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Regulation of Pensions in Ireland

Regulation of Pensions in Ireland. Madeleine Delaney Deputy Head of Enforcement The Pensions Board. Some Statistics. Total Live Schemes – 61,232 DC : 60,192 (81% are single Member) DB : 1,040 Personal Retirement Savings Accounts ( PRSAs )

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Regulation of Pensions in Ireland

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  1. Regulation of Pensions in Ireland

    Madeleine Delaney Deputy Head of Enforcement The Pensions Board
  2. Some Statistics Total Live Schemes – 61,232 DC : 60,192 (81% are single Member) DB : 1,040 Personal Retirement Savings Accounts (PRSAs) - 206,936 PRSA contracts with an asset value of €3.46 Billion Personal Pension Plans/Retirement Annuity Contracts (RACs) - 200,000+ contracts (according to Irish Insurance Federation)
  3. Some Statistics - 200,000 Trustees - 173 Registered Administrators - 15 PRSA Providers - 138 PRSA Products
  4. Most Important Statistics - 754,236 Active Members - €75 Billion in assets in OPS
  5. Irish Private Pensions World Members
  6. Schemes PRSAs Members RACs Other
  7. Providers Intermediaries Employers Members Schemes PRSAs Other RACs Actuaries Trustees Administrators
  8. Pensions Board Pensions Ombudsman The Law Providers Members Intermediaries Schemes Employers PRSAs F S Ombudsman Central Bank Other RACs Actuaries Trustees Administrators Revenue Professional Associations
  9. EIOPA Irish Economy Pensions Board The Law Providers Pensions Ombudsman PRSAs Intermediaries Schemes Employers Members Central Bank IMF EU Other Actuaries RACs Trustees F S Ombudsman Administrators Revenue Professional Associations Global Economy Government Policy
  10. EIOPA Irish Economy Pensions Board The Law Providers Pensions Ombudsman PRSAs Intermediaries Schemes Employers Members Central Bank IMF EU Other Actuaries RACs Trustees F S Ombudsman Administrators Revenue Professional Associations Global Economy Government Policy
  11. Pensions Board EIOPA Irish Economy The Law Providers Pensions Ombudsman Members PRSAs Intermediaries Schemes Employers Central Bank IMF EU Other RACs Administrators F S Ombudsman Trustees Actuaries Revenue Professional Associations Global Economy Government Policy
  12. Reform Reform is needed because: - Currently poor outcomes for members - Poor understanding by members/poor communication - High Costs
  13. Reform Reform must be outcome focussed. We need: - Efficiency - Trust - Transparency - Stability - No conflicts of interest
  14. The Pensions Act - Investigative Powers - Prosecution Powers - Power to Impose Fines and Demand Remedial Action - Apply to High Court to Suspend/Remove Trustees - Power to Withdraw approval for PRSA Product - Power to Terminate RA Registration - Power to Wind-up under funded schemes
  15. Risk Based Approach Regulation Risk Based Approach to Regulation. Risk Priorities 1st prioritymisappropriation of pension assets or contributions 2nd priority failure to pay benefits due 3rd priority inadequate funding of defined benefit schemes 4th priority inappropriate investment 5th priority failure to provide information to members
  16. Compliance Issues -Annual Scheme Information - Late Renewals by RAs - Schemes with no RA Appointed - Annual Actuarial Data Returns - Trustee Training
  17. Thank You Questions ?
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