Moscow, 24-26 September 2003

The OECD Conference on Pension Reform in Russia was organised in Moscow on 24-26 September 2003. The conference, held under the aegis of the OECD Centre for Co-operation with Non-Members Countries, was co-sponsored by the various Russian Ministries responsible for pension reform, the United States Department of Commerce, and Russian and American industry partners.

The key objective of the conference was to provide an international forum for senior governmental officials, leading pension policy experts, and private pension market representatives in which they discussed the key policy issues related to implementation of the new, privately funded pension system in Russia and “best practice” regulatory and supervisory mechanisms used in OECD countries to ensure effective and efficient pension provision.

Conference Documentation

• Summary Record (including final agenda and list of participants)

Session 1: Overview of Russian Pension Reform and the Road Ahead

Session 2: Introduction to OECD/INPRS Principles and Guidelines for Pension Funds

• Room Document N°5: Basic Principles for the Regulation of Occupational Pension Schemes, OECD
• Room Document N°6: Guidelines for Pension Fund Governance, OECD
• Room Document N°15: Fifteen INPRS Principles for the Regulation of Private Pension Schemes: Application in the Regulatory Framework of Russia, Mr. Evgeny Yakushev, Russia (ppt in Russian)
• Room Document N°20: Draft Guidelines for the Protection of Rights of Members and Beneficiairies in Occupational Pension Plans, OECD
• Room Document N°22: Introduction to OECD/INPRS Principles and Guidelines for Pension Funds, Mr. Russell Galer, OECD

Session 3: Asset Management: Regulatory Standards for Investment and the Investment Process

• Room Document N°3: "Prudent Person Rule" Standard for the Investment of Pension Fund Assets, OECD
• Room Document N°4: Pension System and Supervision, Mr. Peter Kraneveld, Netherlands
• Room Document N°7: Survey of Investment Regulation of Pension Funds, OECD
• Room Document N°17: Management of Investment Risk, Mr. Peter Davies, United States
• Room Document N°25: Pension Fund Investment Regulation: Prudent Person and Quantitative Limits Approaches, Mr. Russell Galer, OECD

Session 4: Impact of Guarantees on Pension Plan Funding and Investment

• Room Document N°8: Private Pension Guarantees: Principles and Application, Mr. Csaba Feher, World Bank
• Room Document N°24: Impact of Guarantees on Pension Plan Funding and Investment, Mr. Steven Kandarian, United States

Session 5: Investment Opportunities in Transitional Economies and the Role of Pension Funds as Institutional Investors

• Room Document N°16: Investment Regulations and Opportunities for Pension Contribution in Russia, Mr. Ulf Schneider, Germany
• Room Document N°18: Institutional Investors and Corporate Governance, Mr. Stephen Lumpkin, OECD
• Room Document N°27: Investment Opportunities for Management Companies: Growth with the Pension Reform, Mr. Andrei Uspenski, Russia
• Room Document N°28: Pension Fund Investment Strategy in Brazil, Ms. Solange Vieira, Brazil

Session 6: Supervisory Structure, Perspectives and Techniques: Focus on Supervision of Asset Management and Financial Institutions

• Room Document N°9: Supervision of Asset Management and Financial Institutions, Mr. Attila Gaal, Hungary
• Room Document N°10: Supervisory Structure, Perspectives and Techniques Case Study: Ireland, Ms. Mary Hutch, Ireland
• Room Document N°12: Supervisory Structures and Methods for Private Pensions in OECD Countries, Mr. Vinicius Carvalho Pinheiro, OECD
• Room Document N°19: The Role for Self-Regulation and Voluntary Compliance Incentives in the Design of Pension Systems, Mr. William Poole, United States
• Room Document N°21: Supervisory Structurs for Private Pension Funds: Preliminary Survey Analysis, Mr. Vinicius Carvalho Pinheiro, OECD
• Room Document N°23: Russian System of Non-State Pension Funds and Principles of State Supervision, Mr. Vyacheslav Bataev, Russia (ppt in Russian)

Session 7: Explaining Reform to the Public, Educating the Consumer and Protecting Pension Fund Members

• Room Document N°14: Explaining Reform to the Public, Educating the Consumer and Protecting Pension Fund Members Country Case Study: Ireland, Mrs. Mary Hutch, Ireland
• Room Document N°26: Explanation and Promotion of a Reform to the Public: Riester-Pensions, Mr. Markus Weyer, Germany

Session 8: Administrative and IT Challenges for Russian Authorities

• Room Document N°1: Experience Sharing of MPF System, Ms. Hendena Yu, Hong Kong, China
• Room Document N°2: Pension Reform in Ukraine: Strategy, Policy, Politics and Practice, Mr. Greg McTaggart, USAID, Ukraine
• Room Document N°13: Administrative and I.T. Challenges for Russian Authorities Reflection on the Russian Case, Ms. Janet Rubenstein, United States

Session 9: Understanding Fees and Controlling Costs

• Room Document N°11: Costs and Charges of Pension Funds in Transitional Economies, Ms. Agnieszka Chlon-Dominczak, Poland