|Source: Middle East Pensions Conference website.|
The inaugural Middle East Pensions Conference will be held in Bahrain on October 18, 2016 to raise awareness and initiate action to bring the Middle East to the standard of developed countries, with pensions encompassing three sectors: the government sector providing the first layer of pension provision to citizens; the corporate sector providing a second layer of workplace pension savings to employees; and individuals themselves providing a third layer of personal savings to augment their standard of living in retirement. This three-pillar pension format is in line with the World Bank’s recommendations for an integrated pension infrastructure, and also ensures more secure and sustainable pension planning for individuals.
While GCC countries are already highly developed with respect to government pension benefits for citizens, the inaugural pensions conference will address current challenges and the advantages of enhancing pension savings benefits provided by corporations. Studies by several global employee benefits specialists show that pension benefits are highly effective in promoting employee retention and loyalty; hence enhancing productivity levels. The conference will also look at the existing expertise, systems, specialist firms, products and collaborations that could potentially build a home-grown solution that expands the regional pension industry and address local needs.
According to TAKAUD, private sector pensions are a US$30 billion industry in the Middle East. The company estimates that pension assets in the GCC can reach US$1.9 trillion if retirement savings among individuals and corporations grow to the average levels now seen in other countries. TAKAUD’s Chief Executive Officer Luc Metivier said, “The prospect of a secure retirement is essential to the well-being of individuals and families. To develop a culture supportive of retirement savings, we need concerted actions by the government, corporate and financial services sectors. With appropriate regulatory and statutory standards, technology systems and options for asset diversification, this region can match international standards and provide exceptional security to our valued workforce.”
The event is expected to attract delegates from government pension administrations, pension funds, asset management firms, actuaries, law firms, custodians, trust providers and financial services professionals. It is also of interest to executives and senior specialists in human resources, compensation and benefits and staff running employee savings schemes.
The Middle East Pensions Conference will be held at the Four Seasons Hotel in Manama, Bahrain on 18 October 2016. Register