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Cross-border pension funds<br />Time to jump<br />Practical experiences of the Belgian FSMA<br />Henk Becquaert<br />FSMA ...
Occupational pensions<br />Long live diversity! <br /><ul><li>DC, Cash Balance, DB, lump sum, annuities,...
Large to very small pension institutions
Social and labor laws vary greatly</li></ul> Appropriate supervision is essential<br />2<br />
Cross-border activities<br />Special legal vehicle (OFP)<br /><ul><li>Articles of association and other documents: flexibi...
Flexible organization
general assembly
board of directors
other ...
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Henk becquaert 16 juni

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Transcript of "Henk becquaert 16 juni"

  1. 1. Cross-border pension funds<br />Time to jump<br />Practical experiences of the Belgian FSMA<br />Henk Becquaert<br />FSMA <br /> NY 23-06-2011<br />
  2. 2. Occupational pensions<br />Long live diversity! <br /><ul><li>DC, Cash Balance, DB, lump sum, annuities,...
  3. 3. Large to very small pension institutions
  4. 4. Social and labor laws vary greatly</li></ul> Appropriate supervision is essential<br />2<br />
  5. 5. Cross-border activities<br />Special legal vehicle (OFP)<br /><ul><li>Articles of association and other documents: flexibility
  6. 6. Flexible organization
  7. 7. general assembly
  8. 8. board of directors
  9. 9. other ...
  10. 10. Ring-fencing is possible
  11. 11. level of 'solidarity' is to be determined: from no solidarity to total solidarity
  12. 12. via a separate fund (total ring-fencing)
  13. 13. via a buffer fund
  14. 14. via ...
  15. 15. to be set down in governing documents (ring-fencing as long as no bankruptcy)</li></ul>3<br />
  16. 16. Financial aspects<br />The financing plan<br /><ul><li>Technical provisions: no percentages, no quantitative restrictions, proportionality
  17. 17. Regular financing by the contributing enterprise
  18. 18. No changes year on year, unless justified</li></ul>Statement of investment policy principles<br /> Needs to be prudent, coherent and justified<br />Restoration plan or recovery plan<br />4<br />
  19. 19. Supervision of the “prudent person” principle<br />Openness<br />Responsibility and accountability<br />Fit and Proper<br />Good governance<br />Internal supervision (internal control, internal audit, compliance officer and an actuary), the external auditor and ultimately the FSMA<br />Knowing one's own risks<br />5<br />
  20. 20. Very few Cross-border activities<br />Fiscal disharmony<br />Hidden protection mechanisms<br />The financial crisis<br />Lack of experience ==> first movers<br />S & L law vs. prudential law<br />Cultural difference<br />Employees/retirees' councils to be convinced<br />6<br />
  21. 21. Convincing employees/retirees' councils<br />Pension councils in host country are possible<br /><ul><li>For employee representation if needed
  22. 22. For binding or non-binding opinions if needed
  23. 23. By pension plan, country or group
  24. 24. S&L law (information, participation, ...)</li></ul>7<br />
  25. 25. Cross-border activities in Belgium<br />9* Belgian IORPs operating cross-border<br /><ul><li>BE, LU, NL, IE, IT, MA, LI, CY, LT</li></ul>Several in the pipeline<br /><ul><li>Major multinationals
  26. 26. Multi-employer</li></ul>New markets, mobile workers, small pension funds, etc.<br />*as at 15 June 2011 <br />8<br />
  27. 27. How does the FSMA operate ?<br />25 years of pension fund experience<br />Circular letters, announcements, memoranda <br />Individual replies by email, letter, etc.<br />WWW.FSMA.BE<br />pension@fsma.be<br /> (in English, German, French and Dutch)<br />9<br />
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