Pensions Regulation in Irelandpresentation to the
National Federation of Pensioners
David MaloneHead of OperationsThe Pensions Board
Thursday 25 October 2012Wynne’s Hotel Dublin
The Pensions BoardEstablished by the Pensions Act, 1990
•Supervision, regulation and enforcement
•Policy, legal and actuarial
•Information and awareness (Delivers NPAC on behalf of the Government)
Numbers in Irish private pensions (as at April 2012)
Company Pension Schemes
532,000 members in 1,098 defined benefit schemes
- 993 schemes with 197,000 members are subject to the Funding Standard
- 335,000 approx are Public Service employees
240,000 members in over 100,000 defined contribution schemes (includes frozen and AVC schemes)
- 50,000 approx are single member schemes
Personal Retirement Savings Accounts (PRSAs)190,000 PRSAs with asset value of €3.03 billion
Personal Pension Plans/Retirement Annuity Contracts (RACs) (200,000 + contracts – Irish Insurance Federation)
Pensions coverage in the Irish workforce
Changing Demographics
Defined Benefit Pensions
• Financial environment difficult in the period 2009 to 2011
• Scheme numbers relatively steady 2008 to 2010
• 70% of schemes in deficit at end 2011
• Where a scheme has a deficit it must submit a funding proposal to the Board
Funding Standard changes
• October 2011 - Government announces plans to introduce DB changes
• Social Welfare and Pensions Act 2012 provides for Sovereign Annuities
• June 2012 - The Pensions Board publishes revised rules for DB and announces deadlines by which trustees must submit funding proposals
What now?
• Trustees assess the current and future position
• Negotiation with the employer
• Decision
• Submit funding proposal
Pensions information
Enquiry [email protected]
01-6131900
Information booklets
Pension checklists
Pension calculators
Free Online Trustee Training, Guidance & FAQs, E-mail alerts & Trustee supports
and to finish…..
Thank you for your time and attention.
I hope you found my presentation interesting and of some benefit.
