IOPS Caribbean Regional Workshop on Private Pension Supervision, 8-9 October 2009

This was the first time that the IOPS organised a workshop for the Caribbean region in the framework of its global outreach activities, and in line with the organisation’s objective to promote the development of efficient national pension supervisory systems throughout the world. This regional workshop was co-organised and hosted by the Financial Services Commission of Jamaica. Additional sponsorship was provided by CARTAC.

The workshop aimed to address a wide range of topics which are of interest to supervisory agencies in the Caribbean region as well as other countries globally. These issues included:

1) measuring the impact of the global financial crisis on pension fund industry and devising appropriate policy responses;

2) the development of risk-based supervisory techniques;

3) the effective and proportional use of intervention, sanctions and enforcement powers;

4) policies designed to create incentives for the development of annuity products and to implement efficient supervisory regimes for the payout phase of pensions;

5) policy measures to improve financial literacy and knowledge of individuals on pensions matters (including training programmes for trustees).

The application and use of the internationally agreed IOPS Principles of Private Pension Supervision was also considered, and ways to reinforce supervisory coordination in the Caribbean region (including consideration of the development of a Caribbean Association of Pension Supervisors) were discussed.

Final agenda

IOPS Caribbean Regional Workshop on Private Pension Supervision

Opening Ceremony

Session I: Introduction to IOPS

• Mr. Ross Jones, APRA, Australia
  Introduction to and self-assessment methodology for IOPS Principles
• Mr. Al Kiel, Morneau Sobeco, Canada
  Development of pension legislation and supervision in the Caribbean region

Session II: The Impact of the Global Financial Crisis on Pension Funds

• Mr. Rohan Barnett, Snr. Executive Director, Financial Services Commission, Jamaica
  Impacts of the financial crisis on pension systems in Jamaica and the Caribbean region
• Ms. Fiona Stewart, OECD/IOPS Secretariat
  Global pension policy responses to the financial crisis

Session III: Risk-Based Supervision

• Ms. Merrie Hennessy, Policy Adviser, APRA, Australia
  IOPS Toolkit for Risk-Based Supervision
• Mr. Jurgen Boyd, Registrar of Pensions, FSB, South Africa
  Approach to risk-based supervision in South Africa
• Mr. Nzomo Mutuku, Chief Economist and Head of Research and Policy Analysis, RBA, Kenya
  Approach to risk-based supervision in Kenya

Session IV: The Effectiveness of Annuities vs. Other Financial Products

• Mr. Colin Pugh, IOPS Consultant
  Policy options for the payout phase

Session V: Use of Intervention, Sanctions and Enforcement

• Mr. Jurgen Boyd, Registrar of Pensions, FSB, South Africa
  Approach to Enforcement
• Mr. Peter Sousa, Chief Executive Officer; Pension Commission of Bermuda
  Approaches to Enforcement

Session VI: Financial Education, Pensions and Trustee Training

• Ms. Flore-Anne Messy, OECD Secretariat
  OECD project on financial education
• Ms. Rose Kwena, Head of Corporate Communications, RBA, Kenya
  Kenyan experience

Session VII: Discussion on the Development of a Caribbean Associaiton of Pension Supervisors

• Peter Sousa, Chief Executive Officer; Pension Commission of Bermuda