| 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 | |
