News

EIOPA Press Release:

The Minister for Social Protection, Joan Burton T.D., has announced a number of regulatory changes to assist defined benefit schemes as they prepare their funding proposals before the Funding Standard deadline of 30th June 2013.  The regulations will reduce the level of risk reserve that the schemes are required to

In its report on "Design and Delivery of Defined Contribution (DC) Pension Schemes - Policy Challenges and Recommendations", the OECD summarises the challenges policymakers face and recommends key improvements that can help to ensure DC delivers the incomes that individuals need.

The requirements you need to fulfil for the CERA qualification changed from September 2012.

For those taking the ST9 exam after 1 September 2012, you also need to attend a seminar in order to receive the qualification.

More information is available here

Since 2010, the UK Institute and Faculty of Actuaries has been permitted to award the Chartered Enterprise Risk Actuary (CERA) qualification to those of its Associates and Fellows who have passed  its ST9 Enterprise Risk Management (ERM) Specialist Technical examination (and, from September 2012, have also attended a one day seminar).

The Groupe Consultatif has published a position paper on the draft Pensions Portability Directive which is presently under preparation in the EU. 

The objective of the paper is to set out for EU institutions and stakeholders the views of the actuarial profession on this subject.

Read the position paper

Issue four of the Institute and Faculty of Actuaries Longevity Bulletin explores the data that evidences that we are all living longer but questions how healthy we are during those extra years.

From Philip Scott, President of the Institute and Faculty:

"In the past longer life was generally driven by better health. However data collected over the last twenty years highlights that life expectancy and healthy life expectancy are not one and the same.

From the UK Actuarial Profession's ERM Newsletter, March 2012:
 
"We are pleased to announce that the CERA Treaty Board has recently granted approval to the application from the UK Actuarial Profession to award the CERA qualification to Thought Leaders and Verifiable Experienced Practitioners.

Over the next few months, the identification and confirmation of Thought Leaders will begin. This will be done using a Selection Panel and will be by invitation only.

The key criteria for a Thought Leader are:

In April 2011, the European Commission asked EIOPA  for advice on the EU-wide legislative framework for IORPs (Institutions for Occupational Retirement Provision).

The Groupe Consultatif's first European Congress of Actuaries - ECA 2012 - will take place in Brussels on 7/8 June 2012. The theme is The Future European Actuary. This Congress aims to attract actuaries working in industry, consulting and academia, as well as other financial professionals, politicians and others interested in the future of risk management in Europe. The programme will include speakers from the European Parliament and Commission, supervisory authorities, rating agencies, and other fields.

The Society of Actuaries in Ireland has published a position paper on “Taxation of Private Pension Provision”. 

The primary purpose of the paper is to examine the effect of reducing the tax relief on pension contributions made by individuals.

Individuals currently receive tax relief at their marginal income tax rate on pension contributions.  The National Recovery Plan 2011-2014 proposes to change the tax relief from the individual’s marginal tax rate to the standard tax rate of 20% by 2014.