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 Ewa Lewicka, President, Polish Chamber of Pension Funds, IGTE. Guillermo Arthur, President, International Federation of Pension Fund Administrators, FIAP. 9:00 - 9:30 Opening speech Michał Boni, Minister, Member of the Council of Ministers, Poland. 9:30 - 10:30 Inaugural Conference 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 Pension funds returns: The case of Eastern and Central Europe. Dariusz Stańko, Professor, Warsaw School of Economics, Poland. 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 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 Asset prices in the business cycle: an historical perspective. David Tuesta, Senior Economist, Unit of Social Security Systems Analysis, BBVA, Spain. 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. 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 Pension funds and investments in infrastructure. Sheila W. Beckett, Senior Budget Advisor, U.S. Department of Treasury, Office of Technical Assistance, USA Thematic Investments. Philippe Rohner, Senior Investment Manager, Pictet Asset Management SA, Switzerland. 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 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 Optimal regulations for annuities. Tom Kliphuis, Chief Executive Officer of ING Insurance Central Europe, ING Group, Holland. Should Programmed Withdrawals be an option for a mandatory pension system? Augusto Iglesias, External Consultant, FIAP. 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 Conditions for the development of annuities markets. Recaredo Arias, General Secretary, Inter-American Federation of Insurance Companies, FIDES. Pension modes choices and financial education. Fiona Stewart, Administrator, Financial Affairs Division, Organisation for Economic Co- operation and Development, OECD. 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” Tomasz Bańkowski, President of PTE Pekao Pioneer S.A., Poland. Marek Góra, Professor at Warsaw School of Economics, Poland. Jerzy Buzek, member of Europarliament, Ex Prime Minister of Poland. 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 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.
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