How to build adequate, long-term pension savings: lessons for and from developing pension systems

25-26 October 2011, Cape Town, South Africa

 

Hosted by the Financial Services Board (FSB) of South Africa, the annual OECD/IOPS Global Forum on Private Pensions took place in Cape Town, South Africa, on 25-26 October 2011. The IOPS Committee Meetings and the IOPS Annual General Meeting preceded the Global Forum on 24-25 October.

[See press Release]

 

Topics addressed at the Global Forum included:

• Reform progress and recent pension fund industry developments in South Africa and in the Africa region
• Coverage and adequacy of pension systems
• How to use pension savings for long term investment and economic development

The Global Forum brought together representatives from developed and developing pension systems along with industry representatives and academics to share experiences and lessons. Whilst developed pension systems have many lessons to share with developing pension systems, such as innovative ways of improving coverage, likewise, developing pension systems have interesting lessons to share with more developed pension systems, such as experiences with infrastructure investments.

 

The conference took place back-to-back with the  (27-28 October), which included a session on financial education related to pensions, and the World Bank and Financial Education Fund Workshop on Impact Evaluation Methods for Financial Capability Enhancement Programs (31 October-1 November). 

 

Documentation

Agenda

Conference Proceedings

 

Tuesday 25th October

Opening Remarks
André Laboul, Head of Financial Affairs Division, OECD, IOPS Secretary General

Ambrogio Rinaldi, Chairman OECD Working Party on Private Pensions
Ross Jones, Deputy Chairman of the Australian Prudential Regulatory Authority, President, IOPS

 

Opening Speech - Pension Reforms in South Africa

Nhlanhla Nene, Deputy Minister of Finance

Session 1: Pensions in Africa – Update on Developments and Reforms
Moderator: Andrew Donaldson, Deputy Director General, National Treasury South Africa
Roundtable 1: Are universal pensions the answer for Africa?
-- Marcelina Gaoses, Non-bank Financial Institutions Regulatory Authority, Botswana
-- Adrianus Vugs, Namibia Financial Institutions Supervisory Authority, Namibia
-- Jurgen Boyd, Financial Services Board South Africa
-- Nzomo Mutuku, Retirement Benefits Authority, Kenya

Roundtable 2: Are individual account systems suitable for Africa?
-- Dr. Musa Ibrahim, National Pension Commission, Nigeria
-- Patrick Mhango, Insurance and Non-bank Financial Institutions, Reserve Bank Malawi
-- Martin Libinga, Pension and Insurance Authority, Zambia
-- Sandile Dlamini, Registrar of Insurance and Retirement Funds, Swaziland

 

Wednesday 26th October

Session 2: Adequacy of Pension Systems: OECD Retirement Savings Adequacy
Moderator: Ambrogio Rinaldi, Director, COVIP Italy

Speakers:
-- Pablo Antolin, OECD (presentation)
-- Renate Finke, Allianz Global Investor (presentation)

 

Session 3: Coverage of Pension Systems: How to achieve Breadth and Depth
Moderator: Chairman Agarwal, PFRDA, India
Speakers: 
-- Nicholas Barr, London School Economics (presentation)

-- Santiago Fernández de Lis, BBVA (presentation)

-- Rob Rusconi, Independent Consultant

 

Session 4: Pension Funds, Long-term Investing and Capital Market Development
Moderator: Edward Odundo, RBA Kenya, IOPS Vice President

Speakers:
-- Juan Yermo, OECD (presentation)

-- Simon Wong, Governance for Owners (presentation)

-- Fagmeedah Petersen Lurie, South Africa Government Employees Pension Fund (presentation) 

-- Pierre Habbard, TUAC (presentation)

 

Session 5: Pension Funds and Infrastructure Investments
Moderator: José Maria Rabelo, Ministry of Social Security, Brazil
Speakers:
-- Fiona Stewart, IOPS/OECD (presentation)

-- Elias Masilela, Public Investment Commission South Africa

-- Ross Jones, APRA, Australia (presentation)

 

Closing Remarks
Rintaro Tamaki, Deputy Secretary General, OECD

Ross Jones, Deputy Chairman of the Australian Prudential Regulatory Authority, President of IOPS
Ambrogio Rinaldi, Chairman OECD WPPP
André Laboul, Head, OECD Financial Affairs Division, IOPS Secretary General