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The Pan European Pensions and Asset Pooling Summit 2007

16thOctober 2007

The Pan European Pensions and Asset Pooling Summit 2007

Day 1 - 16th October 2007

Time Slot Event Speakers
07:30 Registration and Breakfast Reception   
08:30 Introduction, by chairman

Pan European Pension funds - Fiction or reality?
1. Situation to date
2. Asset pooling
3. Liability pooling
4. Legal constraints
5. Taxation
6.The Way forward 
Jaap Maassen, Chairman, European Federation for Retirement Provision 
08:55 What factors multinational plan sponsors should consider in looking at the overall efficiency of their pension scheme.

The context
The main drivers (external factors): typical issues that pension schemes are concerned about

Accounting - Requirement to recognise net pension deficits on balance sheet – in broad terms the performance of pension plan asset investment has a direct impact on the company’s reported profits for the year.
Regulatory – Both pension law and company regulations require company’s to put in place operational procedures and protocols to manage pension risk.
Taxation – changes to international tax rules mean that traditional investment vehicles may no monger be tax efficient for pension funds.
Operational – advances in custody and administration systems mean that there are now more pooled solutions available to international groups than existed even 2 years ago.
What are the questions that pension schemes should be asking?
How to make sure your risk model is appropriate to your business objectives 
Gavin Bullock, Partner, Deloitte 
09:10 Pan-EU strategies in the second half of 2007

- Asset pooling: a clear DB solution
- Risk pooling: a global general solution
- Master Trusts, the true Pan-EU DC solution
- Using structures and service centers  
Tim Burggraaf, Representative of Holland Financial Centre and Partner, Mercer 
09:30 TAXATION AND PAN-EUROPEAN PENSION FUNDS

- Discrimination regarding tax relief for contributions paid to foreign pension funds eliminated

- Commission is actively tackling discriminatory taxation of investment results of foreign pension funds

The last hurdle: Tax obstacles to the cross-border transfer of pension capital 
Peter Schonewille, Administrator, Direct Tax Infringement Unit, European Commission 
09:50 Liability driven investments – are they feasible in a pan-European pension fund context?
"Investing having regard to Pan European pension fund liabilities - a risk management perspective",

· Addressing the additional liability complexities in cross-border funds.
· Challenges in managing potentially complex asset strategies.
· Managing the ‘micro’ and ‘macro’ risk budgeting perspectives.
· Governance challenges and opportunities. 
Sathish Ramdayal, Senior Consultant, Barrie & Hibbert 
10:10 Refreshments sponsored by Independent Trustee Limited   
10:25 Panel Discussion I

Asset pooling, Pan European Pensions; meeting the needs of multinational Benefit Executives/Trustees, and overcoming their problems in establishing Pan European pensions. 
Geoffrey Furlonger, Committee Member, International Employee Benefits Association, Aon Consulting
William Slattery, Managing Director, State Street International
Deborah Reidy, Executive Director, Hewitt
Pat Wall, Partner, PricewaterhouseCoopers 
11:05 The Evolution of the Common Contractual Fund - Case Study  Mark Cerimele, Senior Manager, International Product Management, Vanguard Investments 
11:20 The CCF and asset pooling potentials  Neal Chansky, COO Continental Europe/Offshore , State Street 
11:35 Panel Discussion II: Asset pooling.

Update on European pooling solutions: FCP (Luxembourg); CCF (Ireland); FGR(Netherlands);PFPV(UK); OFP (Belgium)
Barriers to pooling: investment regulations, custodial regulations, accounting regulations

Tax Aspects: The elimination of tax obstacles for pan-European pension funds
The ECJ's role in removing obstacles – ie Denkavit/Fokus/Belgium cases
Overcoming tax barriers to allow centralisation of pension capital in pan-
European funds, VAT 
Kerry White, First Vice President, Head of Multinational Business and Product Development, ABN AMRO Mellon Global Securities Services
Bernard Hanratty, Managing Director, Head of Fund Services, Europe, Middle East and Africa, Citi
Jacques Elvinger, Partner, Elvinger, Hoss & Prussen
Gavin Nangle, Head of Business Development, State Street
Aaron Overy, Head of Asset Pooling Sales, Northern Trust
Lut Sommerijns, Secretary general, Belgian Association of Pension Institutions
Johann Girost, Actuary - Pension Funds Manager , Dexia Insurance & Pensions Services
Christian MacManus, Director - Financial Services Audit Group, Deloitte 
12:30 Lunch sponsored by IDA IRELAND   
13:30 Pan -European Pensions, Retirement and Asset
Management Solutions - pipe dreams or realisable goals?
Can the remaining obstacles to the creation of a true pan-European pension market be overcome?
Tax/Regulation etc Single Market - facing up to the challenge
Update on the Pensions Directive (IORP)
Could IORPs be the New UCITS?
The EC White Paper on Investment Funds- progress on pooling funds under the UCITS framework,  
Pat Wall, Partner, PricewaterhouseCoopers 
13:45 The Role of Cross Border Life Companies in the emerging Pan European Retirement marketplace

* Demographic and mobility trends mean that a Pan European Retirement
marketplace must emerge.
* Cross border life companies already provide and distribute products
in many EU countries.
* Open architecture, flexible, individual products together with
their administrative platforms are already in place.
* Recent EU judgements are a catalyst for pension business to be
written on a freedom of services basis.
* It is not a major jump for cross border life products to become
qualifying retirement planning structures.
* Life companies would be best served by focusing on individual
"executive pension" type structures. 
Dave Fagan, Chief Executive, Legal and General International 
14:00 Tax Transparent Pensions Vehicles  Paul McGowan, Taxation Partner - Financial Services, KPMG 
14:15 The IORP Directive  Erich Eggenhofer, Legal and policy officer for Insurance and Pensions, The European Commission 
14:30 Parallel Pooling - Asset pooling within an EPP context  Aaron Overy, Head of Asset Pooling Sales, Northern Trust 
14:45 Refreshments sponsored by Vanguard    
15:00 Securities Lending and the challenges in Pension Pooling

Technical challenges: lender and borrower
Tax authority attitudes
Risk and operational challenges 
Ali Kazimi, Director, Ernst & Young 
15:15 Keynote address  Dermot McCarthy, Secretary General, Department of An Taoiseach 
15:30 Current developments in the regulation of pensions

* Current challenges in pensions regulation
* How the UK is responding to these challenges
* The impact of the IORP (pensions) Directive
* The role of the CEIOPS Occupational Pensions Committee  
Tony Hobman, Chief Executive, UK Pensions Regulator 
15:45 Panel Discussion III: Risk Pooling, Liability Driven Investments & Pan European Pensions

 
Sathish Ramdayal, Senior Consultant, Barrie & Hibbert
Tim Reay, Senior member of the International Benefits practice, Hewitt
Johann Girost, Actuary - Pension Funds Manager , Dexia Insurance & Pensions Services 
16:25 Pensions Governance for Multinational Employers  Tim Reay, Senior member of the International Benefits practice, Hewitt 
16:40 Panel IV: Product Innovation : Presentations & Q & A Session

Master Trusts - UK & Ireland, Europe – Mercer
Open Architecture life products – Legal & General
Developments with regard to structuring for example, virtual pooling, 'third generation' pooling, examples being Northern Trust's patented pooling process,
Citigroup's 'third generation' pooling.
DC Schemes - possible multinational structures
Risk Sharing and Hybrid Pension Plans  
John Feely, Actuary, Attain Consulting
Bernard Hanratty, Managing Director, Head of Fund Services, Europe, Middle East and Africa, Citi
Dave Fagan, Chief Executive, Legal and General International
Tim Burggraaf, Representative of Holland Financial Centre and Partner, Mercer
Aaron Overy, Head of Asset Pooling Sales, Northern Trust 
17:30 Reception   
19:00 Gala Dinner   
21:00 Entertainment   
Gold Sponsors
Click on logos for information

IDA Ireland

Citi

Legal & General

Northern Trust

PricewaterhouseCoopers

Invest Northern Ireland

KPMG

Mercer

European Federation for Retirement Provision

Deloitte

Ernst & Young

State Street

Hewitt Associates

Silver Sponsor

Vanguard

Luncheon Sponsor

IDA Ireland

Refreshment Break Sponsors

Independent Trustee Limited

Vanguard

Media Partners

IPE


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