regulation of pensions in ireland madeleine delaney deputy head of enforcement the pensions board
TRANSCRIPT
Regulation of Pensions in Ireland
Madeleine DelaneyDeputy 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
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Members
Irish Private Pensions World
6
Members
Schemes
RACs Other
PRSAs
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Members
PRSAs
Other RACs
Schemes
Providers
Trustees
Employers
Actuaries
Intermediaries
Administrators
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Members
PRSAs
Other RACs
Schemes
Providers
TrusteesEm
ployers
Administrators
Inte
rmed
iarie
s
The Law
Central Bank
Pensions Board
Pensions Ombudsman
F S Ombudsman
Professional AssociationsRevenue
Act
uarie
s
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Members
PRSAs
OtherRACs
Schemes
Providers
Employers
Inte
rmed
iarie
s
The Law
Cen
tral
Ban
k
Pensions Board
Pensions Om
budsman
F S O
mbu
dsm
an
Professional Associations
Revenue
Irish E
conomy EIOPA
EUIMF
Government PolicyGlobal Economy
Trustees
Administrators
Act
uarie
s
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Members
PRSAs
OtherRACs
Schemes
Providers
Employers
Inte
rmed
iarie
s
The Law
Cen
tral
Ban
k
Pensions Board
Pensions Om
budsman
F S O
mbu
dsm
an
Professional Associations
Revenue
Irish E
conomy EIOPA
EUIMF
Government PolicyGlobal Economy
Trustees
Administrators
Act
uarie
s
11
PRSAs
OtherRACs
Schemes
Providers
TrusteesEm
ployersAdministrators
Inte
rmed
iarie
s
The Law
Cen
tral
Ban
k
Pensions Om
budsman
F S O
mbu
dsm
an
Professional Associations
Revenue
Irish E
conomy EIOPA
EUIMF
Government PolicyGlobal Economy
Members
Pensions Board
Actuaries
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Reform is needed because:
- Currently poor outcomes for members
- Poor understanding by members/poor communication
- High Costs
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Reform must be outcome focussed.
We need:
- Efficiency
- Trust
- Transparency
- Stability
- No conflicts of interest
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- 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
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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
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- Annual Scheme Information
- Late Renewals by RAs
- Schemes with no RA Appointed
- Annual Actuarial Data Returns
- Trustee Training
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