News

We, the Society of Actuaries in Ireland, have today published our response to the Department of Health’s Public Consultation on the White Paper on Universal Health Insurance (UHI). 

We are supportive of many aspects of the White Paper, and particularly the continued commitment to developing an efficient healthcare system that will deliver quality services to patients.

The Minister for Social Protection is seeking expressions of interest for unpaid positions on the Pensions Council.  The purpose of the Pensions Council is to provide the Minister with advice, information and assistance in relation to the development of pensions policy in Ireland. 

People with an interest in serving in such a capacity may apply at http://www.publicjobs.ie/publicjobs/campaignAdvert/10733.htm

Closing date for applications is Friday, 23rd May.

On 27th March, the European Commission published the IORP II Directive - a legislative proposal for new rules on occupational pension funds (IORPs). The general objective of this proposal is to facilitate the development of occupational retirement savings.

The proposal aims at improving governance and transparency of these funds in Europe, promoting cross-border activity, and helping long-term investment.

The proposal has four specific objectives:

The Minister for Health, James Reilly, T.D.  has published “The Path to Universal Healthcare: White Paper on Universal Health Insurance”. The objective of the Government’s health reform programme is to deliver a single-tier health service, supported by Universal Health Insurance (UHI), where access is based on need, not ability to pay.

The Actuarial Association of Europe issued the following press release today:

At the request of the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA) has issued a Report on the prudential regulations and consumer protection measures needed to create a single market for personal pensions.

EIOPA’s analysis has revealed that taxation, social law and difficulties in the area of harmonisation of contract law appear to be the most significant hurdles.

EIOPA has identified two main options for creating the single market for personal pensions.

The Pensions Board has published a synopsis of the main points made in submissions it received in response to its consultation paper on the future structure and regulation of defined contribution (DC) pensions.  The Board received 44 written submissions in total of which 6 were from individuals and 38 were from organisations/schemes.

The Society of Actuaries in Ireland is recommending to Government that a mandatory pension system should be developed over the next 5 years for all workers as the best way of increasing private pensions coverage and improving the adequacy of pensions for individuals in Ireland. 

The Society’s position paper is available here.

The Minister for Social Protection, Joan Burton, has announced a package of legislative measures to address the situation where an underfunded DB pension scheme winds up or elects to restructure.  The legislation is due to be published and enacted in the coming weeks.

The Society of Actuaries in Ireland has responded to a Pensions Board consultation on the future of defined contribution (DC) pensions. 
 
In the response, the Society calls on the Pensions Board to develop and articulate an over-arching vision for the future of DC pensions, rather than tackle individual issues on a piecemeal basis.  The Society also offers views on simplification of the regulatory framework, alternatives to the trustee model, investment matters, and engaging pension scheme members through effective communications.    

The International Actuarial Association (IAA) has published a paper on Stress Testing and Scenario Analysis by the Insurance Regulation Committee.

On 4th July EIOPA published the first EU study on the financial situation of pension funds. The results show that the holistic balance sheet approach benefits the protection of current and future generations.  And the outcomes reinforce the need to continue working towards a market-consistent and risk-based regulatory regime in Europe.