Thierry verkest case study
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1. A dedicated project team is needed to establish a pan-European pension fund due to the complex financial, tax, and legal implications across countries. Belgium is selected as the home country due to its supportive regulator and flexible pension rules. 2. An inventory of existing pension arrangements is done for selected host countries to understand the impact and feasibility of extending the fund. Resistance from local stakeholders may occur due to lack of understanding. 3. The governance framework includes boards and councils to comply with local regulations in host countries. Different pension plans and benefits can be included in a single cross-border fund.
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This document discusses key considerations for establishing a pan-European pension fund, including:
- Setting up a dedicated project team to navigate the financial, tax, and legal implications across countries.
- Selecting Belgium as the home country due to its supportive regulator, flexible rules, and experience with pension funds.
- Conducting feasibility studies to select initial host countries and address impacts on benefits, funding, and stakeholder resistance.
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This document discusses cross-border pension funds and the supervision of such funds. It notes that there is currently diversity in occupational pension schemes and differences in social and labor laws between countries. It states that special legal vehicles called OFPs (Occupational Pension Funds) can be used for cross-border activities, with flexibility in organization and ability to ring-fence funds. Supervision of the prudent person principle for financial aspects is important. Currently there is limited cross-border activity due to fiscal issues, protections, cultural differences, and needing to convince employee councils. The document provides an example of 9 Belgian pension funds operating cross-border in various countries and markets. It describes the FSMA's 25 years of pension experience and methods
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- Option 1 allows you to receive the money today and use it immediately for your needs or to invest elsewhere. However, receiving it today means it will not grow over time through interest or returns.
- Option 2 delays your receipt of the money for 3 years. However, if invested wisely over that time, the money could grow substantially through interest and returns. Assuming a conservative annual return of 10%, your Ushs. 100,000 would be worth over Ushs. 135,000 in 3 years.
- The future value of money is generally greater than its present value due to the power of compound interest and returns over time. Delaying receipt allows capital to accumulate
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The document discusses the growing interest among European companies in establishing cross-border pension funds using the EU Pension Fund Directive as a legal vehicle. It outlines how an EU pension fund would work by allowing companies to pool pension assets and liabilities under a single fund governed by one supervisory authority while complying with country-specific social and labor rules. Companies are interested due to potential cost savings from simplified compliance, improved risk management, and more coherent administration that could better align pension policy with corporate strategy.
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Alternative Investments_JankoTrenkoski_CEEConference_Prague_March2016
This document discusses alternative investments as a potential new solution for pension funds. It outlines that pension fund assets are expected to grow significantly by 2020 and there will be a fundamental shift towards alternative assets like real estate, private equity, and hedge funds. Pension funds are currently the largest investors in alternatives. Alternative investments are defined as aiming to generate improved risk-adjusted returns through diversification. Case studies show that large developed market pension funds like NEST, CALPERS, and ABP have significant allocations to alternatives. While alternatives are not yet mainstream in Central and Eastern Europe, real estate is expected to grow as a major alternative category for pension funds in the region.
The taxation of savings and investment – Christopher Wales
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This document summarizes a presentation on money market fund taxation. It discusses various tax issues including investor taxation across different jurisdictions, fund taxation, and investment taxation. Specific topics covered include the EU financial transaction tax, automatic exchange of information programs like FATCA and CRS, and the OECD's base erosion and profit shifting project. The presentation notes the complex tax compliance burden facing money market funds and the need for funds to minimize taxation at the portfolio level.
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This document provides an outline and overview of Kenya's capital markets and their role in financing economic transformation. It discusses the capacity of Kenya's capital markets to raise funds, totaling over Kshs 2.4 trillion in the last 8 years through bonds and equities. It also outlines various funding options available in the capital markets like collective investment structures, real estate investment trusts, debt financing options like corporate bonds, convertible bonds, infrastructure bonds, and securitization. Finally, it compares Kenya's capital markets to other countries and highlights opportunities to further develop and incentivize domestic retail savings.
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Philip neyt convergence in european pension markets
There are several key drivers for merging pension funds into a single Pan-European pension fund. This includes reducing operational risks through more centralized oversight and control, achieving efficiency gains from economies of scale, and lowering costs through a single European entity with a unified governance structure and lower regulatory burden. A single pension fund could also allow for funding flexibility, tax optimization, and cost transparency while easing multinational corporate transactions and workforce mobility across borders. Overall, a Pan-European approach has the potential to simplify administration and risk management for multinational companies while improving the sustainability of pension systems across the EU.
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The document discusses the supervisory and regulatory framework for pan-European pension funds. It notes that the 2003 European pension funds Directive aimed to ensure security for pensioners through the prudent person principle while also allowing for a single European passport. The Belgian implementation of the Directive provides a clear framework with flexible governance, qualitative rather than quantitative investment rules, and flexible funding requirements. The FSMA in Belgium currently supervises 9 pan-European pension funds operating in numerous European countries.
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Thierry verkest case study
- 1. Case Study Thierry Verkest, Executive Director, Belgium and Luxembourg, Aon Hewitt Aon Hewitt - T : +32 2 730 99 11 - E : thierry.verkest@aonhewitt.com - www.aonhewitt.com 1
- 2. Dedicated Project Team Specific project requiring expertise and planning Pan European Pension funds is new concept Limited knowledge and experience Opening closed doors Specific skills and competences Financial, tax and legal implications Communication to local entities 2
- 4. No quantitative investment and financing regulations
- 6. Investment policy according to prudent person principle
- 7. Freedom of governance framework according to specific situation
- 9. Establishment of pension councils (committees) to comply with local social regulations
- 10. More than 20 year of experience with pension funds
- 11. Multi-cultural, multi-lingual community in the centre of EuropePension fund already in place in Belgium? Activity can be extended to cross-border 3
- 12. Selection of Host Countries Inventory of pension arrangements in Europe Type of pension plan Funding levels Investment policy Administration process and cost Level of local pension expertise Feasibility study for selected host countries: step-wise implementation process Impact on benefit design, funding, indexation, administration Which plans to transfer, which members to transfer Informal meeting with local regulator Communication to local management / employee representatives Resistance from local stakeholders and lack of understanding/misconception 4
- 13. Governance Framework General Assembly International Board Investment Committee Daily Management Committee Pension Council2 Pension Council1 Pension Counciln … Country1 Country2 Countryn 5
- 14. Different Pension Plans in a Single Pension Fund Type of pension plan Defined Benefit / Defined Contribution Type of benefits Retirement / Death-in-service / Disability Type of financing Employee / Employer Contributions Benefit strategy Maintain existing local benefits Introduce cross-border pension plan 6
- 15. Define your Funding and Investment Principles Pooling of assets and liabilities Adequate liabilities to be covered by appropriate assets Financing Plan Level of pension liability = required technical provision Contribution policy Asset ring-fencing for each country section Reinsurance policy and captive management Statement of Investment Principle Investment strategy Risk measurement and management 7
- 16. How Does it Work? 8
- 17. Making Cross-Border Activities Operational Investments / Cash Management Actuarial Valuation Coordination Bookkeeping / Tax Declarations Legal housekeeping Annual Report / Reporting Authorities Reinsurance HOME Country (OFP) Financial Activities HOST Country Census Data Collection Recordkeeping Benefit Calculation / Communication Benefit Payments Actuarial Processing Reporting Members Administration Activities 9