News

The AAE has carried out a survey amongst its Member Associations on the methods by which an individual can access his/her entitlement to retirement benefits. 16 AAE member organisations contributed to the survey.

The survey serves two purposes. One being to inform the European Commission’s Directorate General for Employment, Social Affairs and Inclusion about the decumulation landscape in the EU and the other being to provide a directional steer on best practice and main common challenges within the various markets for retirement benefits.

The Actuarial Association of Europe (“AAE”) has published a “Report on key issues for setting up national pension tracking services in six EU countries”.

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.

EIOPA Press Release:

The European Insurance and Occupational Pensions Authority (EIOPA) has published its Survey of EU practice on default investment options.

The survey was conducted as a follow up to EIOPA advice to the European Commission on the review of the IORP Directive, which stated that:

The April 2013 issue of the IAA Newsletter is now available here https://web.actuaries.ie/press/iaa.

It features the following sections;

The April Issue of The European Actuary is now available here.

It features the following articles;
 
•    EIOPA calls for transparency to protect consumers.
•    The thorny issue of annuities
•    Mortgages: interesting asset class for pension funds?
•    Social Responsibility
•    Unintended Future Risk
•    What can actuaries add to the debate on environmental issues?

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on Guidelines on preparing for Solvency II.

The European Insurance and Occupational Pensions Authority (EIOPA) and the World Bank have signed an operational Memorandum of Understanding (MoU) to cooperate on developing the insurance sector.

This Memorandum will enable both organizations to collaborate on promoting a risk_based regulatory and supervisory framework in insurance, as well as the identification of systemic risk and the promotion of consumer protection.

More information is available here

The Pensions Board has published investment guidelines for trustees of defined contribution pension schemes. These guidelines aim to help trustees in deciding which investment choices to make available for scheme members.

Commenting on the guidelines, the Chief Executive of The Pensions Board, Brendan Kennedy, said:

The Groupe Consultatif Actuariel Européen has published a paper titled “Comparison of the Regulatory Approach in Insurance and Banking in the Context of Solvency II”.  The principal author is Mairead O’Shea, a Fellow of the Society of Actuaries in Ireland. 

“Executive Summary

The Groupe Consultatif Actuariel Européen has published a paper on Market Consistency.  The paper summarises the key principles underlying market consistent valuations of assets and liabilities.  Its underlying aim is to help actuaries and others best interpret the concept of market consistency in contexts where several possible valuation approaches are or might be proposed.