School of Geography and the Environment

Contents

• Introduction
• Participation in the Seminar
• Format of the Seminar
• Organisers of the Seminar
• Agenda
• Reading List
• Further Information

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Allianz - Oxford Pensions Conference 2010

"Pension Fundamentals in the Aftermath of the Global Financial Crisis"

Invited Seminar, 23-24 September 2010, University of Oxford

The global financial crisis has challenged easy-made assumptions about the continuity of the past, and the nature of the challenges facing pension and retirement institutions over the coming years. For those responsible for ensuring the welfare plan participants, the global financial crisis has shaken confidence in advisors, the robustness of markets and our own judgement. As well, it has exposed, in some cases, the costs of poor governance and decision-making-individual and collective. How are we to understand the fundamentals of pension investment and decision-making in this environment? This is the theme of this year's event.

In setting the agenda, we have been mindful of the significance of institutional frameworks and market dynamics, and the ways in which individuals have been drawn into taking responsibility for saving for the future. As such, this year's event brings together a critical perspective on lessons learned from the market, with risk-regulation, pension adequacy, governance, and financial literacy.

These themes are of fundamental importance. To address each, we have sought out experts to brief the seminar, and engage with the issues. Our ambition, is to set the agenda not simply recount the sorry tale of recent events.

For further information contact Professor Gordon L. Clark, School of Geography and the Environment, University of Oxford, South Parks Road, Oxford OX1 3QY, United Kingdom: tel: +44 (0)1865 285197 and +44 (0)1865 285067 or gordon.clark@ouce.ox.ac.uk and Dorothee Franzen, School of Geography and the Environment, Oxford, dorothee.franzen@ouce.ox.ac.uk

Participation in the Seminar

Our international seminar will take place at Corpus Christi College, University of Oxford, on September 23-24th 2010 and will bring to Oxford about 60 invited guests to discuss issues that seem to only grow in significance. Pension plan sponsors, trustees, and their consultants, fund managers, regulators, and academics are invited to discuss "Pension Fundamentals in the Aftermath of the Global Financial Crisis". The seminar is not open to the public and will be conducted on a confidential basis - we strongly encourage the sharing of ideas and the discussion of pathways forward in the context of a global financial situation that is challenging - to say the least!

Format of the Seminar

The seminar will be led by Professor Gordon L. Clark (Oxford). As in previous conferences, we hope the seminar moves from the formal presentations to discussion in ways that go beyond the standard format of industry conferences. Engagement inside and outside of the seminar is vital to the success of our programme. As such, we leave time after each presentation for discussion and debate. In convening these types of high-level consultative seminars, the ground rules for success are simple: confidentiality, open discussion without attribution, a willingness to discuss the issues based upon experience, and a commitment to articulating the lessons learnt thereof. Participants are expected to contribute their knowledge and experience through presentations, comments, and interventions.

Organisers of the Seminar

Gordon L. Clark is the Halford Mackinder Professor of Geography at the University of Oxford, Professorial Fellow of St Peter's College, Oxford, and is Sir Louis Matheson Visiting Professor in the Faculty of Business and Economics at Monash University (Melbourne). He is the author of many books on pension issues including Pension Fund Capitalism (Oxford University Press, 2000) and European Pensions and Global Finance (Oxford University Press, 2003) and is a co-editor of the Oxford Handbook of Pensions and Retirement Income (Oxford University Press, 2006). He is currently completing a co-authored monograph linking behavioural economics with pension savings behaviour entitled Saving for the Future (forthcoming Oxford University Press, 2011). As well, he is co-author of The Geography of Finance (Oxford University Press, 2007) and co-editor of Managing Financial Risk (Oxford University Press, 2009). He is a trustee of the Oxford Staff Pension Scheme and is a member of the University's Socially Responsible Investment Review Committee.

Dorothee Franzen is a D.Phil. student at St Peter's College, University of Oxford. Her doctoral research focuses on the interaction of regulation and investment in the context of defined benefit pension funds. Prior to joining Oxford University she was Head of Pension Research at Allianz Global Investors. She holds a graduate degree in economics from Ludwig-Maximilians Universität, München. She was consultant to the OECD writing Managing Investment Risk in Defined Benefit Pension Funds, OECD Working Papers on Insurance and Private Pensions, No. 38, March 2010, and co-authoring Pension Fund Regulation and Risk Management: Results from an ALM Optimisation Exercise, OECD Working Papers on Insurance and Private Pensions, No. 8, June 2007. She is also consultant to MetallRente.

Agenda

Thursday 23 September 2010

Friday 24 September 2010

Reading List

• Benartzi, S. (2010) Behavioral finance and the post-retirement crisis. A Response to the Department of the Treasury / Department of Labor Request for Information Regarding Lifetime Income Options for Participants and Beneficiaries in Retirement Plans. Allianz of America.
• Börsch-Supan, A., Bucher-Koenen, T., Gasche, M. and Ziegelmeyer, M. (2010) German private households in the financial and economic crisis - concernment and reactions Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [PDF: 369KB]
• Börsch-Supan, A., Gasche, M. and Ziegelmeyer, M. (2010) The effects of the financial crisis on private pension plans Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [PDF: 165KB]
• Börsch-Supan, A., Gasche, M. and Wilke, C.B. (forthcoming, 2010) How sensitive is the German public pension system to economic recessions? An answer based on the current financial crisis English translation of a forthcoming paper in Zeitschrift für Wirtschaftspolitik. [PDF: 170KB]
• Clark, G.L. and Urwin, R. (2010) DC pension fund best-practice design and governance. Social Science Research Network. Working Papers in Employment, Work and Finance. School of Geography and the Environment, University of Oxford.
• Franzen, D. (2010) Managing investment risk in defined benefit pension funds. OECD Working Papers on Insurance and Private Pensions, No. 38, OECD Publishing.
• Keating, C. (2010) The Future of Pensions BrightonRock Group, European Federation of Financial Analysts Societies, EFFAS - EBC. [PDF: 1.2MB]
• Lusardi, A. (2010) Americans' Financial Capability. Report Prepared for the Financial Crisis Inquiry Commission.
• OECD/IOPS (2010) Draft OECD/IOPS good practices for pension funds' risk management systems. Draft for public consultation. Organisation for Economic Co-operation and Development (OECD) / International Organization of Pension Supervisors (IOPS).
• Yermo, J. and Severinson, C. (2010) The impact of the financial crisis on defined benefit plans and the need for counter-cyclical funding regulations. OECD Working Papers on Finance, Insurance and Private Pensions, No. 3, OECD Publishing.

Further Information

For further information please contact Professor Gordon L. Clark or Dorothee Franzen