EFRP CONVENES VERY FIRST MEETING OF CEEC FORUM IN BRATISLAVA

Transcription

1 7 MARCH 2007 PRESS STATEMENT EFRP CONVENES VERY FIRST MEETING OF CEEC FORUM IN BRATISLAVA Hosted by the Slovakian Association of Pension Funds Management Companies, the European Federation for Retirement Provision (EFRP) launched its Central & Eastern European Forum CEEC Forum by holding its very first meeting in Bratislava today. The CEEC Forum brings together representatives from private pension institutions operating both mandatory and voluntary schemes from new EU Members that over the past decade have introduced multi-pillar pension reform. This inaugural meeting was attended by representatives from Croatia, Czech Republic, Estonia, Latvia, Lithuania, Hungary and Slovak Republic. There were apologies for absence from Bulgaria 1, Kosovo, Slovenia and Romania. See list attached. Further meetings will take place at regular intervals and the Forum is still open for representatives from other Member States that would like to join. In summary, the outcome of the Bratislava meeting was that the Forum is considered as providing an appropriate meeting format for: 1. discussing issues common to Central & Eastern European pension systems 2. exchanging views on experiences in pension systems 3. some debates may result in action points to be taken to the EU level in Brussels 4. promoting common European values in pension systems. Mr. Csaba NAGY (HU), President of Stabilitas Hungarian Association of Pension Funds has accepted to be the of the CEEC Forum and will represent the Forum in the EFRP Board of Directors. He declared: I am honored to act as of EFRP s Forum for the CEE countries and to be able to represent this region within Europe s leading voice on private mandatory and voluntary supplementary pensions. I believe that this Forum will perform well because it brings a strong partner into the region with whom we can discuss European pension issues. Our expectation is that particular features of CEE pension funds and the regionspecific issues will be transferred and represented through this partnership to the EU bodies and decision makers in an appropriate and efficient manner. 1 with observer status

2 2 Dr. Jozef PAŠKA, Member of the Slovakian Association of Pension Fund Management Companies, said I am glad to host the very first meeting of EFRP s CEEC Forum. The launch of the CEEC Forum is a historical moment for private pension providers operating in our region. I am convinced that EFRP, as an acknowledged partner of the European Institutions, will give new EU Member States the opportunity to influence the debate on efficient and safe pension systems. Mr. Jaap MAASSEN, EFRP, considered the Forum to be a strong statement by our Federation towards the Central & Eastern Europe pensions industry. We want to be open towards the new forms of private pension provision in the region. Despite differences in the multi-pillar pensions model between the EU-15 (old) and the EU-12 (new), we all share the common goal to secure safe and affordable pensions for working people. The decision to set up a CEEC Forum was taken at the EFRP General Assembly of the Members in Paris on 26 October CONTACTS : Ms. Chris VERHAEGEN Secretary General EFRP Koningsstraat 97 rue Royale B Brussels Tel ; Fax chris.verhaegen@efrp.org -

3 3 About the EFRP The European Federation for Retirement Provision represents the various national associations of pension funds and similar institutions for supplementary/occupational pension provision. Its membership at large consists of institutions for occupational (2 nd pillar) retirement. Some of them are also operating purely individual pension schemes (3 rd pillar) The EFRP has members in most EU-15 Member States and other European countries 2. In the Central & Eastern European region it affiliates Hungary as well as Croatia. Within EFRP the Central & Eastern European Countries Forum (CEEC Forum) has been established (26 October 2006) to discuss issues common to pension systems in that region. The Forum may be viewed as a mechanism to phase in CEEC industry associations into the regular EFRP Membership while taking on board their specific needs for information and representation at EU level. EFRP s aim is to provide Europe with a financing vehicle (pension fund or similar) not precluding any others catered for by commercial undertakings that is affordable for large sections of the population and that provides a degree of intra- and intergenerational solidarity. This is feasible if the conditions for investment and the proper prudential framework facilitate this type of collectively organised occupational pension provision. One of the main achievements of EFRP is the EU Pension Funds Directive 3 of 2003 which grants EU citizenship to pension funds as specific financial institutions. The Directive establishes some key principles which are of paramount importance: 1. the prudent person concept for investment practice 2. the freedom to appoint custodians and asset managers across borders in the EU 3. the single prudential supervisor in the home state of the IORP (=Institution for Occupational Retirement Provision) Furthermore, the Dir. opens the way for pan-european pension provision, a concept EFRP has put on the EU agenda ever since In some Member States up to % of the work force have their occupational pension funded through EFRP membership (e.g., Denmark, Netherlands and Sweden). In countries such as Germany, Spain, Ireland, the United Kingdom 80 % of the occupational pension provision is funded by EFRP members. Most EFRP members are non-profit making institutions. Their governance structures usually include the scheme members and beneficiaries representation. Many of them are managed on a paritarian basis between unions/employees and employers. 2 EU Member States: Austria, Belgium, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, UK. Non-EU Member States : Croatia, Guernsey, Iceland, Norway, Switzerland. 3 Dir. 2003/41 on the activities and supervision of Institutions for Occupational Retirement Provision

4 4 73 million EU citizens are covered for their occupational pension plan by EFRP Members. Through its Member Associations the EFRP represents approximately 3,5 trillion of assets (2005) managed for future occupational pension payments. EFRP has observer status with OECD and sits on several EU Commission advisory bodies such as the Pensions Forum and the Corporate Governance Advisory Group. The Federation has a two seat representation on the Consultative Panel of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). CONTACTS : Ms. Chris VERHAEGEN Secretary General EFRP Koningsstraat 97 rue Royale B Brussels Tel ; Fax chris.verhaegen@efrp.org -

5 5 CEEC FORUM MEMBERS LIST Chair: Mr. Csaba NAGY, Hungarian Association of Pension Funds Bulgaria 4 Croatia Czech Republic Estonia Hungary Kosovo Latvia Lithuania Slovakia Slovenia Romania Mr. Nikola ABADJIEV Bulgarian Association of Supplementary Pension Security Companies (BASPSC) Mr. Dubravko ŠTIMAC Association of Croatian Pension Funds Management Companies and Pension Insurance Companies Mr. Jiri RUSNOK of the Board of Directors Association of Pension Funds of the Czech Republic Dr. Robert KITT Pension Fund Manager Hansa Investment Fund Ltd. Mr. Csaba NAGY Hungarian Association of Pension Funds Mr. Neil McPHERSON Kosovo Pension Savings Trust Ms. Dace BRENCENA Executive Director JSC Open Pension Funds SEB Unipensija Mr. Saulius RACEVICIUS President Investment Management Companies Association of Lithuania Mr. Jozef PAŠKA Member Association of Pension Fund Management Companies of Slovakia Ms. Alenka ŽNIDARŠIC KRANJC CEO PRVA Polojninska Druzba Mr. Bram BOON Romanian Association for Private Pensions 4 Observer status