News

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Good Practices Report on transferability of supplementary pension rights. With this Report, EIOPA identifies the main impediments to cross-border and national transfers as well as a number of good practices to overcome these. This would create more transparency in the interest of consumers and facilitate the internal market for supplementary pension rights.

EIOPA outlines three key areas which – if addressed – could significantly facilitate the transferability of supplementary pension rights:

The Society has decided to commission an analysis of the financial sustainability of the State Pension in Ireland.  In particular, the research will focus on the key levers (and associated parameters) that could be flexed when considering the sustainability of the State Pension. 

Pensions Council

The Society of Actuaries in Ireland welcomes the Tánaiste’s announcement of the membership of the Pensions Council. 

The Council’s function is to advise the Minister for Social Protection on matters of pensions policy.  Including Brendan Kennedy, Chief Executive of the Pensions Authority, the twelve-person Council includes five of the Society’s Fellow members – the others being Roma Burke, Tony Gilhawley, Sandra Rockett and Dr Shane Whelan – each of whom has a wealth of skills, knowledge and experience to offer. 

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 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.

The Society has responded to the Discussion Paper on Risk Appetite issued by the Central Bank of Ireland recently. 

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 Actuarial Association of Europe issued the following press release today:

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.

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.