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1 February, 2016

Press Release FIAP Seminar 2014 – Final Session May 16

Final session of the 12th FIAP International Seminar and the 1st AAFP International Congress


Cusco-Peru, May 16, 2014. The sixth panel denominated “Coexistence of Alternative Contributive Pension Systems,” provided a glimpse of the situation of pension systems operating worldwide and the coexistence of alternative pension systems.

Benedict Clements, Head of the Fiscal Affairs Department of the International Monetary Fund (IMF) delivered the opening address in which he provided an overview of the pension systems applied in each country, highlighting the fact that the increased costs of public pensions are an important challenge for emerging economies, and that the solution includes a range of options available to each one of those countries.

The conductor of this panel, Julio Velarde, Chairman of the Central Reserve Bank of Peru (BCRP), invited Joanne Segars, the Chairman of Pensions Europe, to open the panel. Segars explained the situation of pensions in Europe and pointed out that one of the problems evident today is the presence of a greater number of people over the age of 65, and due to the fact that the younger population has diminished, there are fewer contributors, and that could generate a pattern of poverty.

Based on current reality contrasted with possible future conditions, pensions throughout the European Union will be under continuous pressure. Hence, one of the ways to change this situation is through defined plans in which risks are shared between the employer and the worker.

Carlos Noriega, Chairman of the Mexican Association of Pension Fund Administrators (AMAFORE), said that international experience in matters of coverage varies, but greater impetus was given to best practices in pension systems in 2007.

The panelist John Ashcroft, consultant and former Chairman of the International Organisation of Pension Supervisors (IOPS), United Kingdom, spoke on risk-based supervision, highlighting the fact that many specialists have no in-depth knowledge of this issue, giving rise to its incomplete application. He also said that there is a solid supervision system in place for the AFPs, although offset by other systems that in many cases not are accredited, which is the situation in several systems in Latin America.

Finally, Diego Valero, Chairman of Novaster and Professor of the University of Barcelona, Spain, pointed out that the success or difficulties of a pension system depend to a great extent on the foundations the system is built on.

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