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”.

Dermot Corry’s address to members and guests at the Society’s President’s Dinner on 12th February 2015 is available below.

The Society’s ERM Committee has responded to the Institute & Faculty of Actuaries consultation on the regulation of Chief Risk Officer roles under Solvency II.

Full details of the consultation are available from http://www.actuaries.org.uk/research-and-resources/documents/consultati…-

The ERM Committee submission is available here.

The Society has decided to commission an analysis of the financial sustainability of the State Pension in Ireland.  In particular, the research will focus on the key levers (and associated parameters) that could be flexed when considering the sustainability of the State Pension.