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INSTITUT DES ACTUAIRES

INSTITUT DES ACTUAIRES. INTERNATIONAL EXPERIENCE IN PENSION REFORM David Callund Deauville, 16 September 2005. CHRONOLOGY (1960s). Corporate pension liabilities – occupational pensions (sitting on top of state pensions) Review of state pensions in Europe

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INSTITUT DES ACTUAIRES

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  1. INSTITUT DES ACTUAIRES INTERNATIONAL EXPERIENCE IN PENSION REFORMDavid Callund Deauville, 16 September 2005

  2. CHRONOLOGY (1960s) • Corporate pension liabilities – occupational pensions (sitting on top of state pensions) • Review of state pensions in Europe • Brussels – US corporate headquarters for Europe • US multi-nationals – centralised pensions management • European multi-nationals – pensions not consolidated

  3. CHRONOLOGY (1970s) • Adviser to many American multi-nationals; frequent visits to USA • Global activities – Europe / Japan / Australia / Indonesia / South Africa • State pensions / state provident funds / no state benefits • Distinction in financing – Pay-as-you-go –v- funding • Book: “Employee Benefits in Europe” 1974

  4. CHRONOLOGY 1970s cont’d • First missions to Chile: Kaiser Steel / CAP • Actuarial valuation to show long-term cost of funding state benefits for CAP employees • Appointed adviser to Chilean Government for pension policy review • Actuarial valuation of Pertamina pensions (Indonesia) • Appointed adviser to Indonesian Government in public sector pensions

  5. CHRONOLOGY (1980s) • Chile: • Introduction of AFPs • Horror of ILO and ISSA • Excitement of IMF and World Bank • Actuaries and macro-economic analysis

  6. CHRONOLOGY (1980s) • Indonesia: • Public sector pensions: four years’ investigations • 1.2 million actives / 6 million dependants • Pensionable pay • EEC: • Cross-border pensions / draft directives for DG XV

  7. CHRONOLOGY (1990s) • Transition economies – public policy on pensions: • Poland • Russian Federation • Estonia (and Latvia/Lithuania) • Albania • Czech Republic • Bulgaria • Slovak Republic

  8. CHRONOLOGY (1990s) cont’d • Transition economies – public policy on pensions: • Ukraine • Kazakhstan • Kyrgyz Republic • People’s Republic of China

  9. CHRONOLOGY (2000s) • Focus on Regulation and Supervision: • Russian Federation (PFR and NAPF) • Kyrgyz Republic • Uganda • Tanzania • Brazil

  10. CHANGES IN FOCUS

  11. CHANGES IN FOCUS cont’d

  12. CHANGES IN FOCUS cont’d

  13. The Bismarck / Beveridge debate – what should the state’s responsibility be? • Conflicts between Ministries of Finance and Labour • Micro-management of fiscal treatment of pension fund monies by Finance Ministers • Pension protection funds • Absence of prudent housekeeping

  14. PROCUREMENT PROCEDURES • Best – work direct for client (Government or Institution) • Most common – third-party funding, involving financial support from unilateral and multi-lateral donors: • World Bank • IMF • IFC • ADB • AfDB • EuropeAid • EBRD

  15. PROCUREMENT PROCEDURES cont’d • Hybrid donors include FIRST Initiative • Competition (not always technically good) • Pressure on fee-rates

  16. Challenges for the next 40 years

  17. Callund Consulting Limited Brock House 57 High Street Maidenhead Berkshire SL6 1JT United Kingdom Tel: + 44 (0)1628 776640 Fax: + 44 (0)1628 776624 Email: callund@callund.com Website: www.callund.com

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