Location: Sheraton Santiago Hotel (formerly the San Cristobal Hotel), Avenida Santa Maria 1742, Santiago, Providencia, Región Metropolitana, Chile

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1 ICPM Discussion Forum: October 2018 Forum Preliminary Program October 21-24, 2018 Location: Sheraton Santiago Hotel (formerly the San Cristobal Hotel), Avenida Santa Maria 1742, Santiago, Providencia, Región Metropolitana, Chile Sunday, October 21, Welcome Cocktails Quixote Garden, Sheraton Santiago Hotel Monday, October 22, 2018 Location: Sheraton Santiago Hotel, Pedro de Valdivia Room 7:30-8:15 Networking Breakfast Registration Desk Open 8:15-8:30 Opening Remarks and Introduction of the Day Barbara Zvan (Chair, ICPM) Rob Bauer (Executive Director, ICPM) Fernando Larrain, (CEO, AFP Chile) Topic: Chilean Pension System 8:30-9:00 Keynote Address: The Pension Debate in Chile Speakers: Speaker from the Chilean government responsible for pensions (TBC) Session Objective: The speaker will welcome the international delegation, discuss the current Chilean political landscape and explain how important the pension discussion is in this climate. Session Format: minutes speech followed by plenary Q&A

2 9:00-10:15 Case Study on the Chilean Pension Landscape Moderators: Rob Bauer, Executive Director, ICPM and Fernando Larrain, CEO, AFP Chile Session Objective: Bauer and Larrain will introduce the Chilean pension landscape using a case study through the lens of a participant (the protagonist) who is confronted with major challenges regarding the Chilean pension situation. This creates a first opportunity to let the ICPM delegation brainstorm on potential strategic directions, provide lessons learned in other countries with DC pension design, and provide primary thoughts on recommendations to be made to the Chilean policy makers. The focus will be on the second pillar of the pension system. Session Format: Case introduction of approximately 30 minutes, 45 minutes table discussion, and 30 minutes report back and Q&A. A short break will be built into the session. 10:15-10:30 Networking Break 10:30-12:30 Report from the Chilean Working Group Speakers: Michael Preisel, Head of Quantitative Research, ATP, Maria Jose Zaldivar, Undersecretary of Labour, Chile, Pedro Atria, Chairman of the Board, AFP Cuprum. Session Objective: ICPM formed a Chilean working group supported by serveral Chilean representatives in the ICPM network. They will provide well-prepared feedback on the three pillars of the Chilean pension system and present this after the Chilean case study in the previous session. They will produce a short paper to be distributed before the conference. Part of this document will be based on a field trip to Santiago in August. Session Format: Presentation of 30 minutes by the working group followed by a panel discussion with AFP and regulator representatives (30 minutes) and a plenary Q&A. The Chilean Working Group members are: Benne van Popta, PMT (Netherlands); Bernard Morency, formerly CDPQ (Canada); Derek Dobson, CAAT Pension Plan (Canada); Jaco van der Walt, FirstRand (South Africa); David Richardson, TIAA CREF Institute (USA); Susan Banta, PEW Charitable Trusts (USA); and Michael Preisel, ATP (Denmark) Guest Contributors: Kate Kemmerer (USA), Signe Have and Balle (Denmark) 12:30-13:30 Networking Lunch 2

3 Topic: Pension Challenges in Latin America 13:30-15:00 The Growing Urgency of Pension Reform in Latin America Speakers: Mariano Bosch, Economista Principal, Inter-American Development Bank, Santiago Montenegro, President, Association of Pension Funds in Colombia and former Minister in Uribe s administration, Claudia Cooper, former Finance Minister of Peru, and Lucas Nóbrega, CEO of Bayer pension fund (Previbayer) and Executive Director, Abrapp Guest Moderator: Fernando Larrain, CEO, AFP Session Objective: Key objective of this session is to first sketch the Latin American pension challenges and opportunities by a representative of the IADB (Bosch). The challenges and opportunities vary considerably from country to country (e.g., coverage of the workforce in Mexico, sustainability of current pension arrangements in Brazil, large part of informal markets in all countries). The speakers from the respective countries will give examples of the strategic challenges they face in the context of pensions. There will also be representatives from other LA countries in the room that can be prepared to be involved in the plenary discussion. Session Format: First four short presentations (10 minutes each), then 25 minutes Q&A to really understand the nature and breadth of the challenges and opportunities in Latin America. This will be followed by a table assignment of 25 minutes in which each table will get a factsheet about a LA country. Each table will define clear, actionable and compelling recommendations for the pension context they study. 15:00-15:30 Networking Break Topic: Latest Research 15:30-17:00 DC: How to Design the Decumulation Phase Speakers: Matthew Blakstad, Head of NEST Insight Unit, NEST, Jaco van der Walt, Head of FirstRand Investment Management Office, FirstRand and Scott Hartley, CEOSunSuper Session Objective: The UK government recently introduced a major liberalisation of the choices available to pension plan participants at retirement. This so-called freedom and choice agenda has transformed a UK retirement landscape previously dominated by lifetime annuities, to a complex market involving a range of product categories, creating new and complex choices for consumers as they retire. In considering the needs of its membership of largely low-to-middle income savers, NEST undertook a programme of consultation and research, with the aim of understanding how its members might want and need to draw on their retirement wealth, and what investment strategies would best suit these needs. In this session, Blakstad of the NEST Insight unit will talk through the findings from member research about income preferences at retirement and demonstrate how these are reflected in the design of their proposed retirement blueprint. 3

4 Van der Walt of FirstRand will also discuss what it will take to enhance DC plans and explore the challenges and design features that trustees need to consider when integrating the accumulation and drawdown phase. Many DC funds around the world are on a journey to transform themselves from savings and investment vehicles that provide members with a lumpsum at retirement to pension vehicles that instead provide stable income to members throughout their retirement. To deliver on this future vision requires transformation across several dimensions, including governance and organisational design, ALM design and risk management as well as member engagement. The Australian superannuation system is in unprecedented focus of government sponsored reviews and structural change. The Government is also pushing for funds to offer comprehensive income products in retirement (CIPR) that includes longevity income solutions. Hartley of SunSuper will present the retirement savings landscape in Australia and how SunSuper is responding to these market forces. Session Format: Three presentations of 20 minutes followed by a plenary Q&A. 17:00-17:15 Further Thoughts and Suggestions for Future Action 17:15 Winery Tour and Dinner Location: Viña Santa Rita, Camino Padre Hurtado 0695, San Bernardo, Buin, Región Metropolitana, Chile A visit to the award-winning Santa Rita vineyards for an evening of wine tasting, dinner and good cheer. Shuttles will be arranged. Tuesday, October 23, 2018 Location: Sheraton Santiago Hotel, Pedro de Valdivia Room 7:45-8:30 Networking Breakfast 8:30-9:00 Opening Remarks, Update Research Committee and Introduction of the Day Rob Bauer (Executive Director, ICPM) Mike Simutin (Co-Chair Research Committee, ICPM) Topic: Investing in Private Assets in Latin America 9:00-10:45 Building Successful Consortia to Invest in Latin American Infrastructure, Real Estate and Private Equity Speakers: Dale Burgess, Head of Infrastructure & Natural Resources, Ontario Teachers, Sabine Calmer Braad, Director, Global Direct Investments, ATP and Carolina Mery, CIO, AFP Habitat 4

5 Session Objective: ICPM members currently investing in Latin American private companies/assets share their experiences, discuss the challenges, opportunities and critical success factors of investing in this region. Investee companies also share their perspective on the value of partnering with global pension funds, including the benefits of a sustainable approach to business practices. Session Format: Short introductions by all speakers (5-10 minutes) followed by a panel discussion and a plenary Q&A. 10:45-11:15 Networking Break 11:15-12:30 Leverage in Asset Management Speaker: Mike Simutin, Associate Professor, Rotman School of Management and Associate Director Research, ICPM Discussant: Serguei Zernov, Special Advisor, Global Risk Institute (GRI) Session Objective: Simutin will extend his recent talk (Toronto forum in June 2018) on leverage constraints for investors. He will share the results of two recent academic studies he conducted on this topic. He will discuss how leverage constraints and benchmarking pressures affect asset prices and behavior of fund managers, and will share his views on potential implications for long-term investors. Zernov discusses creation of value thanks to use of leverage in the context of pension management. He will specify conditions under which use of leverage creates value, explaining risks associated with leverage and reviewing methods as well as best practices to mitigate and manage these risks. Session Format: Presentation of 35 minutes followed by a 10 minute response by the discussant. Finally, plenary Q&A in which we ask Research Partners to respond to these academic insights :30 Networking Lunch :00 Pension communication Speaker: Elisabeth Brüggen, Professor of Marketing (Financial Services), Maastricht University School of Business and Economics Session Objective: Brüggen will give an overview of the latest research on pension communication, pension awareness, trust and choice architectures both by her own research group at Maastricht University and by fellow academics across the globe. The objective of the session is to put participants in the shoes of their pension savers and to generate knowledge on how pension engagement can be increased. Session Format: Presentation of 30 minutes followed by a World Café workshop with the audience in which they will work in groups on customer journeys for different life events and segments. We invite Research Partners to share their latest efforts and challenges regarding pension communication and raising awareness. 5

6 Networking Break :15 Share Your (Investment) Research! Speakers: Mel Duffield, Pensions Strategy Executive, USS, Henk Van der Kolk, Chairman of the Board, Detailhandel and Jean Michel, CIO, IMCO. Session Objective: Duffield will talk about a recent USS research project on groupings of individual investment preferences in retirement savings. They conduct a cluster analysis of a USS members risk attitude survey. Groot will talk about measuring ESG preferences of pension fund participants based on a joint project with Maastricht University School of Business and Economics. Michel will highlight the benefits and challenges of creating a greenfield investment strategy for Canada s newest fund manager. Session Format: TBD 17:15-17:30 Further Thoughts and Suggestions for Future Action 17:30 Networking Diner Location: Millesime, Alonso de Córdova 3788, Vitacura, Santiago, Chile Shuttles will be arranged Wednesday, October 24, 2018 Location: Universidad de Chile, Diagonal Paraguay 257, Santiago, Región Metropolitana (Rooms to be confirmed) 7:45-8:30 Networking Breakfast 8:30-14:00 Research Day Rob Bauer (Executive Director, ICPM) Mike Simutin (Co-Chair Research Committee, ICPM) Representatives of Chilean Academic delegation Program to be updated over the next months. 6

Location: San Cristobal Tower Hotel, Josefina Edwards De Ferrari 0100, Santiago, Chile

ICPM Discussion Forum: October 2018 Forum Preliminary Program October 21-24, 2018 Location: San Cristobal Tower Hotel, Josefina Edwards De Ferrari 0100, Santiago, Chile Sunday, October 21, 2018 18.00-20.00