News

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. 

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. 

People with an interest in serving in such a capacity may apply at http://www.publicjobs.ie/publicjobs/campaignAdvert/10733.htm

Closing date for applications is Friday, 23rd May.

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.

The proposal has four specific objectives:

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 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.

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. 

The Society’s position paper is available here.

The Minister for Social Protection, Joan Burton, has announced a package of legislative measures to address the situation where an underfunded DB pension scheme winds up or elects to restructure.  The legislation is due to be published and enacted in the coming weeks.

The Society of Actuaries in Ireland has responded to a Pensions Board consultation on the future of defined contribution (DC) pensions. 
 
In the response, the Society calls on the Pensions Board to develop and articulate an over-arching vision for the future of DC pensions, rather than tackle individual issues on a piecemeal basis.  The Society also offers views on simplification of the regulatory framework, alternatives to the trustee model, investment matters, and engaging pension scheme members through effective communications.    

The CMI has published CMI_2013, an updated version of the Mortality Projections Model.  It is accompanied by Working Paper 69, which illustrates the impact of incorporating the latest England and Wales population mortality dataset into the Model.

The Working Paper also summarises the responses to the recent consultation on the future of the Model and the CMI Library of Mortality Projections and outlines the Committee’s reaction and planned next steps.  An updated version of the User Guide has also been issued.

The International Actuarial Association Mortality Working Group (IAAMWG) has published its first report.

The IAAMWG is a group of volunteers who study mortality and monitor studies completed by other organisations worldwide, focusing on the impact on insurance products (including life, pension and living benefits) or on government or world organisation (such as WHO and the UN) sponsored programs.  Mortality experience studies of general populations, insured life and other population subsets are within in the scope of the MWG.