Program
8:30 AM – 9:00 AM Coffee and welcome of participants
9:00 AM – 9:15 AM Welcome address : Philippe TRAINAR (Chief Economist and Senior Global Advisor to the Chairman, SCOR)
and Marie BRIERE (Managing Editor of Bankers, Markets and Investors)
9:15 AM – 10:15 AM SESSION 1 : The French pension system and the new European regulatory framework for pension provisions

This session will discuss how the European pension regulatory framework (EIOPA) might impact the French pension industry. The main topics to be addressed include:

– The organization of the French pension system, its regulation and its specificities compared to other European countries

– The disparity of current European pension regulation and the European Union’s efforts to create a consistent level of regulation and supervision of institutions for occupational retirement provisions (IORPs)

The French pension system in a European perspective
Jean-Michel CHARPIN (Member of the French Pensions Council)


The new EIOPA framework for European Pensions
Justin WRAY (Head of Policy Unit, EIOPA)


Discussant: Florence LEGROS (Professor, Paris Dauphine University)


Moderator: Jean-François BOULIER (Managing Director, Aviva Investors Europe)
10:15 AM – 11:15PM SESSION 2 : How European countries are reforming their pension system? Designing new retirement products and adequate regulation

This session will discuss the pension financing issues faced by two European countries, the proposed pension reforms and their impact on pension investment and regulation.

– In 2011, Italy underwent an important pension reform, increasing the retirement eligibility age, applying a DC formula to all workers, indexing the eligibility requirements to changes in life expectancy, etc.

– In the Netherlands, a pension reform is currently debated, proposing the design of “soft pension rights”, indexing retirement benefits to past market performances, etc.

– What possible developments for French pension products and how to design adequate regulation ?

Elsa FORNERO (Professor, University of Turin, former Minister of Labor)


« Defined Ambition» : attractive options for other countries ?
Theo NIJMAN (Professor, Tilburg University, Scientific Director of Netspar)


Moderator: Christian GOLLIER (Director of IDEI, Toulouse School of Economics)
11:15 AM – 11:45 AM Coffee break
11:45 AM – 12:45 PM SESSION 3 : Managing assets for long run pensions under regulatory constraints

This session will discuss the challenges related to long term pension management under regulatory constraints :

– Pension regulation is not harmonized in Europe and depends on the institution providing pensions and the country’s specific regulation. It goes from direct investment restrictions (for retirement institutions in France) to funding ratio constraints or solvency capital requirements.

– What is the impact of regulatory constraints on the design of global asset allocation, the ability to invest in risky/ illiquid assets or in alternatives?

Introduction: Pierre CAILLETEAU (Global Head, Sovereign and Institutional Clients, Amundi)

Panelists:

The impact of regulation on capital requirements on long term investment strategies of pension funds
Pablo ANTOLIN (Head of Private Pension Unit, OECD)


Adequate risk measures for regulators
Yves CHOUEIFATY (President, TOBAM)


Asset Liability Management in a Notional DC pension system with regulatory constraints and automatic readjustment
Hans FAHLIN (CIO, AP2)


Moderator: Marie BRIERE (Head of Investor Research Center, Amundi, Affiliate Professor, Paris Dauphine University, Associate Researcher, Université Libre de Bruxelles)
12:45 PM – 2:00 PM Lunch
2:00 PM – 3:00 PM SESSION 4 : Opportunities and risks in illiquid or alternative asset classes

The low interest rate environment leads pension funds and retirement institutions in a “search for yield” to investigate illiquid and alternative asset classes.
This session will discuss :

– The opportunities and risks in the alternative investment space: real estate, private equity, infrastructures

– The definition of an asset allocation with illiquid assets

Introduction: Serge DAROLLES (Professor, Paris Dauphine University)

Panelists:

Opportunities in Real Estate, Reits, risk factors and diversification with equities
Michel BARONI (Professor, Essec)


Investing for the long run in Infrastructures
Raffaele DELLACROCE (Senior Economist, OECD)


Private equity performances: what do we know ?
José Miguel GASPAR (Professor, Essec)


Moderator: Philippe DESFOSSES (CEO, ERAFP)
3:00 PM – 4:00 PM SESSION 5 : Longevity risk and management

Ageing populations and increases in longevity pose new challenges to the management of longevity risk by pension funds, life and health insurers.
The scope of the panel is to discuss:

– Scenarios for longevity evolutions

– Innovations in longevity forecasting models, longevity products and deals

– Design of adequate regulation for longevity risk – impact of longevity regulation on annuity providers, life and health insurance companies risk management

Introduction: Pierre-Yves GEOFFARD (Director, Paris School of Economics)

Panelists:

What scenarios for longevity evolutions ?
Vladimir CANUDAS-ROMO (Associate Professor, IST - EBB/Epidemiology, Biostatistics and Biodemography)


How to manage longevity risk ? Innovations in longevity deals and regulation
Bruno LATOURRETTE (Head of Actuarial & Underwriting, Scor Global Life)


Towards new longevity savings products and insurance contracts ?
Sabine LEBOULANGER (Founder & CEO, SLB Partner - Impacts of regulation and longevity on insurers business model)


Moderator: James VAUPEL (Professor, Executive Director of the Max Planck Institute for Demographic Research)
4:00 PM – 4:30 PM Coffee break
4:30 PM – 5:30 PM SESSION 6 : Reporting and communicating to beneficiaries

There is a significant degree of undersaving for retirement from individuals. Adequate and transparent information about pension projections is key. This session will review academic proposals and good practices concerning information transparency and communication to members and retirees :

– What is the adequate information to provide to members in terms of future pension projections / composition, return and risk of their investment ?

– How to improve transparency and readability of pension information?

Introduction: Didier DAVYDOFF (Director, European Savings Observatory)

Panelists:

Communication in the French retirement system
Laure DELAHOUSSE (Director – Pensions, marketing and distribution, Association Française de Gestion)


A new reporting standard for individual savings’ pension products
Giovanna NICODANO (Professor, University of Turin, CePR and Netspar)


Communicating about individual projected future pensions and about the actuarial balance sheet of the pension system: The Orange Envelope and the Orange Report
Ole SETTERGREN (Director of Research, Swedish Pension Agency)


Moderator: Theo NIJMAN (Professor, Tilburg University, Scientific Director of Netspar)
5:30 PM Closing address : Denis KESSLER (Chairman and Chief Executive Officer, SCOR)
5:45 PM – 6:30 PM Cocktail