The tenth edition of the Global Pensions Program (GPP), jointly organized by the IDB, the International Association of Pension Fund Supervisory Agencies (AIOS) and Novaster, with the academic collaboration of the London School of Economics (LSE), was held live and online on June 20 and 21 this year, on Washington DC, USA. The event provided a global overview of the state of pensions and introduced the most innovative concepts and developments in this area.

Over the last decade, this meeting has been a space for experts and policy makers to discuss the main challenges and solutions in the pensions sphere, especially focusing on Latin America and the Caribbean.  This year was no exception, and with more than 800 participants, a variety of issues related to pensions were addressed, including minimum retirement ages, best pension practices for countries with high labor informality, solutions for the savings and retirement of self-employed workers, and green pensions (an initiative that seeks to promote responsible investment in the pensions sphere). This year’s speakers included world-renowned pension and economic experts, as well as opinion leaders and government officials.  The GPP also discussed the future of pensions in the region and hosted the launching of:

• The new edition of the series on the future of work in Latin America and the Caribbean: How to move towards sustainable pension is for societies that live longer?
• The book “Pensions for all: proposals for more inclusive pension systems in Latin America.”

On this occasion, FIAP was represented by: Guillermo Arthur, FIAP’s President; Manuel Tabilo, FIAP’s Research Manager; Giovanna Prialé, Chairwoman of the Peruvian Association of Private Pension Fund Managers; Kirsis Jáquez, Chairwoman of the Dominican Association of Pension Fund Managers (ADAFP); René Novellino, Chairman of the Salvadoran Association of Pension Fund Managers (ASAFONDOS); and Sebastián Peaguda, Chairman of the National Association of Pension Savings Fund Managers (ANAFAP) of Uruguay.

The panel “The pension industry: Myths, realities, challenges and opportunities” in which Giovanna Prialé and René Novellino participated as speakers representing FIAP, along with other prominent speakers, was held on the second day of the event. Some of the items discussed were: (i) Withdrawals of pension funds in Chile and Peru will have an impact on people’s pensions in the future, and will possibly force the State to take care of that affected population; (ii) Although we know that the systems in each country must respond to their environment, their culture, the behavior of their participants, public policies and market conditions, it is interesting to see what other countries are doing. For example, Mexico implemented a pension reform at the end of 2020 that considerably increased the contribution rate; (iii) We believe that a system should consider individually funded accounts, solidarity schemes financed with general taxes, and build a collaborative system with multiple stakeholders, including the State, the people, private companies and pension fund managers, also incorporating incentives for savings such as matching contributions by companies or the government, and tax benefits, among others.

In the photo, the speakers in the panel “The pension industry: Myths, realities, challenges and opportunities,” June 21, 2023.