SUMMIT AGENDA APRIL 28, 2014 TORONTO TIME FOR ACTION Pension Summit 2014. Derek W. Dobson Chief Executive Officer and Plan Manager, CAAT Pension Plan Jennifer Gregory Vice-President, Business Development, Group Savings and Retirement, The Standard Life Assurance Company Dr. Bruce R. Kennedy Executive Director, B.C. Teachers Pension Plan Ron Mock President and Chief Executive Officer, Ontario Teachers Pension Plan #CBoCPension
Canada s pensions need reform or face crisis, top fund manager warns. The Globe and Mail, October 2013 How is your organization responding to the changing pension environment? Connect with your peers and the experts on the top pension issues, including: Longevity pensions weren t designed for people retiring at 63 and living to be nearly 80 Investment Risk pension funds have concentrated investment in stocks, exposing them to greater risk Unrealistic Projections too many funds rely on outdated mortality tables and rosy projections of future returns Generational Inequality the ratio of retirees to workers is changing, and the next generation will bear a heavy burden supporting elders who failed to plan for retirement Lack of Flexibility defined benefit plans have failed to adapt, or lack flexibility to cope with these challenges Lack of Coverage too many retirees are unprepared and will face a dramatic loss of income Attend two events and save! This summit is taking place the day before Generations 2014, which will expand the pensions discussion into retirement and succession planning, as well as working together in the rapidly changing workplace. Sign up for both events and save on the registration fee for each. You can also share this offer with a colleague. Don t miss this chance to take in two fantastic days of speakers on the multigenerational workforce and looming retirement! For more information, please contact Joel Elliott at 613-526-3090 ext.236 or elliott@conferenceboard.ca.
Agenda April 28, 2014 AT A GLANCE 7:30 a.m. Registration and Continental Breakfast 8:00 a.m. Opening Remarks from the Chair 8:15 a.m. Plenary Session 1 9:15 a.m. Plenary Session 2 10:15 a.m. Networking Break 10:45 a.m. Plenary Session 3 11:30 a.m. Plenary Session 4 12:30 p.m. Luncheon and Presentation 2:00 p.m. Plenary Session 5 2:45 p.m. Plenary Session 6 3:30 p.m. Refreshment Break 3:45 p.m. Plenary Session 7 4:30 p.m. Closing Remarks from the Chair 4:45 p.m. Summit Adjourns 7:30 a.m. Registration and Continental Breakfast 8:00 a.m. Opening Remarks from the Chair Murray S. Gold, Partner, Koskie Minsky LLP 8:15 a.m. Plenary Session 1 Framing the Pensions Issue: Outlook for the Economy, Sufficiency, and Sustainability Glen Hodgson, Senior Vice-President and Chief Economist, The Conference Board of Canada Fabrice Morin, Partner, McKinsey & Company The last decade or more has been challenging for pensions across Canada. While long-term pension viability in broad terms depends on growth in gross domestic product and investment asset values, plan sponsors have faced market volatility, slow growth, unprecedented interest rates, and increasing life expectancies of plan members. While recent stock market performance and active plan derisking have dramatically improved solvency levels, the future remains uncertain. The solvency of individual plans may have improved, but defined benefit plans cover a decreasing percentage of the population. Many Canadians don t participate in workplace plans-defined contribution or defined benefit-and there s considerable evidence many aren t saving enough for retirement. This led to much discussion of expanding CPP. Now this is no longer on the table, the Ontario government is examining what it can do to increase retirement security. But long term sustainability is also a function of what constitutes retirement income sufficiency and the retirement readiness of Canadians. These factors must weigh heavily in any consideration of large scale and small scale changes to pension legislation or individual plans. 3
DAY 1 / April 28, 2014 Chief Economist, Glen Hodgson, will discuss his medium and longterm outlook for the Canadian economy, and how this economic performance will affect pensions. Joining him will be Fabrice Morin of McKinsey who will draw on his extensive experience and research to shed new light on sufficiency, sustainability and options for effective change. 9:15 a.m. Plenary Session 2 From Sustainability to Sufficiency and Retirement Security Moderator: Joe Hornyak, Executive Editor, Benefits and Pensions Monitor Panellists: Derek W. Dobson, Chief Executive Officer and Plan Manager, CAAT Pension Plan Susan Eng, Vice-President, Advocacy, CARP Frank H. Swedlove, President, Canadian Life and Health Insurance Association Max Zehrt, Associate Director, Advisory Services, Sustainalytics Very thought provoking conference. I was very impressed that all speakers were engaging! Sustainability has become the Holy Grail for pension funds, and a major focus of pension events since the dotcom crash of 2000. Sustainability means different things to different people. Four experts on retirement and pensions will exchange their views on sustainability. From the perspective of a plan sponsor, sustainability means matching assets to liabilities for the long term. For the responsible investment community, sustainability is linked to the environmental and social impact of the choices that fund managers make. For individual retirees, sustainability means the fund must deliver on its retirement income promises. 10:15 a.m. Networking Break 10:45 a.m. Plenary Session 3 Pensions, Saving, Culture, and Communication: Building Employees Financial Literacy Jennifer Gregory, Vice-President, Business Development, Group Savings and Retirement, The Standard Life Assurance Company As defined benefit plans decline, we re witnessing a rebalancing of risk between employers and employees. This makes it critical that employers help employees prepare for the future. It also requires a multifaceted approach by employers that addresses 4
DAY 1 / April 28, 2014 both the technical nuts and bolts of retirement planning, and the emotions people experience as they approach retirement. Jennifer Gregory will discuss strategies that work, including: creating a culture of saving in your employees effectively transitioning workers into retirement plan designs that can help auto escalation, and other tools to encourage retention enhancing communication with social media 11:30 a.m. Plenary Session 4 Employer Plans as a Key Pillar of Canadians Retirement Security Shelley Engman, Partner, Aon Hewitt Dr. Bruce R. Kennedy, Executive Director, B.C. Teachers Pension Plan Employer pension plan underfunding has been an issue in Canada for more than a decade. Among other things, it precipitated a broad retreat from defined benefit plans, as sponsors found the risks too great. Those who stuck with their plans often pursued aggressive de-risking strategies. As a result, pension funds have often been at the centre of labour disputes, as employees seek greater security, while employers try to reduce their risk. Shelley Engman and Bruce Kennedy will discuss the future of employer pension plans, and their views on their roles in retirement security. 12:30 p.m. Luncheon and Presentation The Future of Pensions Innovative, Agile, and Global Ron Mock, President and Chief Executive Officer, Ontario Teachers Pension Plan Recently appointed President and Chief Executive Officer, Ron Mock joined the Ontario Teachers Pension Plan in 2001, and has more than 25 years of international investments and finance experience. Most recently, as Senior Vice-President, Fixed Income and Alternative Investments, Ron was responsible for $60 billion of Teachers assets, including the policy mix in fixed income, credit investing, hedge fund activities, and fixed income investments in emerging markets. Ron will discuss his perspective on the future of pensions in Canada, and what one must consider when working with a 70-year time frame. 5
DAY 1 / April 28, 2014 2:00 p.m. Plenary Session 5 Ontario Steps Up: An Overview of the Province s Proposed Pension Reform Keith Ambachtsheer, Director, Rotman International Centre for Pension Management, Rotman School of Management, University of Toronto In response to a perceived lack of saving for retirement, the Ontario government and others had advocated expansion of CPP to help more Canadians achieve a secure retirement. Now, in light of the federal government s refusal to act on CPP, the Ontario government has proposed going it alone with a made-in- Ontario plan for Ontarians. Not surprisingly, one of the key advisors for this initiative is worldrenowned pensions expert, Keith Ambachtscheer. In anticipation of an announcement from the government at the end of March, we ve invited Keith to discuss the proposed plan, and how it intends to provide greater retirement security, and for whom. Hear about innovative solutions from employers, regulators, major fund leaders, and pension advisors. 2:45 p.m. Plenary Session 6 Are Sustainability and Security Achievable? Yes, But at What Cost, and at Whose Risk? Dr. Jack Mintz, Director and Palmer Chair in Public Policy, The School of Public Policy, University of Calgary Jack Mintz is one of Canada s leading public policy experts, and a frequent commentator on pensions and the economy in the National Post and other publications. Frequently taking a somewhat contrarian view, Jack s opinions are always well thought out, and offer insights overlooked by others. Jack will provide a perspective on Ontario s proposals, basing his comments on a belief that we need to understand who most needs retirement support, how much this support will cost individuals, businesses, and the economy, and the risks of alternative pension arrangements, and who bears them. 3:30 p.m. Refreshment Break 6
DAY 1 / April 28, 2014 3:45 p.m. Plenary Session 7 Nudging Canadians to Retirement Security Dr. Dilip Soman, Corus Chair in Communications Strategy, Senior Fellow, Desautels Center for Integrative Thinking, and Professor of Marketing, Rotman School of Management, University of Toronto One of the main objections to any proposed expansion of CPP or a new provincial pension plan is that they amount to a tax that compels people to save, rather than allowing them a choice. While this may be true, extensive financial education and information has had only limited success in encouraging people to make better financial decisions. While recognizing the importance of financial literacy, Dilip Soman advocates supplementing education with nudging. This approach is quickly establishing itself in the U.K., as a cost-effective way to encourage responsible decision-making by citizens and employees. Based on the principles of behavioral economics, nudging involves making changes to the environment, and crafting communications or structuring decisions to encourage certain behaviours. The simplest example may be the choice between an opt-in or opt-out structure, but subtle changes to a system can result in a significant change in outcome. Nudging should be in the toolbox of anyone involved in designing, administering, or communicating on pension funds. This will be a great opportunity to hear from one Canada s leaders in the field, and learn more about this increasingly important and surprisingly effective approach. 4:30 p.m. Closing Remarks from the Chair Murray S. Gold, Partner, Koskie Minsky LLP 4:45 p.m. Summit Adjourns 7
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