Portfolio - NYIKA Pension Summit 2010

In December 2009 the Pension and Old Age Round Table published its Report on its activities between 2007-2009. The Round Table was set up early 2007 by the Government of Hungary, and its main objective was to compile the options for the pension system in Hungary in the coming decades, analyse them and undertake an economic and social impact study. At the conference will be on March 25-26, 2010, and we invite international pension experts who will review the findings at the conference.

In December 2009 the Pension and Old Age Round Table published its Report on its activities between 2007-2009. The Round Table was set up early 2007 by the Government of Hungary, and its main objective was to compile the options for the pension system in Hungary in the coming decades, analyse them and undertake an economic and social impact study. At the conference on March 25, 2010, the main findings of the Report will be presented, the Report is available at www.magyarorszagholnap.hu (English language version is under preparation and will be posted in February). We are planning to invite international pension experts who will review the findings at the conference.

Changes effected recently (abolishing the pension for the 13th month, restarting the increase of retirement age, modification of the indexation rules) created a virtual financial equilibrium until 2050. This equilibrium is virtual, because the persistence of the current situation for the long term is hardly imaginable. Currently in a very bad employment field, persons who are too few compared to the entire population pay high amounts of contribution; the system also contains some nontransparent, untraceable redistribution; meanwhile the number or proportion of persons precluded from the system or of those who reach old age without obtaining pension eligibility also make us concerned. As long as the system is exposed to the politics to the extent experienced today, it may happen that the lobby power of various social groups would overturn the equilibrium earlier than predicted by simple forecasts. The real benefit brought by the changes of parameters is that we may come up for a quick breath of air and thus we have some chances to think over the ideas described in the Report of the Round Table, hold discussions, further investigate important details, create and fine-tune models and on the basis of all that make decisions.

The Round Table has performed the impact study of five potential pension system options. One of these would introduce the so-called point scheme into the social security system. Another approach would complete this with the introduction of a “zero pillar", i.e. a universal basic pension that would be payable to anybody irrespective of contribution payment (coupled with the maintenance of the occupational pensions - decreased proportionally). The notional defined contribution (NDC) system was also analysed, which would install a strict automatism into the logics of the social security pillar and would allow the permanent payment of those pension benefits only that are financially covered. Fourthly we investigated an option that on the long run exclusively contains a funded (second) pillar and gradually eliminates the pay-as-you-go element by implementing its NDC based reform and terminating its operation step by step. Finally we analysed the option that contains basic pension exclusively on the long run whilst the mandatory occupational pension elements (the first and the second pillar) cease to exist.


THE EVENT:

DATE: 25-26 March, 2010

PLACE: Hilton Budapest WestEnd
1062 Budapest, Váci út 1-3. (Hungary)

Hotel Information, MAP & Location

The number of Participants: 200-250
The conference is bilingual with English-Hungarian simultaneous interpretation.


HOT TOPICS:

• Five potential pension system options
• The notional defined contribution (NDC) system
• The first and the second pillar
• 'Zero pillar', i.e. a universal basic pension


EVERYONE WHO COUNTS WILL BE THERE!


PARTICIPANTS OF THE FORMER CONFERENCE:

AEGON Magyarország Pénztárszolgáltató Zrt., Allianz Hungária Nyugdíjpénztár, AON Zrt., ÁSZ-FEMI, Autonóm Szakszervezetek Szövetsége, Aviva Életbiztosító Zrt., BAMOSZ, Budapest Alapkezelő Zrt., Budapesti Corvinus Egyetem, CALYON BANK MAGYARORSZÁG ZRT., CIB Befektetési Alapkezelő ZRt., Concorde Alapkezelő, DIMENZIÓ Biztosító Egyesület, Discounted Cash Flow Consulting Bt., Életút Első Országos Nyugdíjpénztár, ELTE Pénzügyi Jogi Tanszék, Forexport Hungary Kft., Generali Alapkezelő Zrt., Graboplast zRt., Hewitt Humán Tanácsadó Kft., Hitel Garancia, HONVÉD Önkéntes és Magánnyugdíjpénztár, Horváth Péter Pál Ügyvédi iroda, IBM Magyarországi Kft., ING, ING Magánnyugdíjpénztár, ITCB Consulting, K&H Nyrt., Közép-Európai Egyetem, KPMG Tanácsadó Kft., Magyar Nemzeti Bank (MNB), McGill Egyetem, MKB Bank Nyrt., National Bank of Slovakia, Nemzetközi Bankárképző Központ, Országos Nyugdíjbiztosítási Főigazgatóság, OTP Alapkezelő, OTP Magánnyugdíjpénztár, OTP Önkéntes Nyugdíjpénztár, OTP Pénztárszolgáltató Zrt., Patika Egészségpénztár, PEND Consulting Kft., Pénzügyi Szervezetek Állami Felügyelete (PSZÁF), Pénzügykutató Zrt., Pénzügyminisztérium, Pioneer Alapkezelő Zrt., Pragma Consulting, SPB Befektetési Zrt., Swedish National Social Insurance Board, TÁRKI Egyesülés, Világbank (World Bank), Világbank Szociálpolitikai és Munkaerőpiaci Főosztály, Világbank (a Hunex-ECON tagja), Warsaw School of Economics, Winterthur Nyugdíjpénztár


RESERVE YOUR SEAT TODAY!

TWO DAYS PROGRAM:

First day: The Report of the Pension and Old Age Round Table (NYIKA) about activities between 2007-2009

Second day: Portfolio.hu II. Pension Conference


PRICES:

• only first day: HUF 4,990 + VAT / person.
• only second day: HUF 47,900 + VAT / person.
• two day ticket: HUF 49,900 + VAT / person.

Fee includes conference documentation, full lunch and 3 coffee breaks. The conference is bilingual with English-Hungarian simultaneous interpretation.

DISCOUNTS:

• 10% discount is available for 2 registrations, and
• 20% discount is available for 3 or more.


TARGETED AUDIENCE:

• Pension economists in the public sector and non-governmental organisations
• Macroeconomists in the private and public sectors
• Private pension funds, voluntary and mutual insurance
• Actuaries
• Demography experts
• Labour market experts
• Risk managers
• Investment fund managers
• Asset managers
• Private banks
• Experts of capital market supervising
• Economic media


For more information please contact:


Program: András SOMI, expert, tel.: 36-1/428-9062, e-mail: somi@portfolio.hu,

Sponsorship: Balázs AGÓCS, Deputy-CEO/Sales, tel.: 36-1/327-4088, e-mail: agocs@portfolio.hu,

Other information: András BENKŐ, Event Manager, e-mail: conference@portfolio.hu