News

In April 2015, the Universal Retirement Savings Group (URSG) initiated consultation with stakeholders on developing a roadmap and timeline for the introduction of a new, universal, supplementary workplace retirement saving scheme.

The Society welcomes the opportunity to submit a response to the URSG consultation on the potential parameters of a universal retirement savings system.

The DC consultation process conducted by the Pensions Authority in late 2013 set out the Authority’s views on the future of DC provision and sought responses to specific questions raised. In relation to pension scheme governance the Authority indicated that it would publish a code of governance that would provide trustees with a central reference point for the key areas of a DC scheme.

The Society of Actuaries in Ireland has published a sample risk register and sample risk overview statement to help pension scheme trustees and sponsoring employers, with the assistance of their actuarial advisers, to identify the various risks inherent in pension schemes and to manage these risks effectively. 

Scheme Actuaries, in particular, are encouraged to use the sample risk register to engage with their clients on the broad spectrum of risks, from financial to operational, that pension schemes face. 


 

The AAE has carried out a survey amongst its Member Associations on the methods by which an individual can access his/her entitlement to retirement benefits. 16 AAE member organisations contributed to the survey.

The survey serves two purposes. One being to inform the European Commission’s Directorate General for Employment, Social Affairs and Inclusion about the decumulation landscape in the EU and the other being to provide a directional steer on best practice and main common challenges within the various markets for retirement benefits.

The Actuarial Association of Europe (“AAE”) has published a “Report on key issues for setting up national pension tracking services in six EU countries”.

The Society has decided to commission an analysis of the financial sustainability of the State Pension in Ireland.  In particular, the research will focus on the key levers (and associated parameters) that could be flexed when considering the sustainability of the State Pension. 

Pensions Council

The Society of Actuaries in Ireland welcomes the Tánaiste’s announcement of the membership of the Pensions Council. 

The Council’s function is to advise the Minister for Social Protection on matters of pensions policy.  Including Brendan Kennedy, Chief Executive of the Pensions Authority, the twelve-person Council includes five of the Society’s Fellow members – the others being Roma Burke, Tony Gilhawley, Sandra Rockett and Dr Shane Whelan – each of whom has a wealth of skills, knowledge and experience to offer. 

EIOPA’s latest report maps out the available choices that members of occupational DC pension schemes have in the European context regarding investment in their retirement plans. The report highlights the main issues that national supervisors strive to address in order to ensure the making of effective investment decisions (where effective investment decisions are defined as decisions made in the interest of members, working towards ensuring a sustainable level of pension income).

The Society has today issued a press release welcoming the Government’s decision to establish an expert group to formulate plans for a universal retirement savings scheme for private-sector workers. 

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.”

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.

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.