News

The Society of Actuaries in Ireland has published a sample risk register 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 Society of Actuaries in Ireland has prepared sample Protocols to assist actuaries who are appointed to advise the trustees and/or sponsoring employer of a pension scheme and who need to prepare a Protocol on the management of conflicts of interests in accordance with ASP Pen-13, Conflicts of Interests – Pensions Actuaries.

The sample Protocols are available under Press & Publications / Briefing Statements. 

Over 2,000 years after Aristotle argued that the earth is not flat, similar discussions are taking place (sort of!) for actuarial valuations. In a webinar on 30th June, organised by the UK Actuarial Profession, Hewitt's John Coulthard and Roger Moring will discuss the merits of using term-dependent assumptions for valuations from a corporate and trustee perspective respectively and will share some practical lessons learned.

The UK Actuarial Profession wishes to commission research in the area of modelling and understanding heterogeneity in mortality and morbidity risk which has an impact in areas of actuarial interest.

The Financial Regulator has published a consultation paper on "Corporate Governance Requirements for Credit Institutions and Insurance Undertakings".

The paper attempts to align corporate governance requirements with recent international regulatory initiatives in the governance field and proposes minimum standards that credit institutions and insurance undertakings will be expected to meet in this area.

The Financial Regulator has published a consultation paper on Investment Guarantees - Guidance on Reserving and Risk Governance
 

In an address to a Financial Regulator Solvency II Insurance Forum this week, Jonathan McMahon, Assistant Director General, Financial Institutions Supervision, urged companies to allocate significant resources to the implementation of Pillar 2 (risk management and governance) and Pillar 3 (supervisor reporting and disclosure) of the Solvency II framework.  He commented that the implementation of Basel II (The Capital Requirements Directive) led banks and regulators to place too much importance on models and their outputs.  He stressed that, while high quality models are important,

The Minister for Social and Family Affairs has approved certain changes to the actuarial assumptions set out in Appendix 1 of ASP Pen-4, Funding Proposals under the Pensions Act.  These changes will come into effect at 1st April 2010.

The main changes are as follows:

Actuaries broadly welcome the National Pensions Framework.  See announcement from Department of Social and Family Affairs here.

See below for the Press Release from SAI.

Click here to listen to Aisling Kennedy's interview on Morning Ireland - 4th March 2010

The Society welcomes an announcement from Minister for Social and Family Affairs, Mary Hanafin, that the National Pensions Framework will be published next Wednesday, 3rd March, at 2.30pm.

Newsletter February 2010

Mr Bill Prasifka, currently Chairman of the Competition Authority, has been appointed as Financial Services Ombudsman.  He replaces Mr Joe Meade, who retired last month.

It is expected that Mr Prasifka will take up his appointment by the end of March 2010 or soon thereafter. Mr PJ Fitzpatrick will remain as Interim Ombudsman until then.