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.