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INSTITUT DES ACTUAIRES. INTERNATIONAL EXPERIENCE IN PENSION REFORM David Callund Deauville, 16 September 2005. CHRONOLOGY (1960s). Corporate pension liabilities – occupational pensions (sitting on top of state pensions) Review of state pensions in Europe

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Institut des actuaires

INSTITUT DES ACTUAIRES

INTERNATIONAL EXPERIENCE IN PENSION REFORMDavid Callund

Deauville, 16 September 2005


Chronology 1960s
CHRONOLOGY (1960s)

  • Corporate pension liabilities – occupational pensions (sitting on top of state pensions)

  • Review of state pensions in Europe

  • Brussels – US corporate headquarters for Europe

  • US multi-nationals – centralised pensions management

  • European multi-nationals – pensions not consolidated


Chronology 1970s
CHRONOLOGY (1970s)

  • Adviser to many American multi-nationals; frequent visits to USA

  • Global activities – Europe / Japan / Australia / Indonesia / South Africa

  • State pensions / state provident funds / no state benefits

  • Distinction in financing – Pay-as-you-go –v- funding

  • Book: “Employee Benefits in Europe” 1974


Chronology 1970s cont d
CHRONOLOGY 1970s cont’d

  • First missions to Chile: Kaiser Steel / CAP

  • Actuarial valuation to show long-term cost of funding state benefits for CAP employees

  • Appointed adviser to Chilean Government for pension policy review

  • Actuarial valuation of Pertamina pensions (Indonesia)

  • Appointed adviser to Indonesian Government in public sector pensions


Chronology 1980s
CHRONOLOGY (1980s)

  • Chile:

    • Introduction of AFPs

    • Horror of ILO and ISSA

    • Excitement of IMF and World Bank

    • Actuaries and macro-economic analysis


Chronology 1980s1
CHRONOLOGY (1980s)

  • Indonesia:

    • Public sector pensions: four years’ investigations

    • 1.2 million actives / 6 million dependants

    • Pensionable pay

  • EEC:

    • Cross-border pensions / draft directives for

      DG XV


Chronology 1990s
CHRONOLOGY (1990s)

  • Transition economies – public policy on pensions:

    • Poland

    • Russian Federation

    • Estonia (and Latvia/Lithuania)

    • Albania

    • Czech Republic

    • Bulgaria

    • Slovak Republic


Chronology 1990s cont d
CHRONOLOGY (1990s) cont’d

  • Transition economies – public policy on pensions:

    • Ukraine

    • Kazakhstan

    • Kyrgyz Republic

    • People’s Republic of China


Chronology 2000s
CHRONOLOGY (2000s)

  • Focus on Regulation and Supervision:

    • Russian Federation (PFR and NAPF)

    • Kyrgyz Republic

    • Uganda

    • Tanzania

    • Brazil





  • The Bismarck / Beveridge debate – what should the state’s responsibility be?

  • Conflicts between Ministries of Finance and Labour

  • Micro-management of fiscal treatment of pension fund monies by Finance Ministers

  • Pension protection funds

  • Absence of prudent housekeeping


Procurement procedures
PROCUREMENT PROCEDURES state’s responsibility be?

  • Best – work direct for client (Government or Institution)

  • Most common – third-party funding, involving financial support from unilateral and multi-lateral donors:

    • World Bank

    • IMF

    • IFC

    • ADB

    • AfDB

    • EuropeAid

    • EBRD


Procurement procedures cont d
PROCUREMENT PROCEDURES cont’d state’s responsibility be?

  • Hybrid donors include FIRST Initiative

  • Competition (not always technically good)

  • Pressure on fee-rates


Challenges for the next 40 years

Challenges for the next 40 years state’s responsibility be?


Callund Consulting Limited state’s responsibility be?

Brock House

57 High Street

Maidenhead

Berkshire SL6 1JT

United Kingdom

Tel: + 44 (0)1628 776640

Fax: + 44 (0)1628 776624

Email: [email protected]

Website: www.callund.com


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