Designing adequate defined contribution (DC) pensions:
Global experience and lessons from Asia-Pacific
2-3 November 2010, Sydney, Australia
Hosted by the Australian Prudential Regulation Authority (APRA), the Annual OECD/IOPS Global Forum on Private Pensions took place in Sydney, Australia, on 2-3 November 2010. The IOPS Committee Meetings and the IOPS Annual General Meeting preceded the Global Forum on the 1-2 November. APRA organised a Flyer of the Training Superannuation Seminar on 4-5 November.
The main objective of the Global Forum was to examine innovative governmental policies intended to enhance the security and adequacy of defined contribution (DC) retirement plans – which represent a growing share of retirement savings in the Asia-Pacific region and globally. The recent financial crisis, which had a negative impact on the asset value and benefit adequacy of such plans, has further compelled governments around the world to take action to strengthen regulatory requirements and supervisory policies with respect to the operation of these plans.
The topics addressed at the Global Forum include:
- Pension reform process and recent developments in Asia-Pacific
- Supervisory techniques and approaches to oversee DC pensions
- Challenges and costs of introducing guarantees for DC pension plans
- Innovative approaches to measure the ‘retirement readiness’ of ageing populations
- Optimal structure and design of DC pension plans
The Global Forum brought together high-level officials from regulatory and supervisory authorities, leading experts from pension fund industry and research institutes from both OECD and IOPS Member countries and participants from Asia Pacific region. Representatives from international organizations, including the World Bank, the International Monetary Fund, and the Asian Development Bank also participated in the event.
Flyer of the Global Forum on private pensions
Flyer of the Training Superannuation Seminar
Information note for participants
- Ambassador Richard Boucher, Deputy Secretary General, OECD.
- Ambrogio Rinaldi, Chairman OECD Working Party on Private Pensions.
- Ross Jones, Deputy Chairman of the Australian Prudential Regulation Authority, President IOPS.
Session 1: Pension System Developments in Asia
- André Laboul, Head of Financial Affairs Division, OECD, Secretary General of IOPS.
- Corazon S. de la Paz-Bernardo, President of ISSA, Social Security Commission.
- Don Yeo, Deputy CEO, Central Provident Fund Board, Singapore .
- Datuk Ranjit Ajit Singh, Managing Director, Securities Commission of Malaysia.
- Son Tran Van, Director of International Affairs Division in charge of Social Policies, Ministry of Finance, Taiwan.
- Puskal Upadhyay, General Manager, Pension Fund Regulatory and Development Authority, India
- Moch Muchlasin, Development and Information Division, Ministry of Finance, Indonesia.
Session 2: Supervising DC Pensions
- Edward Odundo, Vice President IOPS, Chief Executive, Retirement Benefits Authority, Kenya.
- Ross Jones, Deputy Chairman, Australian Prudential Regulation Authority.
- Darren McShane, Executive Director (Regulation and Policy), Mandatory Provident Fund Schemes Authority, Hong Kong, China.
- Corona Radulescu, Director of the Regulatory and Licensing Division; Romanian Private Pension System Supervisory Commission.
Session 3: Guaranteeing DC Pensions
- Slavka Polakovicova, National Bank of Slovakia.
- Solange Berstein, Superintendent Pensions, Chile.
- Andrew Boal, Convenor of the Superannuation and Employee Benefits Practice Committee, Institute of Actuaries of Australia.
Session 4: Retirement Readiness Project – Initial Ideas
- Pedro Ordorica, President of National Commission for Retirement Savings (CONSAR), Mexico.
- Brigitte Miksa, Head of International Pensions, Allianz Global Investors.
- Alicia Munnell, Centre for Retirement Research, United States.
- David Tuesta, Director of Research and Chief Economist, Global Tendancies Unit, BBVA.
Session 5: Policy Recommendations for DC Pension Design
- Olivia S. Mitchell, The Wharton School, University of Pennsylvania, United States.
- Hazel Bateman, Centre for Pensions and Superannuation, University of New South Wales, Australia.
- Alicia Munnell,Centre for Retirement Research, United States.
- Michael Fisher, Research Officer, ACTU.
Closing Speech and Closing Remarks
- Minister Bill Shorten, MP. Assistant Treasurer, minister for Financial Services and Superannuation, Australia.
- Ambrogio Rinaldi, Chairman, OECD Working Party on Private Pensions.
- André Laboul, Head of Financial Affairs Division, OECD and IOPS Secretary General.
- Ross Jones, Deputy Chairman of Australian Prudential Regulation Authority.