EIOPA publishes a Report on Investment options in the interest of occupational DC scheme members
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).
Society welcomes establishment of expert group on pensions
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.
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.
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.
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.
European Commission publishes the IORP II Directive
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.
EIOPA issues Report on single market for personal pensions
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 Publishes DC Consultation Synopsis Paper
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.
Actuaries propose mandatory private pension regime from 2019
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.