The slow growth and sudden demise of supplementary pension provision in Cyprus
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1 LSE Hellenic Observatory Research Seminar Seminars 14 January 2014 The slow growth and sudden demise of supplementary pension provision in Cyprus Bernard H Casey Institute for Employment Research University of Warwick and Hellenic Observatory London School of Economics and Panayiotis Yiallouros independent consultant
2 Panayiotis Yiallouros
3 Outline of presentation A brief introduction to Cyprus The growth of supplementary provision Performance of the system The impact of the crisis Quo vadis?
4 A brief introduction to Cyprus Part of every major empire Legacy of British administration Characterisation according to VoC or WWC typology EU accession 2004 Economic success and economic catastrophe
5 The growth of supplementary provision Colonial servants and provident funds Beveridgean welfare provision Collectively agreed provident funds Bismarkian pension reform Civil servants and semi-govt. sector Inequalities
6 nature of pension provision in Cyprus Public pension system (GSIS, all working) Retirement and disability benefits Contributions from employer, worker and state Benefits based on salary and years of contributions Provident funds (private sector, public sector manual, banks, airline) Savings schemes with employer and employee contributions Payout based upon contributions and interest earned Payout in case of retirement, disability, leaving job (vested), loans for approved purposes Some (banks, airline, pub sector manual) guarantee minimum return, so need valuation Pension funds (mainly semi-government) Retirement schemes with employer contributions Payout based upon salary and service Payout in case of retirement or disability Benefit defined, so need regular valuation Pension schemes (civil service) Contractual promises to employees No contributions (except for survivors benefits) Obligations built up in public budget, so need for regular valuation
7 coverage of supplementary pensions in Cyprus c s %s all contributors to GSIS in GEPS in BPS (ex. municipalities) occup schemes (pension and provident funds) 8 3 in municipal occup schemes (pension and provident funds) in banking sector retirement gratuity schemes (effectively provident funds) in Cyprus Airways occup schemes (mainly provident funds) in petroleum sector retirement gratuity scheme 0.5 * in cent. govt. manual workers provident fund 8 3 other members of a provident fund employees without any supplementary coverage in special pension schemes for doctors and lawyers 3 1 self-employed without any supplementary coverage * under 0.5%
8 Performance of the system Conservative investment strategies The 2000 stock market crash Minor scandals (EAC) Underfunding of semi-govt. schemes Under provisioning of bank schemes Civil servants scheme unfunded
9 index (2004=100) equity share (%) provident fund performance and the 2000 stock-market crash reserves, changes in reserves, and the equity shares equity share of investments (RHS) nominal reserves index (*10) CSE index change in reserves index
10 The impact of the crisis Minor impact of stock exchange collapse Cutbacks to public pension system Closure of civil service/semi-govt. schemes Temporary loans from semi-govt. funds
11 The impact of the crisis (2) Troika bailout and private sector involvement Rescue plans for provident funds Closure of bank schemes Payouts for redundant workers jeopardised Even hotels fund damaged
12 Quo vadis? Need for supplementary provision Profound suspicion of financial institutions DC schemes more transparent? Where and how to invest Confronting demographic change
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Cyprus Economic Policy Review, Vol. 7, No. 2, pp (2013)
Cyprus Economic Policy Review, Vol. 7, No. 2, pp. 25-51 (2013) 1450-4561 25 The Slow Growth and Sudden Demise of Supplementary Pension Provision in Cyprus Bernard H Casey a and Panayiotis Yiallouros b**
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