Transcript Slide 1
Regulation of Pensions in Ireland Madeleine Delaney Deputy Head of Enforcement The Pensions Board 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) - 200,000 Trustees - 173 Registered Administrators - 15 PRSA Providers - 138 PRSA Products - 754,236 Active Members - €75 Billion in assets in OPS Members 5 Members 6 Providers Intermediaries Employers Members Actuaries Administrators Trustees 7 Pensions Board The Law Pensions Ombudsman Providers Members Central Bank Revenue F S Ombudsman Professional Associations 8 Pensions Board Providers Members IMF EU Professional Associations Global Economy Government Policy 9 Pensions Board Providers Members IMF EU Professional Associations Global Economy Government Policy 10 Pensions Board Providers Members IMF EU Actuaries Professional Associations Global Economy Government Policy 11 Reform is needed because: - Currently poor outcomes for members - Poor understanding by members/poor communication - High Costs 12 Reform must be outcome focussed. We need: - Efficiency - Trust - Transparency - Stability - No conflicts of interest 13 - 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 14 Risk Based Approach to Regulation. Risk Priorities 1st priority misappropriation 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 15 - Annual Scheme Information - Late Renewals by RAs - Schemes with no RA Appointed - Annual Actuarial Data Returns - Trustee Training 16 17