Call For Papers
"Rethinking the Economics of Pensions II: The Future of Pension Fund Management in a Pooled Environment"

20/21 March 2014, SWIFT, The Corn Exchange, 55 Mark Lane, London EC3R 7NE

This is notice of a two-day conference organized by the Financial Services Knowledge Transfer Network and the Centre for Competitive Advantage in the Global Economy (CAGE), University of Warwick in collaboration with SWIFT and the Investment Management Association (IMA)

We invite submissions, from both academics and practitioners, which address any aspect of the economics of pensions and pensions policy, but particularly those that focus on the questions below.

SPEAKERS: Confirmed speakers so far:
- Dean Baker, Center for Economic and Policy Research
- Daniel Godfrey, IMA
- Richard Murphy, Tax Research LLP
- Robin Ellison, Pinsent Masons
- Con Keating, Brighton Rock Group

OVERVIEW: In our March 2013 conference we asked whether there was a pensions crisis? Since then, although no consensus has been reached, the focus of the UK pension industry has shifted to the rollout of auto-enrolment, the required changes to saving culture, and to the availability of good, value for money, pension funds that could deliver the promise of the new regime. Auto-enrollment has brought up questions of intergenerational equity, market based versus social contract based pensions and the balance between public and private provision. We recognise that the programme is still in progress but believe this is the right time to examine whether the industry, both in terms of the product value chain and the regulatory framework, is producing a good outcome for today’s savers and ask: should the industry overhaul or will incremental change suffice?

The conference will once again bring together papers reflecting new economic thinking in a dialogue between economists and practitioners, from academia, government and industry.

TOPICS: We invite papers on the broad spectrum of the economics of pensions. However some of the questions to be discussed might include the following:
- What are the distributional effects of moving from a classic social contract, where one generation pays for the retirement of the previous, to an individualistic market based system? Which is more efficient in the short and long term? What is the cost implication of the shift on current working generation?
- What are the various options for structuring efficient collective and pooled DC schemes? What are the risks of each option? How do similar structures outside the UK perform?
- What is the optimal governance and regulatory framework for new DC schemes, collective or individual? What are the correct measures by which to evaluate regulatory effectiveness? How do ‘nudge’ policies affect cultural attitudes towards long term saving and what is the impact on other forms of savings? How should investment strategies differ, if at all, in collective DC mandates?
- Accounting principles provide society with descriptive data that is fundamental to economic activity by firms, individuals and policy makers. As there is a wide variance in accounting principles what is the optimum set of accounting standards that would allow fair and accurate reporting in both the public and private pension spheres? Do the current rules provide an appropriate guide to policy? What are the effects on investment and the implications for economic growth?
- The slow recovery from recession is a major concern for policy makers and for pension providers. Across the EU resources have been focused on SME financing and incentives. However could large part of the solution lie in encouraging a revival of active investments by major companies which have failed to recover to their pre-crisis level, thus increasing demand from the supply chain, large parts of which consists of SMEs?
- What are the effects of the level of charges and fees on the efficiency and effectiveness of pension schemes? What are the operational implications of auto-enrollment on pension schemes and their providers?
- Comparative international perspective: how are private and state pensions provided in other OECD countries?

PARTICIPATION/PAPER SUBMISSIONS:: If you wish to participate, please send us an expression of interest as soon as possible. If you wish to present a paper, please send us the abstract by December 13th 2013. The full paper should be sent by February 14th 2014.

Expressions of interest, abstracts and papers should be sent to Shaul David: shaul.david@fs-net.org

DEADLINES:
Submission of abstracts: December 13th 2013
Final papers: February 14th 2014

ORGANISING COMMITTEE:
Con Keating, Brighton Rock Group, con2.keating@brightonrockgroup.co.uk
Christopher Sier, Financial Services Knowledge Transfer Group. chris.sier@fs-net.org