Thursday May 28 by 9oiuwiRH


									Program of the International Seminar
“Investments and Payouts in funded Pension Systems”
28-29 May 2009
Warsaw, Poland

Thursday May 28


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.


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

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


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,

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


13:00 Closing of morning session

13:30 Working lunch


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.

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,


17:45 Closing of the first day

20:00 Cocktail

Friday May 29


                            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.


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.


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.


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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