SAI response to the Central Bank of Ireland’s Consultation Paper 89
The Society has responded to the Central Bank of Ireland’s (“the Central Bank”) Consultation Paper 89. This consultation paper sets out proposals in relation to reporting templates which the Central Bank deems necessary to address requirements specific to the local market and/or the nature of insurance undertakings supervised in Ireland and which are not catered for in the set of Solvency II harmonised reporting templates being developed by the European Insurance and Occupational Pensions Authority (EIOPA).
Gabriel Bernardino speech on Topical developments on pensions: an EIOPA perspective
On the 18th of November, Gabriel Bernardino, Chairman of EIOPA, gave a speech at the 9th European Pension Funds Congress in Frankfurt. He stated that “The percentage of the EU population that is covered by decent pension systems is still too low. We are indeed facing an EU pension’s landscape in need of reforms.”
Pensions Authority publishes synopsis of responses to its financial management guidelines for defined benefit schemes
In July 2014, the Pensions Authority issued a consultation on Financial Management Guidelines of defined benefit pension schemes. The consultation paper can be viewed here.
European Commission adopts Solvency II Delegated Act
On 10th October 2014, the European Commission adopted a Delegated Act containing implementing rules for Solvency II. This will enter into force once the European Parliament and Council have both approved it, following their scrutiny, for which a maximum period of 6 months can be taken.
Response to the Pensions Authority consultation on financial management guidelines for defined benefit schemes
In July 2014, the Pensions Authority issued a consultation on Financial Management Guidelines of defined benefit pension schemes. The consultation paper can be viewed here.
SAI Response to Department of Social Protection Consultation on IORPS II Directive
Earlier this year, the European Commission published a proposal for an updated IORP Directive. The original IORP was published in 2003 and transposed into Irish law in September 2005. In summary, the current proposals aim to give greater protection of the pension rights of scheme members and beneficiaries.
Pensions Authority Public Consultation Forum on Financial Management Guidelines for defined benefit schemes
The Pensions Authority is holding a Public Consultation Forum on Financial Management Guidelines for defined benefit schemes. The forum will be relevant to trustees, scheme members, providers, managers, advisers and other interested stakeholders.
EIOPA publishes the Underlying Assumptions in the standard formula for the SCR calculation
The European Insurance and Occupational Pensions Authority (EIOPA) has published the Underlying Assumptions in the standard formula for the Solvency Capital Requirement (SCR) calculation.
The paper aims to support supervisors and undertakings in application of the Solvency II Preparatory Guidelines on forward looking assessment of own risks (FLAOR).
The Central Bank of Ireland has published the article “Reinsurance in Ireland: Development and Issues” from the Central Bank’s Quarterly Bulletin for Q3 2014.
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.