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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

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INSTITUT DES ACTUAIRES

INTERNATIONAL EXPERIENCE IN PENSION REFORMDavid Callund

Deauville, 16 September 2005


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)

  • 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

  • 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)

  • Chile:

    • Introduction of AFPs

    • Horror of ILO and ISSA

    • Excitement of IMF and World Bank

    • Actuaries and macro-economic analysis


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)

  • Transition economies – public policy on pensions:

    • Poland

    • Russian Federation

    • Estonia (and Latvia/Lithuania)

    • Albania

    • Czech Republic

    • Bulgaria

    • Slovak Republic


CHRONOLOGY (1990s) cont’d

  • Transition economies – public policy on pensions:

    • Ukraine

    • Kazakhstan

    • Kyrgyz Republic

    • People’s Republic of China


CHRONOLOGY (2000s)

  • Focus on Regulation and Supervision:

    • Russian Federation (PFR and NAPF)

    • Kyrgyz Republic

    • Uganda

    • Tanzania

    • Brazil


CHANGES IN FOCUS


CHANGES IN FOCUS cont’d


CHANGES IN FOCUS cont’d


  • 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

  • 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

  • Hybrid donors include FIRST Initiative

  • Competition (not always technically good)

  • Pressure on fee-rates


Challenges for the next 40 years


Callund Consulting Limited

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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