Professional Development
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Pension and Investment Seminar (offered in French) – February 13, 2019 – Montréal

Program at a glance

08:30 – 16:15    Registration

09:30 – 09:35    Opening Remarks

09:35 – 10:35    Session 1: Private Debt Session 

Facilitator:
Jean-François Poitras (FCIA), Senior Consultant, Desjardins
Speaker:
Jean-Christophe Greck*, Managing Director, Integrated Asset Management

The private debt market has exploded in recent years due to the low interest rate environment and bank retrenchment from the space. Private debt offers competitive returns and low correlation with other asset classes, characteristics that institutional investors prize. The private debt market can be classified into a number of different subcategories, with the most common being the seniority of the capital structure, the type of lending transaction (corporate, real estate, infrastructure), and geography. Mr. Greck will explore opportunities in the Canadian senior debt segment of the market (infrastructure and senior direct lending) at this stage of the business credit cycle.

10:40 – 11:40    Session 2:  Economic Perspective

Facilitator:
Jean-François Poitras (FCIA), Senior Consultant, Desjardins
Speaker:
Francis Généreux*, Senior Economist, Desjardins

Francis Généreux will discuss current issues at this point in the economic cycle. Topics will include global, US, and Canadian outlooks on growth and inflation, obstacles to international trade, the United States-Mexico-Canada Agreement (USMCA), labour market changes, and interest rate normalization and its consequences for the economy. He will present economic and financial scenarios taken from Desjardins’ economic studies, as well as the main risks that could emerge

11:40 – 12:40    Luncheon

12:45 – 13:45    Session 3: Liquidity Risk

Facilitator:
Ramy Rayes (ACIA), Director, Asset Allocation, BCi
Speaker:
Samir Ben Tekaya*, Vice-president and Head of Investment Risk, BCi

This session will explore management of liquidity risk for pension funds, including liquidity risk measurement approaches and their framework. Specifically, the session will address the various types of liquidity risk, the associated measurements and components, their governance framework and, lastly, the challenges relating to liquidity risk management.

13:50 – 14:50    Session 4: Climate Change

Facilitator:
Ramy Rayes (ACIA), Director, Asset Allocation, BCi
Speaker:
Michel Léveillée*, Analyst, Caisse de dépôt et placement du Québec

The actuarial practice is not exempt from the increased spotlight on climate change. That said, it is not clear how to assess the potential impacts of climate change on financial systems and to take account of them in our actuarial assumptions.

During this session, our speaker will present a brief overview of the risk factors associated with climate change and the potential repercussions on all asset holders, including pension plans. He will also examine the use of specific tools, such as climate change scenario analysis, to better inform our economic actuarial assumptions.

14:50 – 15:05    Refreshment Break

15:05 – 16:05    Session 5: Toward a Fluid Disbursement of Capital Accumulation Plans

Facilitator:
Ramy Rayes (ACIA), Director, Asset Allocation, BCi
Speaker:
René Beaudry (FCIA), Associate, Normandin Beaudry

Might we be facing a logjam in the new disbursement flow for capital accumulation plans?

The 2017 report by the Association of Canadian Pension Management (ACPM) and the consultations on disbursement rules held in 2018 by Retraite Québec have been the topic of much discussion. While several issues will remain unresolved for some time yet, recent developments are promising. For example, large employers are now taking care to keep their “pensioners” within their capital accumulation plans.

Let’s take stock and consider where the optimal integration of our private and public retirement savings systems will take us. Will we manage to reassure the retiree members of capital accumulation plans? Can we persuade them to live within their means instead of living below what they can actually afford because they fear outliving their savings?

16:05 – 16:10    Closing Remarks

Sponsorship Opportunities

To learn more about sponsorship opportunities, please contact Kelly Fry.