Actuaries’ submission to the Law Reform Commission

Pensions Topic We [The Society of Actuaries in Ireland] recommend that consideration be given to developing defined contribution pension arrangements which could be used both for the accumulation (pay-in) and decumulation (pay-out) stage of pensions. These could be individual contracts perhaps based on the existing Personal Retirement Savings Accounts (PRSAs) as provided under Part X […]

Pan-European Personal Pension (PEPP)

The European Commission announced on 29 June 2017 its intention to create a new class of pension product with the aim of providing European consumers with more choice when saving for retirement. This is an interesting development especially when you consider the recent proposals from the Pensions Authority on the reform and simplification of private […]

Irish Government Budget 2018 – the main points

The following are the main points emerging from Minister Paschal Donohoe’s 2018 Budget: Standard rate income tax band increased by €750 for 2018, giving a tax saving in 2018 of €150 for higher rate taxpayers. Earned income tax credit for the self-employed and proprietary directors increased by €200 to €1,150 for 2018. The 2.5% / […]

UK investment matters under investigation following FCA referral

Last week, the Financial Conduct Authority (FCA) in the UK referred the Investment Consultancy and Fiduciary Management* businesses to the Competition and Market Authority. *Where the investment management and investment consultancy are provided by the same firm. This action followed an investigation by the FCA which gave rise to a number of concerns including that: Trustees have […]

Social Welfare Bill 2017 – defined benefit pension measures

The Bill also introduces a number of measures which respond to the ongoing difficulties in Defined Benefit (DB) Occupational Pension schemes.  Firstly, it requires employers who sponsor DB schemes – whether or not those schemes are in deficit – to give 12 months’ notice of their intention to cease contributions. For a scheme in deficit, […]

OECD view on financial markets outlook

Interesting 2016 OECD report “The global economy is caught between two major headwinds: the reversal of the investment-heavy commodity supercycle; and the “L-shaped” recovery in advanced economies caused by the aftermath of the financial crisis and the interaction of re-regulation with low and negative interest rates. The zero and even negative time value given to […]

Revaluation of defined benefit leaving service benefits for 2016 is zero

Every year the Minister for Social Protection makes the Regulations required under Section 33 of the Pensions Act 1990 to maintain the spending power of these pension entitlements by specifying the percentage which will determine the amount by which this preserved pension benefit is to be increased or decreased. Under Section 33 the revaluation percentage […]

UK Pension Protection Fund Levy Consultation

An article from Quantum Advisory, our UK network partners relating to the operation of the UK Pension Protection Fund: PPF Levy Consultation 2018/19 – 2020/21 The Pension Protection Fund (PPF) first came into existence in 2006, providing a lifeboat for members of defined benefit (DB) pension schemes. They review the levy rules triennially, and last […]