1. Investment Restrictions A European Perspective

2. European Pension Fund Assets Source: William M Mercer

3. European Pension Fund Assets Pension Assets as a % GDP

4. The “Prudent Person” Countries Pension Assets as a % GDP

5. Prudent Person Characteristics Separation of assets Role of trustees Self investment limits (eg 5%) Concentration of investment limits (eg 10%) Statements of Investment Policy and Objectives Supported by disclosure/minimum funding standards

6. The Lightly Restricted Country! Pension Assets as a % GDP

7. The Most Restricted Countries Pension Assets as a % GDP

8. Summary of Restrictions

9. Equity Content by Country

10. Reasons for Equity Variations Restrictions but also Absence of equity culture in many Continental countries Underdeveloped domestic capital markets Things are changing rapidly New Pensions Directive

11. Investment Restrictions A European Perspective