Supporting Long-term Investing and Retirement Savings

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CEPS and ECMI wish to engage market participants, together with international experts, academics and regulators, in a discussion on long-term investing and long-term saving products, including private retirement savings. The purpose of this Task Force is to bring together a diverse group of stakeholders and deliver a list of policy recommendations to strengthen both (a) the single market for long-term savings, including private retirement savings, and (b) long-term investing in Europe, given its role in promoting growth and ensuring the provision of adequate retirement income.

The debate on these issues is gathering momentum prompted by the need to stimulate capital markets as a driver for growth in Europe, while strengthening the economic and social coordination of its member states. This Task Force comes at an opportune time, given the upcoming Green Paper on long-term investing and following the release of a White Paper on pensions earlier in 2012. One of the initiatives announced is the revision of the Directive on occupational pensions (IORP Directive). It also comes at the right moment to take stock of the impact of Solvency II and other prudential rules on the ability of institutional investors to invest long-term but early enough to inform the process of implementation and phasing-in of these rules. In addition, the Task Force will feed into the legislative processes related to the Single Market Act and investor protection.

The ability of retail and institutional investors to access long-term investment opportunities is crucial to foster much-needed growth and competitiveness in Europe, as well as to provide for adequate, safe and sustainable pensions for its citizens. This Task Force will contribute to this debate by following a holistic approach and putting forward practical policy recommendations. It is chaired by Allan Polack, CEO of Nordea Asset Management, and benefits from the kind sponsoring of Carmignac Gestion.

The Task Force at a Glance 

  Objectives

  • To explore: the market for long-term savings, including private retirement savings; the link between long-term investing, economic growth and pension provision; the impact of current or forthcoming legislation on the ability to invest long-term; and the reconciliation of short-term strategies with long-term investment horizons.
  • To deliver: a targeted list of policy recommendations for legislators, regulators and industry; a background report, drafted according to EPS-ECMI’s high academic standards; a forum for policy-makers, experts and industry to discuss these issues.

  Invited Stakeholders

  • Insurers, pension funds, asset managers, European institutions, national governments and experts from academia.
  • Other participants with a stake in long-term savings and retirement income provision, whether from an industry or consumer perspective, are welcomed to participate. CEPS-ECMI Task Forces usually benefit from the participation of national and international authorities and regulators as «observers», including the European Commission.

  Methodology

  • CEPS-ECMI Task Forces are processes of structured dialogue among stakeholders, backed by the independent research and analysis by Europe’s top think-tank. Based on the research agenda outlined in this prospectus, CEPS-ECMI will organise a number of private meetings for Task Force members, with the participation of academics, regulators and policy-makers. Based on the discussions at these meetings and its own independent research, CEPS-ECMI will publish a final report, featuring a set of policy recommendations agreed by members.

  Team

  • The research related to this Task Force will be carried-out by Karel Lannoo, Senior Research Fellow, and Mirzha de Manuel, Research Fellow. The Task Force will be chaired by Allan Polack, CEO of Nordea Asset Management.

  Timeline

  • The inaugural meeting will take place in 29 October 2012 (confirmed). A total number of four meetings will take place until February 2012 (see prospectus for schedule). A final report will be launched in the second half of 2013. 

  How to Join?

  • As the Task Force process has drawn to a close, registration is no longer possible.

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