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  1. Pension fund governance Mihály Erdős Hungarian Financial Supervisory Authority (HFSA) HFSA, 04.30. 2002

  2. Pension plan is a financial service further functions cross selling special offers Base market service consultancy client services Base product insurance coverage investment HFSA, 04.30. 2002

  3. Personal involvement in services Therapy services Services with intensive active client involvement Services with intensive passive client involvement Services with extensive client involvement Do-it-yourself Industry product with client activity Basic industrial product HFSA, 04.30. 2002

  4. Different aspects of pension plans • social • social insurance • human policy • citizen awareness • technical • insurance policy • employment status • financial • old age income • investmentvehicle different institutional forms HFSA, 04.30. 2002

  5. Institutional variety Pensionskasse mutual assurance association joint stock company association trust form cooperative societies foundation Pensionsfond mutual saving association fund managing company Unterstützungskasse retirement savings account HFSA, 04.30. 2002

  6. Aspects of an institution • internal relations • asset structure • personal involvement • decision-makingprocess • profit-sharing • external relations • responsibilities in bankruptcy HFSA, 04.30. 2002

  7. Institutional form taxonomy(OECD) HFSA, 04.30. 2002

  8. Costs in the plan accumulation institutional „Saving Private Ryan” „Dead man walking” functional „Star Wars” „Good Will Hunting” HFSA, 04.30. 2002

  9. „A beautiful mind” market players regulator HFSA, 04.30. 2002

  10. Conflict of interest non-financial institution financial institution institutional market retail market strict „walls” low regulation consultants, disclosure marketing costs HFSA, 04.30. 2002

  11. Agency problem representatives client responsibility knowledge emotional service Myners’ report „bounded rationality” proposal on directive low cost sensitivity consultants, ratings disclosure? HFSA, 04.30. 2002

  12. „Life is like a box of chocolates. You never know what you are going to get.” (Forrest Gump, 1994) HFSA, 04.30. 2002