News

The Society has submitted a response to the Consultation Document issued by the Department of Employment Affairs and Social Protection on: ‘A Strawman Public Consultation Process for an Automatic Enrolment Retirement Savings System for Ireland’.

You can read the Society’s response here.

The Society has submitted its response to the Consultation on Supplementary Pensions Reform: Roadmap for Pensions Reform 2018-2023 issued by the Interdepartmental Pensions Reform and Taxation Group. 

The response is attached below.

The Society has submitted a response to the Pensions Authority consultation document on the Regulation of defined contribution master trusts.

The response is available to read on our website here https://web.actuaries.ie/press/submissions

A paper prepared by the Pensions Committee, and reviewed by Council, which sets out the Society’s “Initial Views on the Government’s Roadmap for Pensions Reform 2018-2023” is available below.  This has been sent to the Minister for Finance, the Minister for Employment Affairs and Social Protection and the Pensions Regulator.

The 2017 edition of the OECD’s biennial report Pensions at a Glance has been published.  This sets out the pension reforms undertaken by OECD countries over the last two years; the only reform noted for Ireland is the termination of the pensions levy.

In November 2011, the Society published a Position Paper on the Taxation of Private Pension Provision.  This paper was intended as a contribution to the discussion on the proposal which had been made by Government at the time (as part of the National Recovery Plan) to reduce the rate of tax relief granted in respect of contributions to private pensions from the marginal rate to the standard rate of income tax.  The Society has recently reviewed this paper, following comments received from a member, and has decided that it would be appropriate to issue a supplementary note to clari

The Pensions Authority has today published the final two codes in the series of Codes of Governance for Defined Contribution (DC) Schemes.
 
The codes of governance set out the standards that trustees will be expected to adopt to demonstrate their commitment to serving the best interests of members and beneficiaries.

The latest codes relate to:

The Pensions Authority has issued a consultation document which sets out a package of proposals to reform and simplify supplementary private pension provision in Ireland.

The Society of Actuaries in Ireland has published a research report on the Financial Sustainability of the State Pension in Ireland.  The report, produced by Milliman, was commissioned by the Society and PublicPolicy.ie, with a view to informing debate and public policy decisions.

Key findings:

The OECD has published Pensions at a Glance 2015. The paper highlights the pension reforms undertaken by OECD and G20 countries over the last two years. It provides an in depth review of the first layer of protection of the elderly, first-tier pension schemes across countries and assesses the impact of short or interrupted careers, due to late entry into employment, childcare or unemployment, on pension entitlements. The paper also analyses the sensitivity of long-term pension replacement rates to parametric changes.

On the 6th of October, the Pensions Authority published a synopsis of the main points made in submissions it received in response to its consultation paper on draft codes of governance for defined contribution schemes.