1 / 14

IBOA Pensions Conference 25/26 th September 2008 “The future of pensions”

IBOA Pensions Conference 25/26 th September 2008 “The future of pensions”. Andrew Nugent Assistant Head of Information. The Pensions Board. Established by the Pensions Act, 1990 Main functions are set out in the Act and include

kricky
Télécharger la présentation

IBOA Pensions Conference 25/26 th September 2008 “The future of pensions”

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IBOA Pensions Conference25/26th September 2008“The future of pensions” Andrew Nugent Assistant Head of Information

  2. The Pensions Board Established by the Pensions Act, 1990 • Main functions are set out in the Act and include • to monitor and supervise the operation of the Act and pension developments generally • Board has 2 statutory roles – regulatory and policy • Promoting pensions development, information and awareness is an associated support function. • Board conducts the National Pensions Awareness Campaign (NPAC) on behalf of Government as recommended in the “Securing Retirement Income” report of the National Pensions Policy Initiative published in 1998 2

  3. The Pensions Board Focus Three key operational areas: • Supervision, regulation and enforcement • Policy, legal and actuarial • Information and awareness 4

  4. Pensions are here to stay • By law an employer must provide you with some form of access to a pension, whether you are in full-time, part-time, temporary, contract or casual employment • All employers regardless of the size of their workforce are obliged to provide access to a Standard PRSA if those employees fall into the category of “excluded employees” (details available from Board’s website)

  5. Types of Irish Private Pensions • Company Pension Scheme (99,802 schemes with 800,398 members) (66% DB schemes and 34% DC schemes) (Fund assets in excess of €80 billion (estimate)) • Personal Retirement Savings Accounts (PRSAs) (Over 130,000 PRSAs with asset value of €1.25 billion- Dec 2007) (85,614 employers had signed up with a PRSA provider ) • Personal Pension Plans and Retirement Annuity Contracts (RACs) (In excess of 200,000 contracts – Irish Insurance Federation) Voluntary regime for supplementary pension provision 3

  6. Recent developments • Green Paper on Pensions published in October 2007, consultation phase is ongoing • Commission on Taxation to consider how best the tax system can encourage long term savings to meet the needs of retirement • Pensions also a commitment in Programme for Government • Recent social partnership agreement which includes a commitment to produce legislation on the transfer of undertakings

  7. We are Living Longer More Contract Work More mobility in careers Changing work patterns More Part Time Working Single Parent Households Smaller Families Separation/Divorce Changing world we live in

  8. Changing demographics

  9. Pensions and Recruitment Employers Viewpoint • A good pension scheme has been long recognised as a very valuable asset for both the company and its employees. • There is a stronger commitment from employees to participate in pension schemes where the employer makes a contribution. • A company benefits from having: • a reputation and respect as a good employer. • a workforce that feels valued and important • increased loyalty and commitment from staff • an enhanced staff recruitment, reward and retention package

  10. Pensions and Recruitment Employees Viewpoint • Financial independence and security • Mobile working patterns • Increased life expectancy • Working longer

  11. Employees Pensions Checklist Key questions your candidates should ask: • Does this employer have a company pension scheme? • Can I join the scheme? • If not, has the employer designated a Personal Retirement Savings Accounts provider? • Will the employer help fund my pension?

  12. Regulation, Supervision and Enforcement • Pensions Board taking tough approach for breaches of the Pensions Act • Board recently obtained a High Court judgement against an Irish company for €186,000 in pension arrears • On the spot fines regime in place since September 2007. Fine for each offence €2,000

  13. Further information Pensions board website provides; • Checklist which provides information and a questionnaire to help you inform yourself about how to provide for your retirement • Pensions calculator allows you to estimate the amount of money needed to contribute to your pension in relation to your age yearly salary to end up with the level of pension you expect in retirement.

  14. We all have a responsible role to play in….. ….actively promoting pensions take up !

More Related