The International Federation of Pension Fund Administrators (FIAP) and the Pension Savings Fund Managers (AFAPs) of Uruguay (Sura, Integración, Republica and Union Capital), organized the 13th FIAP International Seminar, entitled “Multi-pillar Pension Systems: Investing in the Future.” The seminar was held on September 24 and 25, 2015, at the Radisson Montevideo Victoria Plaza Hotel in Montevideo, Uruguay.

The main objectives of this seminar were to examine the lessons and recommendations arising from experiences with multipillar pension systems in different countries, including the so-called fourth pillar, and the discussion of proposals for increasing the expected returns and safety of investments in the long term and the pension amounts obtained by members.

The renowned Moshe A. Milevsky, tenured professor at the Schulich School of Business at York University and Executive Director of the IFID Centre (Toronto, Canada), spoke at the conference on the subject “Savings and investment decisions for a safe and reliable retirement.”

The first session of the Seminar, “The Multipillar Pension Systems”, was featured by the following topics and speakers:

• Trends in OECD countries. Speaker: Christian Daude, Senior Economist, OECD.
• How to strengthen the multipillar pension systems in Latin America. Speaker: Rodrigo Acuña, External Advisor, FIAP.
• Chile s integrated and complementary multipillar system. Speaker: Ricardo Paredes, Professor at the Pontifical Catholic University of Chile, Member of the Pension Reform Commission of Chile.

In a second block, denominated “Improvements in pensions and risk reduction,” the former Superintendent of Pensions of Chile, Solange Berstein, spoke on the topic The main pension risks faced by members in the individually-funded system and mechanisms for their mitigation. Edgar Robles, Ex Vicepresident of the International Federation of Pension Supervisors (IOPS), spoke on the regulators standpoint, whereas Carlos Noriega, Chairman of the Mexican Association of Pension Fund Managers (AMAFORE) spoke on the industry s standpoint.

In the third session, denominated “Promoting the Voluntary Pension Savings Pillars”, Renee Schaaf, Vice President of Strategic Planning and Business Development at Principal International, spoke on the topic “Third pillar: key elements for encouraging voluntary pension savings.” Joseph Ramos, former Dean of the Faculty of Economics and Business of the University of Chile, also spoke on the topic “The fourth savings pillar: reverse mortgage.”

The fourth block dealt with the topic “Alternative investments as mechanisms for increasing returns”.

The fifth block of the seminar dealt with the topic “Communication with members and financial education”.

Finally, regulators and leaders of the industry in the four countries of the Pacific Alliance participated in the sixth block, denominated “Financial Integration in the Pacific Alliance: the case of the Pension Funds”.

This Seminar coincided with the celebration of the 20th anniversary of the Law that created the personal savings system in Uruguay, as well as with the XIX FIAP Annual Meeting. As in previous occasions, we had participants from different regions of the world (FIAP members and others), including government officials, members of the parliament, officials of international organizations, representatives of pension fund administrators, mutual funds and insurance companies, and people related to the financial sector and social security.

You can download the program and the seminar presentations at the bottom of this page.