Oxford, 26-27 September 2013 Allianz-Oxford Pensions Conference Pension Fund Investing in an Era of Financial Repression Allianz-Oxford Pensions Conference Invitation Lowest-low interest-rate environment and tightening regulatory activity challenge pension fund investing. Determined central bank behaviour aimed at appeasing the EURO front and revitalising ailing economies, also created the perfect pension doldrums with bloated liabilities and elusive investment returns. Financial repression is the new catchword encompassing governments interfering with interest rates and credit flows to lower the burden of government debt. At this year’s Allianz-Oxford Pensions Conference we seek to sound out the latest macro and regulatory twists and turns and their implications for pension fund investing. We will discuss the changing paradigm of pension fund regulation in the light of the Global Financial Crisis. Where are opportunities for value in today’s markets and how to protect it? Dynamic risk management focuses often on dynamic de-risking. Can we afford not to take risk? Leading pension funds will present their innovative strategies on how to invest for the long-term. We are further interested in the interface between investment and behaviour; how investment decision-making of DC plan members is shaped by time and crisis, and what we can learn from the frontiers of behavioural finance research for designing DC during accumulation as well as decumulation. Finally, we will attempt to round up on the big issues and put them into context. What are the lessons to be learnt? We will engage in the formulation of solutions and inquire the institutional design required for successfully delivering the pension promise. Gordon L. Clark Elizabeth Corley
Transcript
Oxford, 26-27 September 2013
Allianz-Oxford Pensions Conference
Pension Fund Investing in an Era of
Financial Repression
Allianz-Oxford Pensions Conference
Invitation
Lowest-low interest-rate environment and tightening regulatory activity challenge pension fund investing. Determined central bank
behaviour aimed at appeasing the EURO front and revitalising ailing economies, also created the perfect pension doldrums with
bloated liabilities and elusive investment returns. Financial repression is the new catchword encompassing governments interfering
with interest rates and credit flows to lower the burden of government debt.
At this year’s Allianz-Oxford Pensions Conference we seek to sound out the latest macro and regulatory twists and turns and their
implications for pension fund investing. We will discuss the changing paradigm of pension fund regulation in the light of the Global
Financial Crisis.
Where are opportunities for value in today’s markets and how to protect it? Dynamic risk management focuses often on dynamic
de-risking. Can we afford not to take risk? Leading pension funds will present their innovative strategies on how to invest for the
long-term.
We are further interested in the interface between investment and behaviour; how investment decision-making of DC plan members
is shaped by time and crisis, and what we can learn from the frontiers of behavioural finance research for designing DC during
accumulation as well as decumulation.
Finally, we will attempt to round up on the big issues and put them into context. What are the lessons to be learnt? We will engage
in the formulation of solutions and inquire the institutional design required for successfully delivering the pension promise.
Gordon L. Clark Elizabeth Corley
Allianz-Oxford Pensions Conference
Agenda Thursday, 26 September 2013
12:00 – 12:30
12:30 – 14:00
14:00 – 15:30
15:30 – 16:00
Registration & Welcome
Lunch
Opening Remarks:
Gordon L. Clark, University of Oxford
Elizabeth Corley, Allianz Global Investors
Keynote Speaker: Richard Portes, London Business School
Response: Elizabeth Corley, Allianz Global Investors
Session 1: Pension Fund Regulation – Goals, Principles and Solutions
Session Chair: Elizabeth Corley, Allianz Global Investors
Speakers:
Solvency II and All That – The Response from the Pensions Industry
Joanne Segars, Pensions Europe
Goals and Principles of EU Pension Fund Regulation
Brendan Kennedy, EIOPA and Pensions Board
Commentator: Niels Kortleve, PGGM
Coffee break
Allianz-Oxford Pensions Conference
Agenda Thursday, 26 September 2013
16:00 – 18:30
18:30 – 19:30
19:30 – 22:00
Session 2: Investing for the Long-Term
Session Chair: Andreas Hilka, Allianz Global Investors
Speakers:
Opportunities for Value
Eduard van Gelderen, APG Asset Management
Investment Risk Management
Theodore Economou, CEO CERN
Maintaining a Long-term Focus by Controlling Short-term Volatility Risk
Jim Keohane, Healthcare of Ontario Pension Plan
Commentator: John Whiteman, Forum Partners
Drink reception
Dinner – Hosted by Gordon L. Clark
Dinner Speaker: Peter Tufano, Saïd Business School
Allianz-Oxford Pensions Conference
Agenda Friday, 27 September 2013
8:45 – 10:15
10:15 – 10:45
10:45 – 12:30
Session 3: DC Plans – Enabling, Empowering or Patronizing?
Session Chair: Jerry Gandhi, CAP Services Ltd.
Speakers:
Different Desperate Times Call for Desperate Measures:
A Motivational Approach to Predict Risk Preference
Xi Zou, London Business School
Choosing Risk
Gordon L. Clark, University of Oxford
Commentator: Brian Henderson, Mercer
Coffee break
Session 4: DC Plans – Decumulation
Session Chair: Charles A. Jeszeck, GAO
Speakers:
Cohort Mortality Risk or Adverse Selection in Annuity Markets
Ian Tonks, University of Bath
Laying Out the Options
Will Price, World Bank
Smart Decumulation: Our Approach
Wolfgang Mader, Allianz Global Investors Global Solutions
Commentator: Con Keating, Brighton Rock
Allianz-Oxford Pensions Conference
Agenda Friday, 27 September 2013
12:30 – 14:30 Lunch – Hosted by Elizabeth Corley
Keynote Speaker: Teresa Ghilarducci, The New School
Closing Remarks:
Elizabeth Corley, Allianz Global Investors
Gordon L. Clark, University of Oxford
Allianz-Oxford Pensions Conference
Conference information and event location
Corpus Christi College
Merton Street
Oxford
OX1 4JF
United Kingdom
The conference starts at 12:00 on Thursday, 26 September 2013 and ends at around 14:30 on Friday, 27 September 2013.
The conference will be held at Corpus Christi College.
Maps of Oxford with the location of the colleges are available from the University of Oxford website.
Allianz-Oxford Pensions Conference
Further information
Sponsorship:
The Allianz-Oxford Pensions Conference is co-sponsored by Allianz Global Investors and the
University of Oxford, Smith School of Enterprise and the Environment, a member of the
School of Geography and the Environment.
The conference will be led by Professor Gordon L. Clark, Director of the Smith School of
Enterprise and the Environment, University of Oxford.
Participation:
We invite pension funds and their consultants, regulators and academics. Participation is on
personal invitation only. This international conference will bring to Oxford about 70 guests.
Format:
The Allianz-Oxford Pensions Conference has built a reputation for active and often
controversial discussions following formal presentations. The ground rules for success are
simple: confidentiality, open discussion without attribution, a willingness to discuss based
upon experience, and a commitment to articulating the lessons learnt thereof. Participants
are expected to contribute their knowledge and experience through comments and inter-
ventions. The conference will not be open to the public and will be conducted on a confi-
dential basis.
Transport & Accommodation:
We have secured a limited contingent of rooms at Oxford hotels and Corpus Christi College.
We will provide booking details and travel information on registration.
Dress Code:
The dress code for the conference is business attire.
Conference Website:
For any updates, changes or useful links please see also our Conference Website.
Allianz Global Investors is a trusted partner for clients across all major asset classes and
regions.
The teams can be found in 18 markets worldwide, with a strong presence in the US,
Europe and Asia-Pacific. With an integrated investment platform consisting of close to
500 investment professionals, Allianz Global Investors cover all major business centers
and growth markets. Our global capabilities are delivered through local teams to ensure
best-in-class service.
Allianz Global Investors provides one-stop solutions for complex client needs through
its Global Solutions Group bringing together our longtime proven competencies in
investment strategy consulting and analytics, risk management, pension investing and
vehicles as well as manager selection.
Depending on individual client needs and through an ongoing dialogue, these
competencies are delivered through a customised client solution approach. Examples
include Fiduciary Management and holistic DC solutions. The offering is targeted to
institutional clients with long-term investment needs such as pension funds or financial
services providers, who are typically facing multiple challenges, such as the capital
market environment, a continuously changing regulatory environment as well as socio-
demographic trends with substantial economic implications.
Allianz Global Investors
Europe GmbH
Bockenheimer Landstrasse 42-44
60323 Frankfurt / Main
Germany
www.allianzglobalinvestors.com
University of Oxford
School of Geography and the
Environment
South Parks Road
Oxford OX1 3QY
United Kingdom
www.ouce.ox.ac.uk
We kindly ask you to check if the acceptance of invitation complies with your company rules and applicable laws. The lump-sum of wage income tax including other related taxes according to Art. 37b German income tax law will be incurred by Allianz Global Investors Europe GmbH for the Allianz-Oxford Pensions Conference if applicable.
