News

The Society has responded to the Central Bank of Ireland’s Consultation Paper 92: “Consultation on Domestic Actuarial Regime and Related Governance Requirements under Solvency II”.

The response includes the following comments:

The International Actuarial Association (IAA) is pleased to announce the publication of the paper “Deriving Value from ORSA - Board Perspective” developed by the Joint ORSA Subcommittee of the IAA’s Insurance Regulation and Enterprise and Financial Risk Committees.

The Minister for Justice and Equality, Frances Fitzgerald TD, has published the heads and general scheme of the Civil Liability (Amendment) Bill. The bill will introduce a new model of Periodic Payment Order whereby a Court could decide that catastrophically injured people can receive the cost of future care in the form of index-linked annual payments instead of a lump sum award which is what people must rely on under the present system.

A full press release is available to view here

On 22nd May 2015, the Pensions Authority published financial management guidelines for defined benefit schemes.
The guidelines set out what the Authority sees as good practice for trustees to follow in order to understand and manage the funding and investment of their defined benefit scheme
The provisions are divided into four parts:

1. Data about the scheme that the trustees should have available to them
2. Governance practices relevant to financial management
3. Processes that the trustees should follow
4. Analysis that the trustees should undertake

In April 2015, the Universal Retirement Savings Group (URSG) initiated consultation with stakeholders on developing a roadmap and timeline for the introduction of a new, universal, supplementary workplace retirement saving scheme.

The Society welcomes the opportunity to submit a response to the URSG consultation on the potential parameters of a universal retirement savings system.

The Actuarial Association of Europe (“AAE”) has today published its discussion paper “Clarity before Solvency” on the application of market consistency to pension funds in Europe.

The purpose of this paper is to discuss from an independent, actuarial, point of view:

The DC consultation process conducted by the Pensions Authority in late 2013 set out the Authority’s views on the future of DC provision and sought responses to specific questions raised. In relation to pension scheme governance the Authority indicated that it would publish a code of governance that would provide trustees with a central reference point for the key areas of a DC scheme.

The Society of Actuaries in Ireland has published a sample risk register and sample risk overview statement to help pension scheme trustees and sponsoring employers, with the assistance of their actuarial advisers, to identify the various risks inherent in pension schemes and to manage these risks effectively. 

Scheme Actuaries, in particular, are encouraged to use the sample risk register to engage with their clients on the broad spectrum of risks, from financial to operational, that pension schemes face. 


 

Attached below is the March 2015 SAI Newsletter.  Included in this edition are articles on:

• SAI President’s Biennial Dinner
• Risk Management Perspectives Conference
• Member Proposition
• SAI Golf Society
• Continuing Professional Development Update
• Question Time
• Fellowship Ceremonies
• Student News

The Society congratulates Philip Shier, Past President of the Society, on his election as chair of the European Insurance and Occupational Pensions Authority’s (EIOPA) pension stakeholder group. 

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”.