The Dominican Republic assumed a leading role in the region by becoming the host of the 10th Meeting of Supervisors of the International Association of Pension Fund Supervision Organizations (AIOS), on November 7 and 8, in the Colonial City of the country.

The main mission of the AIOS is to contribute to the strengthening and improvement of the regulation and supervision of individually funded pension systems in member countries, in accordance with applicable international standards. Over the years, the annual AIOS meeting has become a fundamental space for the exchange of relevant data and experiences on supervisory practices. This valuable knowledge and shared criteria serve as a basis for all countries in the region to strengthen their respective pension systems.

The event was attended by prominent representatives of pension supervisors from countries such as Chile, Colombia, Costa Rica, El Salvador, Mexico, Panama, Peru and Uruguay. The agenda of the meeting included a series of conferences and workshops given by renowned international experts, among whom are Julio César Cervantes, president of the AIOS and CONSAR (Mexico); Oliver Azuara, Senior Economist of the Labor Market Division of the Inter-American Development Bank (IDB); Diego Valero, president of the Novaster Group (Spain); David Tuesta, director of RONIN Inclusion (Peru); Any Benítez, vice president of Periodic Economic Benefits of Colpensiones (Colombia); Waldo Tapia, lead pension specialist at the IDB’s Labor Markets Division; and María Teresa Silva-Porto, Specialist in the Labor Markets Division of the IDB.

For two days, the most crucial issues related to pension systems in Latin America were addressed, and the superintendency as a regulatory entity in the Dominican Republic shared its experience and, in turn, was nourished by the experiences of the signatory countries, with a view placed on the strengthening of the Dominican Pension System, which will have a significant impact on the well-being of the population and the country’s economy. To see the recording of the event on both days, please review the following link: https://www.youtube.com/live/qbDMyt6j1S4?app=desktop&feature=share

On the other hand, the Dominican Republic also became the host of the multi-stakeholder dialogue table on inclusive pensions within the framework of the National Financial Inclusion Strategy (ENIF) 2022-2030, in the auditorium of the Central Bank of said country, on November 8. The objective of this table is to build a space for the exchange of ideas between key actors that can promote actions to extend financial inclusion in the last stage of the life cycle. The event brought together managers and representatives of pension fund administrators, regulatory and supervisory bodies, among other private actors in the financial intermediation sector, as well as telecommunications companies and the commercial sector, international cooperation organizations and academia.

In his opening remarks, the ENIF Coordinator, Carlos Delgado Urbáez, highlighted that this initiative is framed in enhancing the access, use and digital development of payment, savings, insurance, pension and investment products; and in fostering a competitive and innovative financial ecosystem, driven by digital transformation and the complementarity with non-traditional providers.

The dialogue table was enriched with international experts who opened the debate considering different aspects and experiences, among them Oliver Azuara, senior economist of the Labor Market Division of the Inter-American Development Bank (IDB); Diego Valero, president of the Novaster Group; and David Tuesta, founder and CEO of Ronin Inclusion.

Francisco Torres, Superintendent of Pensions of the Dominican Republic (SIPEN), reported that this first dialogue seeks to become the first step to define a public-private work agenda, which contributes to the construction of effective public policies in favor of savings for old age in the informal and/or independent sector.

At the table it was discussed:

1. The issue of adapting savings in old age to the productivity of workers, incentives for savings and retirement based on behavioral tools and the development of a savings ecosystem to ensure the old age of independent and informal workers.
2. Regulatory innovations and the role of actors to drive supply and demand for pensions, financial education, behavioral economics and new financial products for pension savings and consumer decisions.
3. The need to have other actors and approaches for the development of retirement savings policies that facilitate the participation of a broader population segment, since alternative savings experiences for retirement are beginning to emerge in the world, such as those that are based on consumption, about which it is necessary to know their potential.

This dialogue table was sponsored by the Financial Inclusion Commission (CIF), the SIPEN, the Central Bank of the Dominican Republic, the Inter-American Development Bank (IDB), the Dominican Association of Pension Fund Administrators (ADAFP), the Group Universal, the company Ronin Inclusion and the CAF Development Bank of Latin America.

In the photograph, part of the attendees at the multi-stakeholder dialogue table on inclusive pensions held in the Dominican Republic, on November 8, 2023