IOPS/IAIS PCG/Financial Supervisory Authority of Iceland Seminar: 'Regulatory and supervisory challenges for Icelandic pension industry': 28 February 2014, Reykjavik, Iceland
28 February 2014, Reykjavik, Iceland
The Seminar focused on a selected number of policy issues and challenges related to the development of the Icelandic private pension system. The Icelandic pension system may offer some important lessons to learn for other countries.
As of 2009, the private pension system had recovered from most of the losses incurred during the financial crisis (-22 percent of the net real return of the pension funds), with the pension funds assets reaching 141 percent of GDP in 2012. The Icelandic pension system has one of the highest coverage ratios in the world – close to 90 percent of the working age population, where occupational pensions funds, that represent a major cornerstone of the Icelandic pension system, have a legal obligation to secure a minimum benefit of 56 percent of the average life time salary with a contribution period of 40 years. Continuing on the path to recovery following the financial crisis, with the accumulated pension assets that have contributed to the development of the financial markets and the economy in general, the Icelandic pension funds industry is looking to take strides to further increase performance gains and efficiently address emerging risks, including longevity risk.
The Seminar offered views on the future development of the pension industry from the perspective of the regulatory and supervisory authorities and the private industry of Iceland, and provided international experience and perspectives on the debated topics.
The following topics, identified as particularly relevant to pension regulators and supervisors in the region, were debated at the meeting:
The Seminar brought together senior officials from the pension regulatory and supervisory authorities and representatives of the private pension industry of Iceland, as well as international delegates, members of IOPS and IAIS PCG, researchers and academics.
>> Agenda (pdf)
>> Information note (pdf)
>> Seminar presentations (ZIP File)
Sally Day-Hanotiaux, IOPS