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ETHICS AND PENSIONS REGULATION

ETHICS AND PENSIONS REGULATION. GRACE GUY THE PENSIONS AUTHORITY. Focus. Trusteeship Qualifications Governance Reporting obligations. What do we mean by ethics?. A group of moral principles or set of values that define or direct us to the right choice Science of morals

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ETHICS AND PENSIONS REGULATION

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  1. ETHICS AND PENSIONS REGULATION GRACE GUY THE PENSIONS AUTHORITY

  2. Focus • Trusteeship • Qualifications • Governance • Reporting obligations

  3. What do we mean by ethics? • A group of moral principles or set of values that define or direct us to the right choice • Science of morals • Am I doing the right thing?

  4. Ethics and Pensions regulation • Minding other people’s money 80 billion Euro 600,000 members

  5. Role of the Pensions Authority • Support and guidance • Encourage best practice • Help raise standards

  6. Trusteeship €80 billion in assets

  7. Trustee qualifications • Pensions Act requirements • S59A fit and proper person • Investment qualifications • Trustee training • Pensions Authority minimum standards • Know more than members • Time and commitment • Ask the right questions

  8. Trustee governance Trustees should: • hold regular meetings • consider conflicts of interest • take advice where necessary • be familiar with scheme provisions

  9. Support and guidance available • Pensions Authority website • FAQs/Guidance • Trustee handbook • Trustee training/e-learning New developments • DB – Financial management guidelines • DC – Model documents

  10. Reporting obligations • Mandatory reporting • Voluntary reporting • Protected Disclosure Act • Ignorance is not a defence

  11. Pension Authority ethics • Two way street • Aim to be fair and consistent in our approach • Clear and transparent procedures • Help regulated entities know what is expected of them

  12. Any questions?

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