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?”

The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Consultation Paper “Second Consultation on Review of Consumer Protection Code”.

The Society supports the Central Bank’s continued objective to strengthen the consumer protection framework. We welcome the introduction of revised measures which will benefit consumers in their dealings with the financial services industry and which will provide both additional protections and enhancements to existing provisions.

The Society's Council has adopted a new Strategy Plan covering the period 2011-2014. 

Recently-elected President, Paul O'Faherty, told members: 

"This Plan reflects the thinking of a wide cross-section of members and in particular it has been considerably enhanced by direct feedback from attendees at the Annual Convention.  As always, though, we will be relying on your continued enthusiasm and energy to bring it to life.

The Society of Actuaries in Ireland has responded to the Central Bank of Ireland’s Discussion Paper  on “Economic Scenario Generators and Market Consistency”.

The Society recognises the difficulties involved with calibrating market-consistent economic-scenario generators in the absence of deep and liquid markets, and we welcome the Central Bank's initiation of a discussion on this topic.

The Groupe Consultatif Actuariel Européen wishes to appoint a full‐time Deputy Chief Executive, based in Brussels, with a focus on fulfilling the Public Affairs function.  In particular, this will involve responsibility for achieving the Groupe’s strategic aim to raise awareness of the actuarial profession among decision-makers in the European Union on a political and economic level, especially in the European Commission and the European Parliament, but also among supervisors, insurance companies, pension funds, financial institutions, consumer organisations, unions, etc.

Funding for long term care
 

As part of the National Pensions Framework implementation process, the Department of Social Protection intends to establish a panel of consultants, some of whom may be engaged from time to time during the implementation process.

In that regard, a Request for Tender has been published today, requesting applications from vendors who wish to be considered for entry to that panel.