Nigel Ferrier, Executive
The starting point of any good communications strategy is to
Chairman, Ferrier
recognize that all employees and pensions members are not
Pearce | London
pensions experts, they are in fact consumers. Why do we expect
them to behave any differently or react differently when we are
communicating pensions? This session will look at the current
communication revolution and what lessons that can be learnt
from the world of consumer marketing in engaging people with
their pensions. It will use the recent findings from recent
21
consumer research in the UK into attitudes towards pensions
and saving, and how the conclusions from the research can help
drive greater engagement with pensions.
PLENARY
Introduction 2014
Plenary Closing Keynote Panel | Integrating ESG into LongTerm Thinking: Identifying Risks and Capturing Opportunities
17.0017.45
SPEAKERS
TOPIC
Michael Jantzi
The world is becoming more complex for investment
CEO Sustainalytics |
professionals charged with ensuring the pension promise for
Boston
their plan members. Issues like climate change, water scarcity,
human rights and remuneration have moved from being
Fiona Reynolds
“intangibles” to integral business issues that need to be fully
Managing Director PRI |
understood and integrated into investment decision making
London
frameworks. The United Nations-supported Principles for
Responsible Investment (PRI) Initiative, whose membership now
22
Eloy Lindeijer
encompasses almost 1,300 signatories with US $45 trillion
Chief Investment Officer
assets under management, provides compelling evidence that
PGGM | Zeist
ESG matters.
Lloyd Kurtz
This panel brings together leading experts who will discuss the
Chief Investment Officer
evolving practice of responsible Investment around the world.
Nelson Capital
Learn first-hand what is driving the interest in ESG integration at
Management | Berkeley
the largest asset owners and managers globally and how it’s
helping them to make more informed investment decisions.
Panelists will also share pragmatic insights about how to
educate and motivate staff, overcome challenges/obstacles and
to communicate with stakeholders, all with the ultimate goal of
integrating ESG into your fund’s governance framework and
processes in a way that adds long-term value.
PLENARY
Keynote Opening Speech
Excellence in Administration & Social Security
09.0009.30
SPEAKERS
TOPIC
Hans-Horst
The Secretary General of the International Social Security
Konkolewsky, Secretary Association since 2005, Mr. Hans-Horst Konkolewsky has
General of the
promoted the concept of dynamic social security and is a leading
International Social
advocate of the social dimension of globalization. Elected by the
Security Association
members of the ISSA to lead the Association, the Secretary
(ISSA) | Geneva
General of the ISSA oversees a program of worldwide activities
that includes major international conferences and seminars on
social security issues; research and data gathering; training for
CEOs and middle management officials; promotion and public
information activities; regional activities for the four regions:
Thursday November 6
Asia, Africa, Europe and the Americas as well as external
23
relations with other major international organizations involved
with social and economic development issues (World Bank, IMF,
OECD, ILO, WHO, UN, etc.).
Prior to his election as Secretary General, Mr. Hans-Horst
Konkolewsky served for 10 years as the Director of the European
Agency for Safety and Health at Work, a tripartite European
Union institution located in Bilbao, Spain. Under his leadership,
the Agency became the major provider of safety and health
information for workplaces and a key driver in promoting a
prevention culture not only in Europe, but also worldwide. Mr.
Hans-Horst Konkolewsky, who is a Danish national, also held
several senior positions in the Danish Ministry of Employment
and served as Deputy Director General of the Danish Working
Environment Authority. The Secretary General holds graduate
and post-graduate degrees from the University of Aalborg,
Denmark.
TRACK
A5
10.0011.00
Delivering on the Promise: Investment Challenges,
Opportunities & New Strategies for Pensions in an
Exceptionally Low Yield World
SPEAKERS
TOPIC
Bill H. Bohnsack,
The investment challenges facing pension funds are as evident
President & Senior
today as they have ever been. This presentation addresses these
Partner, Oak Hill
challenges and considers some of the opportunities and options
Advisors | New York
available to investors. Mr. Bohnsack discusses some of the
lessons learned by pension investors through the global financial
crisis and what changes some have implemented in order to be
better positioned for cycles yet to come.
Among the issues considered will be:
• Investment ramifications of today’s exceptionally low yield
environment
Thursday November 6
• Unconventional central bank policies and implications for
24
pensions and fixed income markets
• The risks and potential rewards to the increasing utilization of
alternative investments
• The importance of dynamic portfolio management for
optimizing returns
• Pension fund migration from traditional strategies to
alternative strategies to newly developed strategies appropriate
for increasingly dynamic and integrated investment markets
Drawing on more than 20 years of experience and working with
many of the largest pension scheme investors globally, Mr.
Bohnsack will discuss some of his observations on the
opportunities and limitations pensions are finding as they seek
to make changes to their strategic and tactical investment
efforts to best meet their long term objectives.
TRACK
B5
The Pension Pillars in Europe: Classification, Evolution and
Current Trends
10.0011.00
SPEAKERS
TOPIC
Francesco Briganti,
Up to the beginning of the 21st century, the classification of the
Director of The
pension pillars in the EU Member States was easy and very
European Association of
uniform among the different countries (with the only exception of
Paritarian Institutions
Finland). However, things started to change quite remarkably:
(AEIP) | Brussels
several Central & Eastern European States with different
pension systems inspired by the World Bank joined the EU in
2004 and in 2007; and some other European countries
introduced new compulsory pension schemes on the top of their
statutory PAYG first pillar, and decided to consider them as a
second layer of their first pillar (the so called first pillar bis).
Thursday November 6
Subsequently, the classification of 1st, 2nd and 3rd pillar in the
25
EU Member States differ quite a lot. Many problems arise as for
the application of the EU legislation with particular regards to
the EU laws, normally applicable to the second and their pillar
pensions: competition rules, solvency requirements, and
supervisory powers granted to the European Insurance and
Occupational Pensions Authority (EIOPA).
In this presentation, the new mapping of the different pension
pillars in Europe will be provided. It will be particularly
underlined that the classification and definition of the 3 pension
pillars in an EU perspective does not correspond to the one used
by the European States. But which reasons led several European
States to reform the structures of their pension systems; and
what are the growing tensions and conflicts between the EU
institutions and the national Governments as for their
competence in regulating pensions. Several trends of the
European pension systems in the last 10 years and nowadays
will be explained with particular regard to the evolution and
interaction of the 3 pillars. National trends have been partially
conditioned by the EU policies but, in their turn, they also
contributed to influence the trends of the EU policies in
pensions.
TRACK
C5
Corporate Pensions
Rethinking Defined Contribution Plans
10.0011.00
SPEAKERS
TOPIC
Gary Blank, Senior Vice
The economy and worker needs have evolved over the past two
President, Policy,
decades and defined contribution retirement savings plans need
Planning and Strategy,
to evolve too. An opportunity lies ahead to engage with
FMR, Fidelity
employers, employees and policymakers to achieve better
Investments | Boston
outcomes for employees. This session will review learnings from
the US experience and discuss implications for plan design and
public policy in a global context.
Thursday November 6
.
26
TRACK
A6
Corporate Pensions
Legal Aspects of Corporate Pensions
11.3012.30
SPEAKERS
TOPIC
Eric Bergamin, Owner
Offering a pension plan to employees is often seen as a valuable
Bergamin
and important labour condition. In some cases it is even a duty of
Pensioenrechtadvies
the employer or embedded in the company’s culture. The other
B.V. | Rotterdam
side of the pension medal tells us about increasing costs,
complex legislative changes and procedures. These issues could
Marthe van den Broek,
even be more complex when operating from abroad. How could
Pension Lawyer,
you be able to manage all various aspects concerning workplace
Bergamin
pensions without losing control?
Pensioenrechtadvies
B.V. | Rotterdam
The panel will introduce the most relevant issues when dealing
Thursday November 6
with corporate pensions, such as:
27
Elsebeth Aaes-
- Transfer of undertakings and mergers/restructuring;
Jørgensen, Partner
- Pension contribution and age discrimination;
Norrbom Vinding |
- Collective bargaining agreements and mandatory pension
Copenhagen
plans;
- Plan/sponsor insolvency and sponsor contributions;
Jamie McConville,
- Legislative changes, harmonization and compliancy/ Right of
Partner and Solicitor, LK
equal say of members and works council.
Shields | Dublin
In this practical and interactive session a high level overview will
be given including mentioning the red flags.
TRACK
B6
The African Pension Challenge: Debrief of the Africa Pension
Special 2014 & Key Essentials
11.3012.30
SPEAKERS
TOPIC
Chinelo Anohu-Amazu,
WorldPensionSummit will have its first ‘Africa Special’ in Abuja,
Director General of the
Nigeria. This annual specialized Summit for Africa has been
National Pension
planned jointly with the National Pension Commission of Nigeria.
Commission Nigeria
The Summit for all African pension professionals will present,
and debate upon specific African pension innovation, key
scenarios, and scheme development. Global insights and best
practices will be presented, shared and discussed by renowned
international experts. Since 2004 Nigeria has taken up a leading
role with her pension reform. A true showcase for the African
continent. The enactment of the Pension Reform Act 2004 has
Thursday November 6
proven to be key starting point of a new era in pensions for
28
Nigeria. On the occasion of the tenth anniversary of the pension
reform in Nigeria, the WorldPensionSummit 'Africa Special' will
kick-start a unique knowledge platform for all African nations on
pension market development and all complexities involved.
During this session all highlights and key-essentials of the Africa
Special will be presented by Pencoms DG Chinelo Anohu-Amazu.
TRACK
C6
Corporate Pensions
Securing Overseas Pension Payments
11.3012.30
SPEAKERS
TOPIC
Stephan Haas, Senior
At the end of the day, what counts most for our clients is the
Business Information
receipt of their (monthly) payment. Our challenge is to
Manager, Sociale
accomplish a quick, safe and cheap channel. Stephan Haas will
Verzekeringbank (SVB)
share with you the approach the Sociale Verzekeringbank (SVB)
Thursday November 6
took and the outcome of that process.
29
TRACK
A7
Intergenerational Equity, Longevity & Inflation Protection
Panel
13.3014.30
SPEAKERS
TOPIC
Hamlin Lovell,
Successful pension management is possible only via concerted
Contributing Editor The
effort among plan sponsors, members, asset managers, and
Hedge Fund Journal |
government. Financial literacy is far too complex for laymen to
London
attain, and hence Defined Benefit (DB) plans are the most
appropriate for retirement income. Nonetheless, the past few
Andrew C. Reid,
decades saw an exodus from DB to Defined Contribution (DC),
Managing Director &
predominantly because liability immunisation mechanism
Head of European
struggles to deliver.
Thursday November 6
Corporate Pensions
30
Origination Deutsche
With life expectancy continuing to rise, partly due to medical
Bank AG | London
advances, the Longevity Risk Discussion will explore issues
including: How accurate have historical forecasts of life
Robin Ellison, Head of
expectancy been? How subjective and widely dispersed are
Strategic Development
longevity forecasts? Do those with the largest pensions live
for Pensions Pinsent
longest? Which countries’ pension systems prioritize payments
Masons & founder of the
to current pensioners, and which hard code intergenerational
Association of Pensions
equity? Why do pension funds enter into longevity swaps? In how
Lawyers | London
many countries have pension funds done longevity swaps? How
do regulatory and actuarial rules treat them in various countries?
Matt Wilmington,
How do longevity swaps differ from inflation swaps? Why would
Partner, Aon Hewitt’s
pension funds choose an unfunded swap over a funded annuity?
International Retirement
How has the longevity market evolved since the trade involving
and Investment Practice
the UK’s largest pension fund, BT? How do longevity swap sellers
& Senior member, The
recognize the risk on their own balance sheets? How much
Risk Settlement Group |
counterparty risk is entailed in buying a longevity swap? Are we
London
likely to see more "SPV" (Special Purpose Vehicle) trades?
The panel will include a longevity swap provider and a pension
fund that has entered into a longevity swap.
TRACK
B7
Pension Innovation in Latin America
13.3014.30
SPEAKERS
TOPIC
Solange Berstein,
Latin America: Pension Funds Regulation and Supervision
President Council
Novaster LA, Consultant
Pension provision is an area of debate around the world and the
IDB & Former Head of
private sector has presented an increasing role that includes
the Pensions
voluntary and compulsory pension plans in different countries.
Supervisory Authority
In this sense, supervisors have the mission to regulate and
Chile | Santiago
supervise this growing industry which imposes challenges in
areas such as: corporate governance, risk management,
Heinz Rudolph, Lead
investment strategies, and retirement products among others.
Thursday November 6
Financial Sector
31
Specialist, Financial and
In the case of Latin America, where many countries include the
Private Sector Vice
private sector pension management as part of the social security
Presidency of the World
system of the country, supervisors have a critical part that has to
Bank | New York
deal with the tradeoff of between: being too prescriptive, which
could imply obstacles for the development of the industry and
the potential opportunities of improvement in favor of pension
fund members; and being too flexible, which might imply the risk
of mismanagement with a negative impact on benefits for
members, high costs or operational difficulties. Risk Based
Supervision (RBS) has gained attractiveness among pension
supervisors, which does not imply that rules are disregarded; but
the better allocation of supervisory resources allow more
flexibility and at the same time an adequate control of risks.
Introduction of the Latin American Pension Position by Heinz
Rudolph followed by the Chilean Case discussed by Solange
Berstein.
TRACK
C7
New Perspectives on Fiduciary Duty
13.3014.30
SPEAKERS
TOPIC
Joakim Sandberg,
New Roles and Responsibilities for Pension Funds and
Associate Professor of
Beneficiaries
Practical Philosophy,
University of
Are pension funds under a legal obligation to cater to the non-
Gothenburg, Dept of
financial – for example social, ethical, and environmental –
Philosophy, Linguistics & interests of beneficiaries? Many fund managers believe that this
Theory of Science
is beyond their fiduciary duty, which they narrowly interpret as a
Thursday November 6
requirement to maximize short-term financial returns on
32
Gerald Cartigny, Chief
portfolios. However, that interpretation is currently eroding in
Investment Officer
response to recent decades’ growing pressure on financial
|Director Fiducairy
agents to develop a more long-term perspective and to take part
Management a.i. MN |
in efforts for economic, social, and environmental sustainability.
The Hague
Many influential pension funds are changing their philosophies
and practices, and they are also getting backing from courts and
policy makers in nations across the world. We thus seem to be at
the cusp of a global evolution in legal and social understandings
of the fiduciary duties of pension investors. This session
presents a vibrant discussion between senior academics and
pension fund representatives that play a leading role in the
current evolution. The session gives insights into the latest
research and practitioner perspectives on:
• the changing legal landscape of fiduciary duty across the globe,
• beneficiaries’ own attitudes towards the fiduciary duty of their
pension funds, and
• critical perspectives on the future directions of fiduciary duty.
You may prepare for this session by ordering the Cambridge
Handbook of Institutional Investment and Fiduciary Duty,
featuring a foreword from former U.S. Vice President Al Gore.
Participants in the Summit are eligible for a special rebate.
PLENARY
Keynote Closing Speech
Pensions, Politics and People
14.4515.30
SPEAKERS
TOPIC
Joanne Segars, CEO
You can have the most sophisticated risk management in the
National Association of
industry, exemplary governance, the support and trust of your
Pension Funds (NAPF) |
members and employees, but then all of a sudden, politics
London
changes everything. You may have saved enough for your
pension, invested it wisely, carefully laid the foundations for a
comfortable future, but then all of a sudden, politics changes
everything.
Pensions are always at the very heart of politics and 2014-15 is a
big year for both. Giving the final keynote speech of the
Thursday November 6
conference, Joanne Segars looks from the European Parliament
33
elections in May 2014 to the UK General Election in May 2015
and asks what it all means for pensions, politics and people.

Program Summary & Details Update: November 2 2014

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