News

In November 2011, the Society published a Position Paper on the Taxation of Private Pension Provision.  This paper was intended as a contribution to the discussion on the proposal which had been made by Government at the time (as part of the National Recovery Plan) to reduce the rate of tax relief granted in respect of contributions to private pensions from the marginal rate to the standard rate of income tax.  The Society has recently reviewed this paper, following comments received from a member, and has decided that it would be appropriate to issue a supplementary note to clari

The Pensions Authority has today published the final two codes in the series of Codes of Governance for Defined Contribution (DC) Schemes.
 
The codes of governance set out the standards that trustees will be expected to adopt to demonstrate their commitment to serving the best interests of members and beneficiaries.

The latest codes relate to:

The Society of Actuaries in Ireland has told the ‘Oireachtas Committee on Finance, Public Expenditure & Reform, and Taoiseach’ that evidence-based research is vital to underpin informed policy-making on the costs of motor insurance. 

The full Press Release, including speaking notes, is available here.

The Pensions Authority has issued a consultation document which sets out a package of proposals to reform and simplify supplementary private pension provision in Ireland.

The European Insurance and Occupational Pensions Authority (EIOPA) published today a potential macroprudential approach to the low interest rate environment in the Solvency II context.
The aim of this publication is to contribute to the discussion on the possible need to develop a macroprudential framework in the insurance sector to promote financial stability in a Solvency II environment.
 
The following three objectives to be targeted by supervisory authorities in the current low interest rate environment are addressed:

The Society of Actuaries in Ireland has published a research report on the Financial Sustainability of the State Pension in Ireland.  The report, produced by Milliman, was commissioned by the Society and PublicPolicy.ie, with a view to informing debate and public policy decisions.

Key findings:

The OECD has published Pensions at a Glance 2015. The paper highlights the pension reforms undertaken by OECD and G20 countries over the last two years. It provides an in depth review of the first layer of protection of the elderly, first-tier pension schemes across countries and assesses the impact of short or interrupted careers, due to late entry into employment, childcare or unemployment, on pension entitlements. The paper also analyses the sensitivity of long-term pension replacement rates to parametric changes.

On the 6th of October, the Pensions Authority published a synopsis of the main points made in submissions it received in response to its consultation paper on draft codes of governance for defined contribution schemes.

The Central Bank of Ireland has published a feedback statement on Consultation Paper 92 Domestic Actuarial Regime and related Governance Requirements under Solvency II.

The consultation period closed on 29 May 2015.

In 2013, the Pensions Authority commenced the DC consultation process that set out the Authority’s views on the future of DC provision and sought responses to specific questions including minimum standards for trustee knowledge, understanding and behaviour.