Pension funds returns: The case of Eastern and Central Europe

Pension funds returns: The case of Eastern and Central Europe Dariusz Stańko Warsaw School of Economics Warsaw, 28 May 2009 2009 FIAP International Seminar „Investments and Payouts in the Funded Pension Systems”, Warsaw 28-29 May 2009

Plan of this presentation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

1. Purpose and range of analysis ,[object Object],[object Object],[object Object],[object Object]

1. cont. Purpose and range of analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

2 . Returns up till end of Feb 2009 ,[object Object],[object Object],[object Object],[object Object]

2. cont. Returns up till end of Feb 2009

2. cont. Comparison with stock markets (as of end Feb 2009)

3 . Impact of the financial crisis

3. cont. Pension markets in 2008

4 . I nvestment policy and limits – impact on pension results ,[object Object]

5 . Sharpe ratios ,[object Object],[object Object],[object Object],[object Object]

6. Results so far - accumulated real returns for various cohorts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

6. cont. Results so far - accumulated real returns... ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

7 . General assessment and policy recommendations ,[object Object],[object Object],[object Object],[object Object],[object Object]

7 cont. General assessment and policy recommendations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

7 cont. General assessment and policy recommendations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Literature ,[object Object],[object Object],[object Object],[object Object]

Data ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Methodology ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Methodology: Benchmarks for pension funds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

G ross vs net results (fees) ,[object Object],[object Object],* As of July 2009 to be lowered to 0,3%. ** To be lowered to 3,5 commencing 2009. *** To be lowered to 186 m PLN pa for assets above 45 bn PLN (equiv of 0,413%).

I nvestment of pension funds – impact on capital markets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Pension funds returns: The case of Eastern and Central Europe

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