Under the patronage of the Central Bank of Bahrain, TAKAUD, the specialist provider of savings, investment and pension solutions for the MENA region, is bringing together government and financial services industry leaders concerned with the development of a robust pension provision for citizens and expatriate workers throughout the region. The inaugural Middle East Pensions Conference will be held in Bahrain at the Four Seasons Hotel on October 18, 2016.
The Conference is expected to attract a large number of 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 goal of the conference is 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. Not only is this three-pillar pension format in line with the World Bank’s recommendations for an integrated pension infrastructure, but it also ensures a 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 examine the benefits of factoring in a pension benefit to the employee value proposition. It 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.
Development of the pension sector is critical for more than individuals. TAKAUD estimates that pension assets in the GCC can reach a value of USD $1.9 trillion if retirement savings among individuals and corporations grow to the average levels now seen in other countries. While such growth would benefit people living and working in the region, it also represents an outstanding opportunity for the regional financial services industry.
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.”