From the UK Financial Reporting Council today (30th January 2012):

ASB issues revised proposals for the Future of Financial Reporting Standards in the UK & Republic of Ireland

The Accounting Standards Board (ASB) of the Financial Reporting Council has today published financial reporting exposure drafts (FREDs) 46 to 48 setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland.

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

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.

The Groupe Consultatif's first European Congress of Actuaries - ECA 2012 - will take place in Brussels on 7/8 June 2012. The theme is The Future European Actuary. This Congress aims to attract actuaries working in industry, consulting and academia, as well as other financial professionals, politicians and others interested in the future of risk management in Europe. The programme will include speakers from the European Parliament and Commission, supervisory authorities, rating agencies, and other fields.

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.

The Society of Actuaries in Ireland  provided a research grant last year to Colm Fitzgerald, a Fellow of the Society, to enable him to collate an extensive economic, investment and financial dataset, for use by actuaries and other interested persons and bodies.  Approximately 300 years of equity and bond/interest rate data, along with approximately 900 years of inflation and earnings inflation data,

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.

Paul O'Faherty presented his Presidential Address on 22nd September.

Paul chose the theme of “Relevance in a time of change and turmoil” and opened by asking the question, “Through all the economic turmoil in Ireland, it’s certainly worth asking ourselves individually and collectively as actuaries - how relevant have we been in these most difficult of times?”