News

07 Jun 2012

Initial Response from Society of Actuaries in Ireland to Pensions Board’s funding rules for defined benefit pension schemes

The Society of Actuaries in Ireland has today issued a Press Release in response to the Pensions Board funding rules for defined benefit pension scheme.

30 May 2012

CMI publishes analysis of SAPS mortality experience

The Continuous Mortality Investigation (CMI) carries out research into mortality and morbidity experience, based on data supplied by UK life assurance companies and actuarial consultancies.

The CMI has published Working Paper 62, which presents a preliminary analysis of the mortality experience under large self-administered pension schemes for the period 2003 to 2010.

Further information

16 Apr 2012

Minister Burton publishes Social Welfare and Pensions Bill 2012

Joan Burton TD, Minister for Social Protection today (5th April) published the Social Welfare and Pensions Bill 2012 to give effect to a number of reforms including those in the areas of the One-Parent Family Payment scheme and Defined Benefit Pension schemes. The main provisions in the Bill are set out here.

08 Mar 2012

Groupe Consultatif speaks out at hearing on review of IORPs Directive

From a press release issued by the Groupe Consultatif:

"EU Public Hearing of IORPs: Groupe Consultatif dismisses pensions comparable to insurance

23 Jan 2012

Sovereign Annuity Regulations now in force

The following Sovereign Annuity Regulations are now in force:

1. The Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations, 2012 were signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012.

2. The Pensions Act (Register and Database of Certified Policies or Contracts of Assurance) Regulations, 2012 were signed into law by the Minister for Social Protection, Joan Burton T.D on 11 January 2012.

20 Jan 2012

Update from Pensions Board on the re-introduction of funding standard obligations for defined benefit pension schemes

The following is an extract from the Pensions Board website. Full details can be found here:

13 Jan 2012

Society responds to consultation on EU-wide legislative framework for IORPs

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

11 Jan 2012

European Commission publishes guidelines on Gender Directive

The European Commission has published guidelines on the application of the Council Directive 2004/113/EC (the “Gender Directive”) to insurance, in the light of last year’s judgment of the Court of Justice of the European Union in Case C-236/09 (Test-Achats).

Article 5(1) of the Gender Directive provides that, for new insurance and other financial services contracts concluded after 21st December 2007, the use of gender as an actuarial factor in the calculation of premiums and benefits must not result in differences in individuals’ premiums and benefits.

06 Dec 2011

Groupe Consultatif says that consumers will suffer if antidiscrimination goes too far with insurance

Brussels - It is in the interest of consumers that insurance markets provide affordable and accessible insurance. However, if risk factors such as age and disability should be ruled discriminatory, as was the case for gender in the landmark ruling of the European Court of Justice in March 2011, certain types of insurance cover could become unavailable, according to the Groupe Consultatif Actuariel Européen.

30 Nov 2011

Dept of Social Protection note about upcoming DB changes

The Government has approved a number of changes to defined benefit (DB) pension provision to help ensure its sustainability, enhance the security of member benefits and increase equity between members of DB schemes. The note is now attached.

To read the Sociey's note about the same changes - please click here

30 Nov 2011

Pensions Board note about funding proposal deadlines

Note from Pensions Board about Funding Proposal Deadlines

17 Nov 2011

Society publishes Position Paper on Taxation of Private Pension Provision

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.

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