IOPS/PensionsEurope Seminar:Pension Developments in the Central

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March 1st , 2013

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March 1st, 2013

Bucharest

IOPS/PensionsEurope Seminar:Pension Developments in the Central

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Agenda

12.00-13.30 Session 2: Role of Intermediaries in Pension Systems / Controlling costs

12.00-13.00 Moderator: Mr. Matti Leppälä, PensionsEurope

Speakers:Ms. Agnieszka Chlon-Dominczak, Assistant Professor, the Warsaw School of Economics Mr. Edgar Robles Cordero, Superintendent, Pensions Superintendence, Costa Rica

This session will introduce the IOPS work on pension intermediaries and look at how pensions are sold in different CEE countries and how costs are controlled.

Discussants: Mr. Mihai Coca-Cozma, Deputy Chairman, Romanian Private Pension Fund Association (APAPR), Romania Mr. Jurgen Boyd, Deputy Executive Officer, Financial Services Board,South Africa

13.00-13.30 Discussion

13.30-14.30 Lunch

14.30-16.00 Session 3: Role of Guarantees within Retirement Savings Plans

14.30-15.30 Moderator: Mr. Ambrogio Rinaldi, Director, Pension Funds Supervision Commission (COVIP), Italy

Key speaker: Mr. Pablo Antolin, Principal Economist, OECD

Discussants:Ms. Julia Cillikova, Director of Regulation and Financial Analyses Department, National Bank of Slovakia Ms. Solange Berstein, Chile Mr. Karel van Gutte, Secretary General, Belgian Association of Pension Institutions, Belgium

The session will examine whether guarantees can be used to provide additional security to retirement savings plans, how much these cost and who could provide them.

15.30-16.00 Discussion

16.00-16.30 Coffee break

5

Pension Developments in the Central and Eastern Region

16.30-18.00 Session 4: DC Risks, Investment choice and Defaults– Supervisory and Pension Funds Views

16.30-17.30 Moderator: Mr. Ross Jones, IOPS President

Speakers: Mr. Thomas Montcourrier, Economic Adviser, PensionsEurope Mr. Luis Mario HERNANDEZ ACEVEDO, Financial Vice-President, Finance, National Commission for Retirement Savings (CONSAR), Mexico

Discussants:Ms. Agnieszka Chlon-Dominczak, Assistant Professor, the Warsaw School of Economics Mr. Darren McShane, Executive Director (Regulation and Policy), Mandatory Provident Fund Schemes Authority (MPFA), Hong Kong, China

The session will look at the DC schemes investment risks, in particular on impact of investment restrictions on pension fund performance. It will question whether life-cycle fund are an appropriate choice for default funds in an extended period of weak equity market returns, what is the best way to design and supervise them, what would be the right investment strategy and the actual implementation of risk management systems at the level of pension funds.

17.30–18.00 Discussion

18.00 Closing Remarks:

Mr. Matti Leppälä, Secretary-General/CEO, PensionsEurope Mr. Ross Jones, President of IOPS, Vice-Chair of the OECD Working Party on Private Pensions, Deputy Chairman of the Australian Prudential Regulation Authority (APRA)

6

LUIS MARIO HERNANDEZ ACEVEDO

Financial Vice-Chairman, National Commission ofRetirement SavingsSystems (CONSAR)

PABLO ANTOLIN

Principal Economist, Private Pension Unit Financial Affairs Division, Directorate for Financial and Enterprise Affairs, Organisation for Economic Cooperation and Development (OECD)

Luis Mario Hernandez obtained a B.A. in Actuarial Sci-ences at the National University Autonomous of Mex-ico (UNAM). Later he completed Masters and Ph.D. degrees in Economics at the University of Chicago. He previously worked at Banco de Mexico. During 2005-2010 he was in charge of the Financial Planning and Regulation area at CONSAR. In the last years he has participated actively in international working groups focused on investment rules, risk manage-ment and supervision of pension funds. Since August 2010 he is the Financial Vice-Chairman of CONSAR. Among his main duties are to propose to CONSAR’s board changes to pension funds’ invest-ment regime, risk management and corporate gov-ernment policies. He heads the supervision of pension funds’ fulfi lment of the fi nancial regulation. He also leads the preparation of economic, fi nancial and actu-arial studies presented to CONSAR’s Board.

The fi rst project is the launch of a book compiling all the analytical work and empirical evidence produced and discussed at the OECD Working Party on Private Pensions (WPPP) over the last four years that underlie the recommendations contained in the OECD Roadmap for the Good Design of Retirement Saving Plans endorsed in June 2012 by pension regulators from OECD countries. The second project assesses how pension funds, annuity providers such as life insurance companies, and the regulatory framework incorporate future improvements in mortality and life expectancy. It also calculates the amount of longevity risk that pension funds, annuity providers and the regulatory framework may be exposed to. The project will provide recommendations on best practices on how to incorporate future improvement in mortality and life expectancy and address longevity risk. The third project evaluates the retirement saving adequacy of current and future pensioners by looking at all the sources to fi nance retirement as a whole.The fi nal project examines annuity products in OECD countries by focusing on the guarantees they provide, identifi es the exposures and costs of annuity products for insurers and consumers in light of their characteristics and guarantees, and comprehends better insurer risk management of annuity products and the regulatory framework governing annuity products given the guarantees provided. He has recently published with J. Yermo (OECD), R. Hinz and H. Rudolph (World Bank) a book on evaluating the fi nancial performance of pension funds. In the past, he has worked on the impact of ageing populations on the economy and on public fi nances. He has produced several studies examining options available to reform pension systems in several OECD countries, including public pensions. Previously, he worked at the IMF and at the OECD Economic Department. He has published journal articles on ageing issues as well as labour market issues. Mr. Antolín has a PhD in Economics from the University of Oxford and an undergraduate degree in Economics from the University of Alicante (Spain).

Speaker Biographies

7

Pension Developments in the Central and Eastern Region

SOLANGE BERNSTEIN

Superintendent of Pension Funds Chile, Chair IOPS Technical Committee

JURGEN BOYD FSB

Deputy Executive Offi cer of Collective Investment Schemes Financial Services Board

Solange Berstein graduated from the Universidad de Santiago de Chile as an Economist and has a Master degree in Economics from ILADES/Georgetown University. She completed her Ph.D. in Economics at Boston University. She worked in the Studies Division at de Superintendence of Pension Funds in Chile between 1994 and 1997 and was head of this division from 2003 until February 2006. After completing her PhD she worked as a Senior Economist in the Central Bank of Chile and has been a consultant for the World Bank in pension matters. Mrs. Berstein has been involved in pension issues for 18 years and has written articles related to pensions in a broad set of topics: investment of pension funds, competition on the pension fund industry and coverage of the contributory pension system in Chile. She was appointed as Superintendent of Pension Fund Administrators in March 2006 and is currently Head of the Pensions Supervisory Authority in Chile.

Jurgen is a qualifi ed Chartered Accountant. He was appointed as the Financial Services Board’s Deputy Executive Offi cer of Collective Investment Schemes on 1 January 2013, where his key responsibility is regulatory and supervisory oversight of the Collective Investment Schemes industry in South Africa.Prior to his current role, Jurgen held the position of Deputy Executive Offi cer of Retirement Funds, where he was responsible for the oversight the regulation and supervision of the Retirement Funds industry. Pending the appointment of a new Deputy Executive Offi cer for Retirement Funds, Jurgen continues to fulfi l the duties and responsibilities of this position.

8

JULIA CILLIKOVA

Director of the Regulation DepartmentNational Bank of Slovakia

She graduated from the Comenius University in Bratislava, Faculty of Mathematics and Physic. Af-ter graduation she started working as actuary for the Ministry of Finance, and since 1999 as a Head of Department of the Insurance Supervision. From No-vember 2000 she worked in the Financial Market Au-thority as the Director of the Insurance Department and after adoption of the new Act on Supervision of the Financial Market in May 2002, the Government of the Slovak Republic appointed Mrs. Julia Cillikova a General Director of the Financial Market Authority. After merge of the Financial Market Authority and the National Bank of Slovakia in January 2006, she was responsible as Executive Director for supervision and oversight of insurance and capital market and pen-sion funds. Since February 2007 she has been the Director of the Regulation Department.She represents the National Bank of Slovakia in the Insurance and Private Pension Committee and the Financial Market Committee of the OECD, the Inter-national Association of Insurance Supervisors (IAIS) and the International Organisation of Pension Super-visors (IOPS). Since 1996 she has been a member of the Slovak society of actuaries where she was a member of the Board from 2001 to 2007. She is a Chairman of the IAIS working group – Pen-sion Coordination Group and a member of the Ex-ecutive Committee and Audit Committee of the IAIS. She represents the National Bank of Slovakia (as a Member of the Board of Supervisors) in the European Insurance and Occupational Pensions Authority (EIOPA).

DR AGNIESZKA CHLON - DOMINCZAK

Assistant Professor at Warsaw School of Economics and Educational Research Institute in Warsaw.

In 2008-2009 she was a Deputy Minister of Labour and Social Policy. Previously she headed Department of Economic Analyses and Forecasting in the same Ministry. Her responsibilities included, among others the oversight of the social insurance system. She was the vice president of Social Protection Committee of the European Council and chair of the Working Party on Social Policy of Employment, Labour and Social Affairs Committee of the OECD.She was a member of the pension reform team in Po-land that prepared the changes implemented in 1999. As a consultant, she participated in numerous activi-ties related to pension reforms in the region of Cen-tral and Eastern Europe, cooperating with the World Bank, ILO and the OECD. She participated in numer-ous conferences on pension issues, where she shared the experience of the Polish pension reform with other participants. She is an author and co-author of many publications in the fi eld of pensions and labour markets. Her research interest include: demography, pension systems, labour markets, social policy, health and education.

Speaker Biographies

9

Pension Developments in the Central and Eastern Region

DRAGOŞ HAŞEGAN

Regulatory and Licensing Division, Romanian Private Pension System Supervision Commission (PPSSC)

Dragoş Haşegan heads the prudential regulation at the Romanian regulatory and supervisory authority on private pensions, being responsible for the devel-opment of the regulatory framework. Since joining the authority he has held different positions and re-sponsibilities in the areas of prudential supervision, risk assessment, regulation and licensing, with in-vestment management being his main area of exper-tise. He holds a Bachelor in Finance from The Acad-emy of Economic Studies in Bucharest and a Master of Science in Finance and International Business from The Aarhus School of Business.

MIHAI COCA-COZMA

President of the Board of Directors and GM, Alico Pensions

Mihai Coca-Cozma is President of the Board of Di-rectors and GM at Alico Pensions, the fourth-largest Romanian pension fund, and also Deputy Chairman of the Romanian Pension Funds' Association. He has been involved in the pension reform introducing the funded system in Romania from the very beginning, in 2006. His background amounts to 14 years of ex-perience in insurance and pensions, in management and operations positions. He is fl uent in English and a graduate of an executive MBA program with the Academy of Economic Science in Bucharest.

10

MR PETR JIŠKA

Chief fi nancial regulation lawyer, Financial Market Regulation and Analyses DepartmentCzech National Bank

Experience: Czech National Bank (2002 to present)• Chief fi nancial regulation lawyer, Financial Market Regulation and Analyses Department, (2008 to present) • Chief insurance regulation and supervision lawyer Insurance Regulation and supervision Department (2007 – 2008 )• Legal expert for European law, General Secretariat (2006 – 2007)• EU relation specialist (2004 – 2006)• Methodologist of Banking Regulation, Banking Regulation Department (2002 – 2004) Education: Master Degree in Law and in Economic Policy, Finance for Economists and European Economic Integration

ROSS JONES

President of the International Organisation of Pension Supervisors (IOPS)

Ross Jones was appointed Deputy Chairman and Member of APRA for a fi ve-year term commencing 1 July 2003 and was reappointed for another fi ve-year term, commencing 1 July 2008. Within APRA he takes principal responsibility for superannuation/private pensions and chairs APRA's Enforcement Committee. He is, a group whose members include pension supervisors and regulators from more than 70 countries. He is also Vice Chairman of the OECD Working Party on Private Pensions and was a member of the Singapore Central Provident Fund Advisory Panel. Prior to joining APRA, Ross was a Commissioner of the Australian Competition and Consumer Commission. He was also an Associate Professor in the School of Finance and Economics at the University of Technology, Sydney for a number of years.

Speaker Biographies

11

Pension Developments in the Central and Eastern Region

MATTI LEPPÄLÄ

Secretary General/CEO, Pensions Europe

2001 - 2011 Director, Finnish Pension Alliance TELA.LLM, University of Turku, Finland, 1987Executive MBA, Insurance and Financial services, University of Tampere, Finland, 2007.Pensions Europe represents national associations of pension funds and similar institutions for workplace pensions. It has 22 member associations in most EU-15 Member States and other Europeancountries that have a signifi cant workplace pensions. Through its members Pensions Europe represents 80 million people and 3.5 trillion euros of assets.

DARREN MCSHANE

Executive Director (Regulation and Policy), Mandatory Provident Fund Schemes Authority

Mr. McShane has been an Executive Director of the Mandatory Provident Fund Schemes Authority since 2002. He heads the Regulation and Policy Division, which is responsible for investment regulation, policy development, legal services and research & statistics. He currently is the Deputy Chair of the Technical Committee of the International Organisation of Pension Supervisors. Prior to his time at the MPFA, he held various senior roles with the Australian Securities Investment Commission (ASIC) and before that he also worked with the Investment Management Regulatory Organisation Ltd. (IMRO), the former fund management regulator in the United Kingdom. Prior to his regulatory roles he practised as a Barrister in Australia.

12

THOMAS MONTCOURRIER

Pensions Europe Economic adviser

Thomas Montcourrier works as an economic adviser at the PensionsEurope secretariat. His main tasks are the review of the IORP Directive, statistics and several economic-related topics (long term investment, economic governance etc.). Before joining Pensions Europe, he worked on social issues at DG Personnel of the European Parliament. He holds a Bachelor in Economics from the Copenhagen Business School, a Master of European Affairs from Sciences Po (France) and a Master in European Economics from the College of Europe in Bruges.

DARREN PHILP

Director of Policy, National Association of Pension Funds

Darren joined the National Association of Pension Funds as its Director of Policy in November 2010, where he leads the NAPF's policy development activities.Darren joined the NAPF from HM Treasury, where he worked for almost 13 years. Most recently Darren was head of HM Treasury's Pensions and Pensioners team where his responsibilities included state pensions, NEST and auto-enrolment, pensions tax and pensions regulation. Prior to this, Darren worked in a range of areas at HM Treasury including general insurance, European policy, and macroeconomic briefi ng.Darren studied economics as an undergraduate at Leicester University and has a Masters degree in econometrics from Southampton University.

Speaker Biographies

13

Pension Developments in the Central and Eastern Region

AMBROGIO I. RINALDI

Central Director Commissione di Vigilanza sui Fondi Pensione (COVIP)

Ambrogio I. Rinaldi is Central Director at COVIP (Commissione di Vigilanza sui Fondi Pensione), the Italian supervisory authority on pension funds ; he has held responsibilities in the fi elds of day-by-day supervision, research, and international relations. Since 2003 he is Chair of the OECD Working Party on Private Pensions and, since 2009, Vice-Chair of the Occupational Pensions Committee of EIOPA. Before joining COVIP, he worked many years at Banca d'Italia, the Italian Central Bank, fi rst in the Research Department and then in the Supervision Area. He holds degrees in Economics from Università di Roma "La Sapienza" and Harvard University. He is a frequent speaker in international conferences on pensions, and has written several papers on pensions, mainly from a policy perspective.

WILL PRICE

Senior Financial Sector Specialist, World Bank

Will Price is a Senior Financial Sector Specialist at the World Bank. He focuses on improving pension system design, regulation, supervision and outcomes, working with client countries and on regional and global issues. He was Head of Policy at the UK's Pensions Regulator and vice-chair of the IOPS Technical Committee. At the UK Finance Ministry he was Private Secretary to the Chancellor, Head of Assets, Savings and Wealth and worked on development there and at DFID. He has degrees in Economics from Oxford University and University College London and is a member of the Royal Economic Society and Chartered Institute of Insurance.

14

EDGAR A. ROBLES

Superintendent of Pensions of the Costa Rican regulatory board

Costa Rican. Ph.D. in Economics (UCLA - University of California at Los Angeles).2010 – present: Superintendent of Pensions of the Costa Rican regulatory board.2002 – 2010: Intendent of Pensions of the Costa Rican regulatory board.2001 – 2002: Vice minister of Finance at the Government of Costa Rica.1998 – 2001: Presidential advisor on Economic issues for the Government of Costa RicaHe’s been a professor of Economics at the University of Costa Rica since 1991.Also, he has performed several researches for institutions such as: the IADB, the World Bank, the IMF, FAO, Harvard University and the University of Quebec in Montreal.He has written several books and articles on Economic Growth, Competitiveness, International Trade Agreements, Corporate Governance and Economic Teaching.

MARIAN SÂRBU

President of the Private Pension System Supervision Commission (PPSSC)

Since June 2012, after an unanimous opinion of the specialty commissions, Mr. Marian Sârbu, a well-known specialist in matters of social protection and social dialogue, former Minister of labour on two terms (2000-2003 and 2008-2009), MP (1996-2012), vice-President of the Chamber of Deputies’ Commission for Labour and Social Protection and vice-President of the Chamber of Deputies, has been appointed by the Parliament of Romania to lead the Private Pension System Supervisory Commission, institution he is still leading. With an impressive activity in reforming and regulating social issues in Romania over the last 20 years, Marian Sârbu has always been a promoter of wide-spanning and long-aiming strategies and actions meant to set base for a social system relying on balance, equity and tri-partite social dialogue. As a Minister of labour, social solidarity and family, Marian Sârbu initiated and got actively involved in the most ambitious social reforms project over the last two decades, aiming at: reforming industrial relations, achieved through the coming into force of the new Labour Code, implementation of a new Pensions Law (1 April 2001), ensuring a six-step pension re-correlation process as well as substantively modifying the social assistance resulting in the Minimum Income Guarantee Law. The whole set of pieces of legislation initiated by and implemented under Minister Marian Sârbu coordination, transposed his vision of a unitary and convergent social policy system, based on social dialogue and aiming at equity and social protection and led to taking over 1 million Romanians out of the poverty pouch, i.e. „my biggest achievement as a professional as well as from the viewpoint of my public activity”, as himself declared.

It is to note that during the same times of reforming and recalibrating the system, the fi rst legislative measures on the multi-pillar pension system were initiated, measures that led to the occurrence of the privately managed pension pillar which Mr. Sarbu coordinates and regulates today as a CSSPP President.

Speaker Biographies

15

Pension Developments in the Central and Eastern Region

KAREL VAN GUTTE

Secretary-General of the Belgian Association of Pension Institutions (BAPI)

Karel Van Gutte was appointed Secretary-General of the Belgian Association of Pension Institutions (BAPI) on 1 June 2011. He has thorough experience in paritarian management.Karel Van Gutte (Aalst, °1962) was National Secretary of the national trade union of the metal and textile industry (ACV-CSC METEA) and Administrator at the industry-wide pension fund of the Metal workers, SEFOCAM, member of the supervisory committee of the industry wide pension plans for the Electricians and Chairman of the Pension Fund of ACV-Metal. He completed his studies as social worker, studied Social Policy at the University in Antwerp. He took further training at the KUL (course Pension law) and the EMS-EHSAL (Investment Advisor & Financial Accounting). He was active within the Board of Directors and the Executive Committee of the BAPI before becoming Secretary-General.BAPI is the umbrella organisation for organizers of occupational pension plans and Pension Funds in Belgium.

16

List of participants

IOPS/PensionsEurope Seminar: Pension Developments in the Central and Eastern European Region

Bucharest, ROMANIA March 1st, 2013

Participants

Albania Mrs. Jonela KURTIExpert, Licensing and Monitoring Directorate, Financial Supervisory Authority

Mrs. Lyela RAMAHead of on site Inspection Directorate, Financial Supervisory Authority

Australia Mr. Stephen GLENFIELD General Manager, South West Region - Specialised Institutions Division, Australian Prudential Regulation Authority (APRA)

Austria Dr. Gerlinde TAURERSenior Advisor, International Affairs and European Integration, Financial Market Authority (FMA)

Azerbaijan Mr. Araz KHALAFOV Adviser in the Financial and Insurance Markets’ Regulation Department, Ministry of Finance of the Republic of Azerbaijan

Belgium Mr. Karel VAN GUTTESecretary General, Belgian Association of Pension Institutions

Brazil Mr. James Taylor CHAVESAuditor, National Secretariat for Pension Funds, National Supervisory Authority for Complementary Pension Plans,SECRETARIAT FOR PENSION FUNDS

Ms. Bruna ROMÃO BORGESSpecial Advisor for International Affairs, National Secretariat for Pension Funds National Supervisory Authority for Complementary Pension Plans, National Superintendence for Pension Funds (PREVIC)

Bulgaria Mr. Nikola ABADJIEVChairman, Bulgarian Association of Supplementary Pension Security Companies (BASPSC)

Mr. Angel DJALAZOVDeputy Chairman for Social Insurance Supervision, Financial Supervision Commission

Mr. Yanko IVANOVHead of Legal Department, PAC Doverie AD

17

Pension Developments in the Central and Eastern Region

Mr. Miroslav MARINOVExecutive Director, PAC Doverie AD

Mrs. Daniela PETKOVAChairman of the Management Board, PAC Doverie AD

Mrs. Angelinka PETROVAHead of Internal Control & Actuary, PAC Doverie AD

Mr. Nickolai SlavchevExpert,Bulgarian Association of Supplementary Pension Security Companies (BASPSC)

Costa Rica Mr. Edgar ROBLESSuperintendent, Superintendente de Pensiones de Costa Rica

Croatia Mrs. Ana PERUCICHead of Off-Site Supervision and Risk Analysis Department, Croatian Financial Services Supervisory Agency

Mrs. Nina SALAJSenior Adviser at the Off-Site Supervision and Risk Analysis Department, Croatian Financial Services Supervisory Agency

Czech Republic

Mr. Petr JIŠKAChief Financial Regulation Lawyer, The Financial Market Regulation and International Cooperation Department, Czech National Bank (CNB)

Finland Mr. Hannu RAMBERGLiaison Manager, Eläketurvakeskus – ETK, Finnish Centre for Pensions

Germany Mrs. Stephanie SIERINGSenior Inspector, Insurance and Pension Funds Supervision, Federal Financial Supervisory Authority (BaFin)

Gibraltar Mr. Marcus KILLICKChief Executive Officer, Gibraltar Financial Services Commission

Hong Kong, China Mrs. Alice LAWChief Operating Officer & Executive Director, Mandatory Provident Fund Schemes Authority (MPFA)

Mr. Darren McSHANEExecutive Director, Regulation and Policy, Mandatory Provident Fund Schemes Authority (MPFA)

18

List of participants

Hungary Mr. Richard BENSESupervisor, Hungarian Financial Supervisory Authority

Iceland Mr. Björn ÁSGRÍMSSONPension Financial Supervisory Authority (FME)

India Mr. Yogesh AGARWALChairman, Pension Fund Regulatory and Development Authority

Israel Mr. Rajwan GHRAYIBDeputy Commissioner of Capital Markets Insurance and Savings, Ministry of Finance

Italy Mr. Ambrogio RINALDIDirector, Pension Funds Supervision Commission (COVIP)

Mr. Nicolò Brignoli European Association of Paritarian Institutions (AEIP)

Jordan Mrs. Naljan HAKUZDirector of Research & Strategic Planning Department, Insurance Commission of Jordan

Kenya Dr. Edward ODUNDOChief Executive Officer, Retirements Benefit Authority

Korea Mr. Gihoon KWONAssociate, International Cooperation Department Financial Supervisory Service of Korea

Mr. SungHun KWONLead Manager, Financial Supervisory Service (FSS)

Mr. Chae Woo NAMResearch Fellow Korea Capital Market Institute (KCMI)

Mr. Seong Eun SOHNDeputy Director, Financial Services Commission

Kosovo Mr. Veton ZEQIRAJChief for Division Pension Fund and Market Securities, Pension and Market Securities, Central Bank of the Republic of Kosovo

Lithuania Mr. Andrius SKARNULISChief Specialist in Financial Services Analysis Unit, Supervision Service Bank of Lithuania

19

Pension Developments in the Central and Eastern Region

Maldives Mrs. Mariyam Visam Director General Capital Market Development Authority

Mexico Mrs. Sybel GALVANDirector-General, Director General Analisis y Estadistica, National Commission of Retirement Savings Systems (CONSAR)

Dr. Luis Mario HERNANDEZ ACEVEDOFinancial Vice President, National Commission of Retirement Savings Systems (CONSAR)

Namibia Mrs. Maria NAKALE-GAOMASGeneral Manager, Provident Institutions, Provident Institutions (NAMFISA)

Netherlands Dr. Paul CAVELAARSHead of Department, Supervisory Strategy Department De Nederlandsche Bank

Panama

Mrs. Liz DELGADO LINARESExecutive Director, Sistema de Ahorro y Capitalización de Pensiones de las Servidores Públicos (SIACAP)

Peru Mr. Michel CANTADeputy Superintendent of Private Pension Funds and Insurance Companies, Superintendencia Adjunta de AFPs y Seguros Superintendencia de Banca, Seguros y AFP

Mr. Elio SANCHEZ Head of Actuarial, Investment and Benefit Supervision Superintendencia de Banca, Seguros y AFP

Poland Mrs. Agnieszka CHLON-DOMINCZAK Ph.D., Assistant Professor, the Warsaw School of Economics and Educational Research Institute

Mr. Slawomir POMARANSKIHead of Pension On-Site Inspection Unit, Pension Investment Supervision Department, Polish Financial Supervision Authority

Mr. Dariusz StankoAdviser to the President, Polish Chamber of Pension Funds (IGTE)

Republic of Moldova Mrs. Raisa ANDRONICDeputy Director, General Directorate of the Collective Placements and Microfinance, National Commission of Financial Market

Mrs. Ecaterina POPAInspector, Collective placements and microfinance general Directorate National Commission of Financial Market

20

List of participants

Romania Mr. Ion GIURESCU Vice-President of the Council, Private Pension System Supervisory Commission (CSSPP)

Mr. Drago MIHALACHE Member of the Council, Private Pension System Supervisory Commission (CSSPP)and Vice-President of the Economic and Social Council

Mr. Marian SARBUPresident of the Council, Private Pension System Supervisory Commission (CSSPP)

Mr. Vlad SOARE Member of the Council, Private Pension System Supervisory Commission (CSSPP)

Mr. Cristian Vasile TOMA Member of the Council, Private Pension System Supervisory Commission (CSSPP)

Mrs. Andrada BALINTManager Regulatory and Authorisation Division, Private Pension System Supervisory Commission (CSSPP)

Mr. Dragos HASEGANHead of Prudential Regulation, Private Pensions System Supervisory Commission (CSSPP)

Mrs. Ileana HORVATHManager Supervisory and Control Division, Private Pension System Supervisory Commission (CSSPP)

Mr. Mircea OANCEA Deputy General Manager, Private Pension System Supervisory Commission (CSSPP)

Mrs. Monica ST TULESCUCounsellor of the President Private Pension System Supervisory Commission (CSSPP)

Mr. Alexandru TUDORHead of the Macroeconomic Synthesis Department, Private Pension System Supervisory Commission (CSSPP)

Mr. Mihai EITANPresident, Guarantee Fund for Private Pension System Rights

Mr. Crinel Valer AND NU General Director, Allianz- iriac Pensions

Mr. Mihai BOBOCEAAdvisor to the Board, Romanian Private Pension Funds Association (APAPR)

21

Pension Developments in the Central and Eastern Region

Romania Mr. Catalin CIOCANExecutive Secretary, Romanian Private Pension Funds Association (APAPR)

Mr. Mihai COCA-COZMADeputy Chairman, Romanian Private Pension Fund Association (APAPR)

Mr. Marius POPESCU Chairman, Romanian Private Pension Fund Association (APAPR)

Mr. Adrian CODIRLA UPresident, Association of Certified International Investment Analysts

MR. Lucian ANGHELPresident of the Bucharest Stock Exchangeand General Director of BCR Pensions

Mr. Dorin BADEAPresident, CFA Institute ROMANIA

Mr. Mugur POPESCUVice-President, CFA Institute ROMANIA

Representatives of the Insurance Supervisory Commission

Representatives of the Ministry of Finance

Representatives of the Ministry of Labour, Family, Social Protection and Elderly

Representatives of the National Agency for Employment

Representatives of the National Bank of Romania

Mrs. Ileana CIUTANPresident, National House of Public Pension (CNPP)

Mrs. Ioana NEME I General Director, Social Insurance, Pensions and Other Benefits General Directorate, National House of Public Pension (CNPP)

Representatives of the National Securities Commission

Representative of the Democratic Trade Union Confederation of Romania

Mr. Petru Sorin DANDEAVice-President, National Trade Union Confederation "Cartel ALFA"

22

List of participants

Romania Mr. Valentin MOCANU Deputy Secretary General, National Trade Union Confederation "FRATIA"

Representative of the National Trade Union Confederation "MERIDIAN"

Representative of the Romanian Association of Construction Entrepreneurs

Mr. Ioan GÂF-DEAC, Ph.D., professor, Councellor the President of the Romanian Employers` Association

Representative of the Romanian National Employers` Association

Mrs. Ingrid Mihaela DRAGOT Ph.D., Professor, Bucharest University of Economic Studies

Representative of the Romanian American University

Representative of the University of Bucharest

Slovak Republic

Ms. Julia CILLIKOVADirector of Regulation and Financial Analyses Department, National Bank of Slovakia

Mr. Roman FUSEKDirector of Pension Savings Supervision Department, National Bank of Slovakia

South Africa

Mr. Jurgen BOYDDeputy Executive Officer Retirement Funds, Financial Services Board

Spain Mr. Rafael FERNANDEZ LÓPEZ- COVARRUBIASInspector, Dirección General de Seguros y Fondos de Pensiones, Directorate General of Insurance and Pension Funds (DGSFP)

Turkey Mr. Gokhan DURMAZCoordinator, System Development and Information Technologies, Pension Monitoring Center

Mr. Huseyin UNALAssistant Expert, Undersecretariat of the Treasury

Ukraine Mr. Viktor LOGVINOVSKYIDirector of the Methodology and Standards of Regulation and Supervision of Financial Institutions Department, National Commission for The State Regulation of Financial Services Markets

Mr. Zubyk SERHIYDirector of the Department of Regulation and Supervision of Institutions of Non-state Pension Provision National Commission for The State Regulation of Financial Services Markets

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Pension Developments in the Central and Eastern Region

Manager, The Pensions Regulator

Mr. Darren PHILPDirector of Policy, National Association of Pension Funds (NAPF)

United States Mr. Fernando JAIME Vice-President, MetLife

Media XPRIMM Romania

MR. Sergiu COSTACHE President, Media XPRIMM

Mrs. Daniela GHE U Editorial Director PRIMM Publications, Media XPRIMM

Chile’s Embassy in Romania

Mrs. María Eliana CUEVAS Chile’s ambassador in Romania

MR. Rodrigo GUZMANCouncillor, Chile’s Embassy

United Kingdom’s Embassy in Romania

Mr. Pompiliu Tamas Senior Political Officer, United Kingdom’s Embassy in Romania

IMF Regional Office for Romania and Bulgaria

Mrs. Georgia BABICI Representative, IMF Regional Office

World Bank Country Office

Representative of the World Bank Country Office in Romania

European Insurance and Occupational Pensions Authority (EIOPA)

Ms. Teresa TURNER Principal Expert Policy, European Insurance and Occupational Pensions Authority (EIOPA)

International Organisation of Pensions Supervisors (IOPS)

Mr. Ross JONESPresident, International Organisation of Pensions Supervisors (IOPS),Vice-Chair, OECD Working Party on Private Pensions andDeputy Chairman, Australian Prudential Regulation Authority (APRA)

Mrs. Solange BERSTEINChair of the Technical Committee, International Organisation of Pensions Supervisors (IOPS) and Superintendent, Superintendencia de Pensiones, Chile

United Kingdom Ms. Janice LAMBERT

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List of participants

Economic Cooperation and Development (OECD)

Principal Economist Organisation for Economic Cooperation and Development (OECD)

PensionEurope Mr. Matti LEPPÄLÄSecretary General/CEO PensionEurope

Mr. Thomas MONTCOURRIEREconomic Adviser PensionEurope

Mr. Jens TINGALegal Adviser PensionEurope

World Bank Mr. William PRICESenior Financial Sector Specialist, Non-Bank Financial Institutions (FCMNB), World Bank, Finance & Private Sector Development (FPD)

Organisation for Mr. Pablo ANTOLIN

March 1st , 2013 - Bucharest, ROMANIA

IOPS/PensionsEurope Seminar

Pension Developments in the Central and Eastern European Region