Program of the International Seminar

“Investments and Payouts in funded Pension Systems”

28-29 May 2009

Warsaw, Poland

Thursday May 28

Morning

8:00 Accreditation

8:30 - 9:00 Welcome

ü  Ewa Lewicka, President, Polish Chamber of Pension Funds, IGTE.

ü  Guillermo Arthur, President, International Federation of Pension Fund Administrators, FIAP.

9:00 - 9:30 Opening speech

ü  Michał Boni, Minister, Member of the Council of Ministers, Poland.

9:30 - 10:30 Inaugural Conference

ü  New developments in portfolio theory: their relevance for mandatory pension funds investments. Luis Viceira, Professor, Harvard Business School, Harvard University, USA.

Moderator: Ángel Martínez-Aldama, General Director Association of Investments and Pension Funds INVERCO, and Chairman of European Federation for Retirement Provision, EFRP.

Discussion

10:30 - 11:00 Coffee

Part I: Accumulation stage

11:00 - 12:15 Investment performance

ü  Pension funds returns: The case of Eastern and Central Europe. Dariusz Stańko, Professor, Warsaw School of Economics, Poland.

ü  Pension funds returns: The case of Latin America. Daniel Artana, Foundation for Latin American Economic Research, FIEL, Argentina.

Moderator: Eduardo Silva, President Mexican Association of Retirement Fund Administrators, AMAFORE.

Discussion

12:15 - 13:00 Conference

ü  What’s the level of financial risk that a DC funded pension system should take? Eduardo Walker, Professor, Catholic University of Chile, Chile.

Moderator: Santiago Montenegro, President Colombian Association of Pension and Unemployment Fund Administrators, ASOFONDOS.

Discussion

13:00 Closing of morning session

13:30 Working lunch

Afternoon

15:00 - 16:15 Business cycles and pension funds

ü  Asset prices in the business cycle: an historical perspective.

David Tuesta, Senior Economist, Unit of Social Security Systems Analysis, BBVA, Spain.

ü  Pension funds investments in times of financial crisis. Brett Collins, Vice President of State Street Global Advisors and Senior Product Engineer for Global Enhanced Equities Group, London, UK.

ü  International portfolio diversification for pension funds: why and how? Marlies van Boom, Head of Investment Solutions, AEGON Asset Management, Netherlands.

Moderator: to be defined.

Discussion

16:15 - 16:30 Coffee

16:30 – 17:45 Trends in pension funds investments

ü  Pension funds and investments in infrastructure. Sheila W. Beckett, Senior Budget Advisor, U.S. Department of Treasury, Office of Technical Assistance, USA

ü  Thematic Investments. Philippe Rohner, Senior Investment Manager, Pictet Asset Management SA, Switzerland.

ü  Exchange Traded Funds (ETFs). Deborah Fuhr, Managing Director, Global Head of ETF Research and Implementation Strategy, Barclays Global Investors, UK.

Moderator: Luis Costa, Vice President República AFAP, Uruguay.

Discussion

17:45 Closing of the first day

20:00 Cocktail

Friday May 29

Morning

Part II: Decumulation stage

8:30 Welcome

8:30 - 9:15 Opening Conference

ü  Optimal pension modes in a mandatory pension system.Wojciech Otto, Professor, Warsaw University, Poland.

Moderator: to be defined.

Discussion

9:15 - 10:30 Annuities and Programmed Withdrawals

ü  Optimal regulations for annuities. Tom Kliphuis, Chief Executive Officer of ING Insurance Central Europe, ING Group, Holland.

ü  Should Programmed Withdrawals be an option for a mandatory pension system? Augusto Iglesias, External Consultant, FIAP.

ü  The inflation challenge. Dimitri Vittas, Consultant, The World Bank.

Moderator: Francisco Margozzini, General Manager, AFP Association, Chile.

Discussion

10:30 - 10:45 Coffee

10:45 - 12:00 The market for pensions

ü  Conditions for the development of annuities markets. Recaredo Arias, General Secretary, Inter-American Federation of Insurance Companies, FIDES.

ü  Pension modes choices and financial education. Fiona Stewart, Administrator, Financial Affairs Division, Organisation for Economic Co-operation and Development, OECD.

ü  Demographic trends and their impact on funded pensions. Richard Jackson, Director, Global Aging Initiative, Center for Strategic and International Studies, USA.

Moderator: Kirsis Jáquez, Executive President, Dominican Association of Retirement Fund Administrators, ADAFP.

Discussion

Part III: Prospects for Poland’s and European Pension Systems

12:00 - 13:00 Roundtable: “Perspectives of Polish pension system”

ü  Tomasz Bańkowski, President of PTE Pekao Pioneer S.A., Poland.

ü  Marek Góra, Professor at Warsaw School of Economics, Poland.

ü  Jerzy Buzek, member of Europarliament, Ex Prime Minister of Poland.

ü  Michał Rutkowski, Director, The World Bank.

Moderator: Agnieszka Chłoń-Domińczak, Undersecretary of the State, Ministry of Labour and Social Policy, Poland.

13:00 - 13:30 Conference

ü  Mandatory Pension Funds in Europe: what’s their future? Klaus Smith-Hebbel, Ex Chief Economist, Organisation for Economic Co-operation and Development, OECD.

Moderator: Guillermo Arthur, President, International Federation of Pension Fund Administrators, FIAP

13:30 Closing

Guillermo Arthur, President, International Federation of Pension Fund Administrators, FIAP.