Tibor Parniczky
Tibor is a senior expert of pension system development, with wide range of experience in public and private pension, employee benefit regulation and supervision, actuarial modeling. He has gained his key experiences of pension systems as one of the main architects of the Hungarian pension reforms during the wake of the world-wide old age crisis. His perticipation in the process estblished his civil service career and relations with international organisations (the World Bank, OECD and the EU). He was responsible for the development, regulation and supervision of the funded pension pillars. The implementation included system development, legislation, as well as liaising with stakeholders, public information campaign and international organizations. He was become a leader of the Supervisory Authority of the Pension and mutual Funds, and participated in the merger to the consolidated Financial Supervisory Authority of Hungary. He also has civil service experience with the Ministry for Nat
2 comments By Tibor Parniczky
Dear Sir,
When reading the title in your Newsletter, referring to a new model, one would expect something more, more like in your other article "UK roundup: Royal Mail and union to discuss CDC option". https://www.ipe.com/countries/uk/uk-roundup-royal-mail-and-union-to-discuss-cdc-option/10022178.article
Hopefully the Universities' stakeholders read the other article!
Best regards
Tibor ParniczkyThe Dutch pension system has been one of the most sophisticated best managed in the world. It is sad to hear that it might be changed for an "individual" one.
The system is the victim of its own success. On one hand, seemingly, it can afford lower final pensions. On the other, for reasons outside the pension system, young people - and the economy in large - need more resources now. So the easy solution is to channel contributions of the young to housing. But give them higher accruals at the same time. Is it possible? And here comes in - in theory - the life cycle saving argument saying "yes".
But it is shown that fragmenting the portfolio leads lower investment performance in the long run. And there is something we are too shy to mention. Even if it was true that the young generations would gain by separating their portfolio from the older, then, the older generations would be worse off, in a zero sum "game" market.
Every individualised system has a feature which has to never forgotten: the Pareto optimum, that paying in less [contributions] will never result in the same level of pensions, should be clear from the beginning.
With regards
Commented on: 31 December 2017
Universities propose closing DB scheme of largest UK pension fund