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EAA Pension Days in October 2023

 

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EAA Pension Days 2023 

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We are pleased to announce for the first time the

EAA Pension Days 2023

Look forward to several online events in autumn where we will highlight various aspects of pensions:

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Web Session: "How Visualization and Computer Science (AI) Could Support Pension Funds" on 9 October 2023, 8:30-13:00 CEST

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The supreme body of the pension fund (board of trustees) is responsible for the overall management of the pension fund. The non-transferable and inalienable duties of the supreme body include the following tasks among others: the setting of the financing system and comprehensibly designing, monitoring, and controlling the asset management to improve the returns and benefits for the members of the pension fund. Since being a member of the board of trustees is not a full-time job, the scope of duties is enormous: meeting the aforementioned legal requirements requires a lot of time and expertise. Pension fund accredited actuaries, investment consultants, auditors as well as pension fund management teams should fully support the board of trustees to make proper decisions.
The reliable forecast of liabilities is very important for the determination of the pension funds' financing system and its control (with risk budgeting). Since many liability parameters depend on the development of yield curves and inflation, it is worthwhile to prepare the analysis of their historical data, visualize them and additionally forecast them reliably.
The aim of this web session is to show how useful the yield curve and inflation forecasting are with the deep learning approach, the visualization of the results and the liability forecast based on them. These approaches are implemented using Python (Anaconda/Jupiter) and R-Project. This type of analysis helps the board of trustees to make their decisions and to better understand the forecast results (compared to affine models). In addition, we will show that such approaches are useful for forecasting international accounting results (IFRS, US GAAP, IPSAS) and for preparing asset allocation to be the strong third contributor.
Your early-bird registration fee is € 200.00 plus 19% VAT until 28 August 2023. After this date, the fee will be € 270.00 plus 19% VAT.
further details

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Web Session: "Notional Funding: How an Imaginary Pension Fund Can Help Steer a PAYG System" on 10 October 2023, 10:00-12:00 CEST

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The aging population presents serious challenges for traditional pay-as-you-go pension systems. Longer life expectancies increase pension expenses while low birth rates weaken the future contribution base.
A buffer fund can help alleviate these problems. However, this raises questions about how much insured should contribute and how big the fund should be. Ideally, the contribution rate should be stable, but it also needs to be based on observable quantities and transparent rules.
Notional funding (NF) provides a coherent solution to this problem. It takes the liabilities of the PAYG system as seriously as those of the funded system. In NF, the PAYG system is treated as if it were a fund-ed system without assets to cover liabilities.
In NF, the pension contribution consists of two components: the funded contribution (C1) and an additional contribution (C2). The funded contribution equals the present value of the annual accrual. The additional contribution corresponds the imputed re-turn on missing assets. If the total actual contribution equals the sum of these two components (C1+C2), the level of unfunded liabilities remains stable. However, there may be cases where a decreasing unfunded liability is desirable, such as when the pension system faces declining labour due to low fertility rates.
The NF model also provides a consistent basis for automatic adjustment of pension expenditures. In the extreme, the contribution rate can be fixed, transferring the need to adjust financing entirely to pension benefits. However, necessary adjustments can be divided to adjust pension benefits and contributions in the desired ratio.
In this web session, we will illustrate the NF model in the context of a simple old-age pension system, where the contribution level and/or benefit level are adjusted annually based on different return and birth rate scenarios. The effects of different policies will be examined on a yearly and generational basis.
Your early-bird registration fee is € 100.00 plus 19% VAT until 29 August 2023. After this date, the fee will be € 140.00 plus 19% VAT.
further details

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Web Session: "Cash Balance Pension Schemes" on 11 October 2023, 9:00-12:15 CEST

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Traditionally, occupation pension plans are fully funded and based on an architecture either in Defined Benefits (DB) or in Defined Contributions (DC).  In DB, the plan describes the level of pension benefits (generally based on salaries and career duration) and the contributions have then to be actuarially computed. In DC, the plan describes the level of contributions and the benefits are simply generated by the financial accumulation of these contributions. However, hybrid solutions have emerged in the international pension landscape, trying to combine in some sense the logic of DB and of DC. These new kinds of pension schemes have appeared as well for the first pillar (social security) (Notional accounts or NDC for instance) as for occupational pension plans (Cash Balance- CB). The starting idea of CB (which are still fully funded solutions) is similar to DC: The plan describes a level of contribution accrued for each affiliate. Then these notional contributions are accumulated using a notional return (fixed rate or interest rate index defined ex ante) to deliver at retirement the pension benefits. The return is notional because on the asset side, the real financial returns of the pension fund can be different. This discrepancy of returns generates real contributions to be paid by the sponsor, different from the notional contributions allocated to the individual accounts.
Your early-bird registration fee is € 150.00 plus 19% VAT until 30 August 2023. After this date, the fee will be € 205.00 plus 19% VAT.
further details

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