Philip Shier appointed Vice Chairperson of the AAE
The Society has today issued a press release announcing the appointment of Philip Shier, a Past President of the Society, as Vice Chairperson of the Actuarial Association of Europe. The Society congratulates Philip on his appointment.
European Commission adopts Solvency II Delegated Act
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.
Response to the Pensions Authority consultation on financial management guidelines for defined benefit schemes
In July 2014, the Pensions Authority issued a consultation on Financial Management Guidelines of defined benefit pension schemes. The consultation paper can be viewed here.
SAI Response to Department of Social Protection Consultation on IORPS II Directive
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.
SAI response to the Department of Justice and Equality consultation on Legislation on Periodic Payment Orders
The Society has responded to the Department of Justice and Equality consultation on Legislation on Periodic Payment Orders. Details of the Society’s response are available here
Pensions Authority Public Consultation Forum on Financial Management Guidelines for defined benefit schemes
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.
EIOPA publishes the Underlying Assumptions in the standard formula for the SCR calculation
The European Insurance and Occupational Pensions Authority (EIOPA) has published the Underlying Assumptions in the standard formula for the Solvency Capital Requirement (SCR) calculation.
The paper aims to support supervisors and undertakings in application of the Solvency II Preparatory Guidelines on forward looking assessment of own risks (FLAOR).
The Central Bank of Ireland has published the article “Reinsurance in Ireland: Development and Issues” from the Central Bank’s Quarterly Bulletin for Q3 2014.
EBA, ESMA and EIOPA consult on technical standards for financial conglomerates risk concentration and intra-group transactions
The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) launched a consultation on draft Regulatory Technical Standards (RTS) on risk concentration and intra-group transactions within financial conglomerates. The technical standards aim at enhancing supervisory consistency in the application of the Financial Conglomerates Directive (FICOD). The consultation runs until 24 October 2014.
Retirement Benefit Schemes Transfer Values: Mortality Basis Review
The Demography Committee has prepared a report and recommendations following a review of the mortality assumptions prescribed for use in calculating retirement benefit schemes transfer values. This report has been endorsed by Council and is available on the website here.
Actuarial Standard of Practice PEN-2 “Retirement Benefit Schemes transfer values” (“ASP Pen-2”) sets out the requirements relating to the calculation of individual transfer values payable under the Pensions Act 1990.