News

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.

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.

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. 

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.

The Central Bank of Ireland has published Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers (“the Requirements”).

The purpose of the Requirements is to strengthen the reserving framework for non-life insurers and non-life and life reinsurers. The Requirements set out a series of requirements in areas such as the role of Signing Actuary, internal and external audits, reserving policy and issues which should be considered by the Boards when setting the margin for uncertainty.

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 Actuarial Association of Europe issued the following press release today: