Irish Pensions Magazine

DC Decumulation pg 07

Pensions Ombudsman Update pg 21

Outsourced Investment pg 16

IRISH PENSIONS WINTER | 2014

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IRISH PENSIONS MAGAZINE | WINTER 2014 | 3

CONTENTS

CONTENTSChairperson’s Message 4

Feature – DC Decumulation 7

Feature – Pensions Authority 14

Review – Outsourced Investment 16

Expert Opinion – Pension Ombudsman 21

Analysis – Global Pensions Index 26

Feature – Attitudes to Pensions 32

The IAPF does not make any representations or

warranties, express or implied, in relation to the

accuracy or completeness of information set out

in this publication (including articles published by

contributors). Professional advice should always be

taken before acting on any of the matters discussed

in this publication.

Any views or opinions expressed in articles published

in this magazine are not necessarily those of IAPF.

Suite 2, Slane House

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Dublin 2

Tel: +353 1 6612427

Email: [email protected]

www.iapf.ie

Outsourced Investment pg 16 Attitudes to Pensions pg 32








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4 | IRISH PENSIONS MAGAZINE | WINTER 2014

Chairpersons Message

Welcome to the Winter Edition

of IAPF online magazine. As

we approach the end of the year,

2014 has, yet again, been an eventful

year for pensions policy. We have

had developments on the pensions

levy in budget since I last wrote in

our Autumn edition, we have made

progress on the ongoing trustee

training requirements, we have

engaged with Revenue on behalf of

our members and we have focused

on the simplification agenda.

Minister Noonan stated in the budget

speech that he is ending the 0.6%

Pension Levy at the end of 2014.

The additional 0.15% Pension Levy

introduced for 2014 and 2015 will

expire at the end of 2015. The IAPF

has been adamant in opposition to

the levy from the outset, and most

pension savers will be relieved that

the pensions levy will only be 0.15%

next year. While it will still take

¤135m from pension savings, it is

an improvement on the increase in

the levy this year which resulted in

¤700m being taken from pension

savings in 2014. In total, ¤2.3bn will

have been paid by pension savers

since the levy began in 2011.

Many had expected the levy to

continue at the current level and the

fact that it hasn’t is welcomed. The

confirmation that the levy will end

in 2015 is also welcomed and gives

pension savers some long awaited

certainty. The Government now needs

to start to seriously address the many

pension issues to ensure people in

Ireland can aspire to having pensions

that are secure, fair and simple.

Through the work of our committees,

we started to focus the simplification

agenda. We believe that the

deficiencies in the current system

need to be addressed prior to the

introduction of auto enrolment.

While we have publicly stated that

we are not against auto enrolment,

we believe there is a need to research

the profile of people who currently

don’t have a pension and to also

Rachael Ingle

IAPF CHAIRPERSON


Chairpersons Message

simplify the current system before

introduction.

We are also pleased that the Pensions

Authority has confirmed that

trustees can use their own judgment

to determine what constitutes

appropriate ongoing training. Our

events, which are designed to help

inform and educate trustees, can

form part of that appropriate training.

In order to help trustees to log their

training we will award Appropriate

Ongoing Training hours to our events,

in a similar way to CPD accreditation.

We have always been concerned

with the outcomes of Defined

Contribution schemes and more

than ever there is a need for focus.

Simplification in legislation is required

and engagement with participants to

ensure members have any chance

of receiving a reasonable level of

income at retirement. The IAPF is

committed to helping this happen

and will continue to be proactive in

shaping the DC landscape. Promoting

the Pensions Quality Standard

for DC schemes is important and

we believe this is of real value to

employers and trustees in being able

to demonstrate that their scheme is a

quality scheme. The PQS has enjoyed

great traction this year with eleven

further schemes being accredited.

The application is very simple and

can be completed on our website

http://www.iapf.ie/PQS/default.aspx

Hopefully there will soon be some

positive developments from last

year’s DC consultation that will help

our members.

We have been vocal on all of these

issues in various media channels

throughout the year and will continue

to do so in order to highlight the

issues that are important to you, our

members.

The Association has also been

focusing on our vision of the future

pensions landscape and how we can

best serve you. We have focused on

membership development and, as

an association; we are only as strong

as our membership. It is important

that we provide a valued service

that allows us to retain and grow our

membership. It is essential that we

continue to be relevant and heard on

your behalf.

As the year draws to a close I would

like to wish all our members a Happy

Christmas and best wishes for 2015.

Rachael Ingle

IAPF Chairperson

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FEATURE

'Pound cost ravaging' in a Decumulation World!Defined Contribution continues to be at the forefront of people’s minds and rightly so. However, a lot of focus to date has been on the accumulation phase of a member’s investment lifecycle. The purpose of this article is to spend some time on the decumulation phase and the challenges facing individuals in the post retirement period.

We note in this paper that members’ investment choices for decumulation directly influence the choice in lifestyle investment strategy adopted for the period approaching retirement.

TEXT WRITTEN BY LIAM STACK Investment Director, Standard Life Investments

"

In the analysis below we model a

range of scenarios to underline how

decumulation investing presents a

more complex investment challenge

than accumulation investing. In

particular, we highlight the material

influence of volatility on investment

outcomes, owing to the effects of

“pound cost ravaging”. (I realise I said

“pound” but the message is the same

irrespective of the base currency!)

We also show how these effects are

greatly magnified when the amount

withdrawn is a significant portion of

the pension pot.

We make the following assumptions:

• Retirement age 60

• £100,000 pension pot at

retirement

• Pension drawdown of £6,000

per annum, paid monthly with

inflation uplifts


FEATUREFEATURE

remaining!!! Clearly the investor was

left with ample money to see out the

remaining years – to provide income,

pay for healthcare, leave a bequest

etc. Not unreasonable demands

and for this cohort a 100% equity

approach proved rewarding. By way

of comparison, the payout from cash

on deposit during this timeframe

would have totalled £138,000 and

lasted 17 years.

Period 2:For the 1961 cohort payments last less

than 23 years with total payments

of £311,000 for the initial £100,000

investment. Interestingly, over the

period, equity returns were at the

same level as the 1951 – 1980 cohort

of 11.1% but inflation was higher at

8.7% (remember payments are on an

inflation uplift)

Period 3:During the period 1971 – 2000,

payments totalled just £175,000 with

funds exhausted in less than 13 years.

Equity returns over the payment

period averaged an impressive 12.8%

p.a. However, inflation averaged 13%

p.a. too.

The outcomes from each period

are clearly significantly different.

Given that the outcomes cannot be

known in advance, it is clear why an

investor would prefer a more cautious

approach.

Scenario 1 – The perfect world:Assume smooth equity return of

9% per annum (p.a.) and inflation of

3.5% p.a. This is the level of return

you might expect from global equity

investing, judging by historical data.

In these hypothetical circumstances,

the increasing payments can be

sustained for around 35 years, with

the pot paying out a total of £408,000

to the investor for the initial 100k

investment. If you compare to cash,

assuming a return of 1% over inflation,

the pot would be exhausted within

18 years. Thus, investing in risk assets

would seem to be, on the face of it, a

good thing.

Scenario 2 – Real world experiences:Using the same payment assumptions

but with actual equity returns (taking

into account inflation, average

policy fees and assuming passive

management), we model this over

three different 30 year periods:

• Period 1: 1951 – 1980

• Period 2: 1961 – 1990

• Period 3: 1971 – 2000

Period 1: Global equities returned 11.1% p.a.

while inflation averaged 6.9%.

These conditions were sufficient to

sustain a 30-year payout totalling

£434,000, with assets of £758,000


FEATUREFEATURE

Scenario 3 – Real world using most recent 30-year market returnsPerhaps these differences are

explained by the 10-year difference

in starting points? We therefore

looked at the three most recent 30-

year cohorts (1984-2013, 1983-2012

and 1982-2011) to assess whether

there was greater consistency on

investment outcomes, given the high

degree of overlap for these periods.

We find that, even though there is

only one year’s difference between

the start periods for this drawdown

approach, the outcomes are markedly

different. The outcome for the

investor starting in 1982 is rosy, with

payments totalling £382,000 after 30

years and £221,000 remaining in the

pot.

By contrast, the investor starting in

1984 receives a total of £262,000

before funds are depleted after 25

years.

What is different? The investor

starting in 1982 benefitted from very

strong equity returns in the first two

years of drawdown. This mitigated

the subsequent financial impact of

inflation-related pension payments,

compared to the “unlucky” cohort of

1984.

So, here the incidence of volatility

and when in the investment cycle it

occurred made a material difference

to the drawdown outcome.

Observations and summary:

Our analyses suggest that investing

for returns during decumulation

is generally worthwhile. Positive

returns can be significantly beneficial

in extending the life of the pension

pot; taking investment risk is likely

to be rewarded.

However, the effects of volatility

can be significant, and arguably

catastrophic under particular

scenarios. Moreover, this effect is

amplified as wealth decreases, owing

to pound cost ravaging.

Managing volatilityManaging risk should clearly be a key

aim if we are to achieve good member

outcomes. Active investment

management in the form of multi-

asset risk controlled funds as well as

absolute return funds clearly have a

role to play here, given their risk and

return characteristics. Additionally

there are other techniques that can

be employed to improve outcomes,

such as variable income.

Variable income: Most damage is

done to a pension pot from which

income is being taken during down-


FEATURE

ARTICLE AUTHOR Liam StackInvestment Director, Standard Life Investments

markets. To mitigate these impacts we

can design a simple pay mechanism.

For example,

The investor withdraws £4000 p.a.

equally over 12 months, adjusted for

inflation

In any month where equities rise,

the investor receives a 50% bonus

payment.

If equities were to rise every month,

the investor would withdraw £6,000

annual income, adjusted for inflation

[or say “the investor would receive

the 50% bonus”]. However, the

alternative approach shows that,

by withdrawing less when markets

are weak, pound cost ravaging can

be reduced and capital preserved.

Compared to the 6% initial payment

and inflation model, the total payout

for this variable approach is increased

by 13%, with payments lasting for an

additional 5 years.

ConclusionsAs our analysis using historical

data has shown, the continued

generation of returns in the period

following retirement can be powerful.

However, volatility has a significant

impact on member outcomes and

the sustainability of the drawdown

pension. In adverse market

environments, volatility combined

with withdrawals can result in cliff-

edge type positions, which are

virtually impossible to escape without

resorting to additional finance.

Therefore, delivering low-volatility

growth is a crucial objective for the

DC solution.

Absolute return funds are well

suited for this objective. However,

as demonstrated, traditional equity

growth funds can also be used by, for

example, imposing variable income

controls.

Used as part of a pension solution,

active management techniques such

as these can add substantial value to

members opting for decumulation,

more than justifying the costs of

active management compared to

passive approaches.


Benefits Conference

Ann Prendergast, Peter Wood, Kristi Mitchem (all SSgA) & Rachael Ingle (IAPF)

William Barry and David Pyne (Irish Shell Trust)

Kristi Mitchem (SSgA) Benefits Conference Delegates

Anna McIvor (SSgA)Mike Ainsworth & Sinead McEvoy (Zurich Life)

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IAPF Photos

Governance Conference

Christopher Bown (EY), Rob Heaton (EY),

Rachael Ingle (AON), Alan Broxson (Conference

Chair) & Ellen Gorman (EY)Stephen Donnelly TD

Brendan Kennedy (Pensions Authority)Thomas Brosnan & Noel Keogh (AA Ireland) and

Rachael Ingle (IAPF) receiving the PQS award

Peter Smith (SSgA), Lisa Dixon (FBD) & Ken Mortimer

Delegates at the Governance Conference


FEATURE

Last year, the Pensions Authority held

a consultation on the future of defined

contribution (DC) pensions which

included questions on trusteeship,

regulation, investment, value for

money and disclosure. During the

consultation period, two public fora

were held to discuss the issues raised

in the consultation paper. Breakout

sessions were conducted to drill down

further into each topic. These were

very well attended and provided the

Authority with useful and practical

information.

Pensions Authority Model Disclosure Documents

"TEXT WRITTEN BY MARY BRODERICK PENSIONS AUTHORITY

Disclosure documents play a key part in informing members about important aspects of their pension savings. With this in mind, the Pensions Authority is producing a suite of model documents which aim to communicate as clearly and as meaningfully as possible the information required to be disclosed by the current disclosure framework. The first of these documents are now available on the Pensions Authority website and this article sets out the background to the project.

From the responses received to the

consultation relating to disclosure

of member information, and the

feedback from the disclosure break-

out groups, it was clear that the

majority of respondents felt the quality

of member information generally

needs to be improved and made

more user-friendly. Many said the

volume of information required is too

high and the language too legalistic.

There were several suggestions that

the disclosure regulations need to be

reviewed and simplified, with input

from stakeholders.


FEATURE

In the medium term, the Pensions

Authority intends to conduct a

review of the disclosure regulations.

This will of course involve getting

the views of those who provide

member statements and those

who receive them. A review will

also include consideration of what

information members would like to

see and how they would like that

information provided. We would also

be cognisant of the move from paper

based provision of information to

more electronic communications.

In the shorter term, an internal

working group was established

to produce model disclosure

documents that communicate

as clearly and as meaningfully as

possible the information required to

be disclosed to scheme members

by current disclosure regulations.

The group began by looking at the

personalised documents producing

a model benefit statement for a DC

scheme and a model statement of

reasonable projection (SRP), and

are about to publish a model benefit

statement for a defined benefit (DB)

scheme. The group are very grateful

to have received input from the IAPF

who reviewed these documents and

gave suggestions on how information

should be presented and additional

information that may be helpful.

The group has also commenced work

on model leaving service options

letters for a DC and a DB scheme.

The first of these is scheduled to

be published before the year end.

Following that, work will commence

on producing model retirement

options letters.

There is no requirement on schemes

to use the model documents,

however, we hope that they will be

useful in clarifying information that

is required, while presenting it in a

way that is more user-friendly. The

model documents are samples and

information will need to be tailored

for the scheme/member. Providers

may also wish to add additional

information they feel is particularly

useful for the member.

The published model documents are

available on the Authority’s website

www.pensionsauthority.ie under

publications.

ARTICLE AUTHOR Mary BroderickPensions Authority

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REVIEW

Trustee boards moving to outsourced

investment typically see an evolution

of their existing advisory model into a

fiduciary relationship. This transition

bears careful consideration, since a

fiduciary manager takes on greater

responsibility for asset performance

Outsourced Investment Selecting and Monitoring a Fiduciary Manager

"TEXT WRITTEN BY IAN MOYNIHAN Investment Consultant, PwC Pensions Group

than an advisor. Consequently, the

Trustees will be required to exercise

greater oversight of performance in

the new relationship.

Trustees will have been accustomed

to monitoring and evaluating

• Trustees should ensure that the providers they are considering have the right level of knowledge, expertise and experience to meet the needs of the Trustees. By distinguishing between offerings, Trustees can ensure that they select an appropriate governance model.

• The process of selecting a provider can be complicated by the fact that many consultancies advising on fiduciary management are themselves providers of outsourced investment services.

• With the right degree of outsourcing, Trustees will find that more time can be spent on strategic matters, and that their conversations with external providers will be more useful in steering the whole scheme, rather than focusing on asset class investment alone.

•

In part 1 of this series of two articles, we explored outsourced investment as an evolution of the traditional relationship between trustees and their advisors. In this article, we consider how Trustees might evaluate and compare the various providers in the market.


REVIEW

IT MAKES SENSE FOR TRUSTEES TO CONSIDER

THEIR NEEDS AND PRIORITIES, AND TO EVALUATE

THE OPTIONS AVAILABLE TO THEM BEFORE

DECIDING ON AN APPROPRIATE PROVIDER.

“

“

investment manager performance in

the past, but with the advantage of

clear support from their advisor. The

challenges are different with fiduciary

management, particularly as the

‘advisor role’ is less clear cut.

It makes sense for Trustees to

consider their needs and priorities,

and to evaluate the options available

to them before deciding on an

appropriate provider.

1. Know what you are looking for The varieties of outsourced

investment available range from the

management of a single asset class,

to the full delegation of the asset

strategy towards a funding goal. One

end of the market looks more like a

traditional fund of funds or multi-

asset product. At the full delegation

end, the provider has a role in the

management of the scheme’s balance

sheet – and must proactively advise

the scheme on revising strategic

policy, risk management and

investment policy in light of changing

market conditions.

The key starting point is to identify

the Trustees’ preferred investment

structure. It is important to choose

the right partner to fit the desired

structure. One consideration will be

how Trustees feel their time can best

be used, and from this to identify the

elements of Scheme management

where outsourcing could bring the

biggest benefits.

2. Identify and differentiate between providersIt is important to acknowledge the

variety in operating models, and

the relatively short time over which

outsourced investment services have

been provided. Relative performance

cannot directly be compared, since

the potential level of outsourcing

goes far beyond the management of

assets relative to a benchmark.

In part 1 of this series of two articles, we explored outsourced investment as an evolution of the traditional relationship between trustees and their advisors. In this article, we consider how Trustees might evaluate and compare the various providers in the market.


REVIEW

Based on the degree of outsourcing,

competing players will have different

advantages. In many ways, rather

than selecting one provider to do one

thing, you are selecting one provider

to carry out multiple individual

services – and they must demonstrate

their capacity to excel at them all. This

also goes to the heart of evaluating

an outsourced investment provider

after their appointment – rather

than the comparison of performance

versus benchmark, Trustees need to

set a range of goals against which

their provider will be scored.

Aside from the providers’ track

records on offering outsourced

investment services, and the extent

to which they can demonstrate

expertise in asset allocation, de-

risking and manager selection,

other elements of outsourced

investment require evaluation. We

would suggest that such a process

should also examine providers’ cost

effectiveness, risk management and

reporting structures, to ensure that

the Trustees will benefit from a cost-

effective model with appropriate

reporting complexity, and a strong

commitment to risk controls.

3. Implementation Setting goals and agreeing accountability:The decision of who to appoint as an

outsourced investment provider is just

the start of a process. It is not unusual

for the implementation process to be

drawn out as both parties need to

take the time to ensure that they are

satisfied with how expectations are

set, and where responsibilities lie. The

range of services potentially covered

under the banner of ‘outsourced

investment’ is wide, so it pays to

ensure that the contract reflects only

the elements that the Trustees want

to outsource.


REVIEW

Accountability should be clearly

assigned across all services, so that

both parties should have a clearly

expressed and agreed understanding

of the areas for which the outsourced

provider has sole responsibility; those

for which there is joint responsibility

with the Trustees; and the areas

for which the Trustees will retain

responsibility.

As part of the appointment process,

we recommend that Trustees set a

range of key performance indicators

against which their provider will

regularly be evaluated, under such

headings as quality of advice,

proactivity, timeliness, accuracy

and relevance. These will set clear

reference points for the Trustees to

review and challenge the provider-

not by second guessing investment

decisions, but through the lens of

whether key objectives are being

delivered, and in a manner which is

in line with what was promised at the

outset.

Conclusion:In making a decision to appoint

a fiduciary manager, there are

significant principles and approaches

that need to be learned, reviewed

and applied by Trustees. These cover

not only investment strategy, but the

profile of industry participants, the

philosophy of outsourcing which fits

best with Trustees, understanding

the roles of all participants during

the relationship, and how to exit if it

goes wrong.

Where a fiduciary manager is being

appointed, an open and competitive

tender process is the best way to gain

an understanding of the models in the

market, and to compare them to the

Trustees’ objectives and preferred

governance model. Equally, such a

process can challenge Trustees’ own

requirements to evolve in light of

what is available – whether this ends

in a reduced degree of outsourcing

or a greater one.

Undertaking such a process is

worthwhile. With the right degree of

outsourcing, and the right provider,

Trustees will be empowered to have

more meaningful and more strategic

discussions. Conversations both

within the Trustee board, and also

with external providers, will become

more valuable because they will be

about steering the whole scheme,

rather than reviewing individual

elements with different providers.

ARTICLE AUTHOR Ian MoynihanInvestment Consultant PwC Pensions Group


FEATUREEXPERT OPINION

As we reach the end of 2014, the biggest news from the Office of the Pensions Ombudsman is that a Steering Group is actively working to achieve the Government’s stated policy of merging the Office with that of the Financial Services Ombudsman.There are many logistical issues to be addressed, as well as the fundamental job of drafting the legislation to give effect to the merger.

Pensions Ombudsman Article

"TEXT WRITTEN BY PAUL KENNY Pensions Ombudsman

Plans have been made for the

physical integration of the offices

early in the New Year. Although we

will be co-located, the two offices will

operate as separate legal entities until

the necessary legislation has been

enacted. That is likely to happen in the

latter part of 2015. In the meantime, I

will comment on a couple of issues

that have occupied us during 2014.


EXPERT OPINION

were included in a bulk transfer where

the scheme assets were surrendered

and transferred to a new investment

manager. Sometimes finding these

assets is actually impossible. In

one recent case, a firm which had

administered a scheme for a period

of years destroyed its records after

six years as it believed it is required to

do under Data Protection Legislation.

The Consumer Protection Code

obliges them to retain records for

six years from the date of the last

transaction.

This is not good for people who are

trying to trace their pensions and I

believe that the combined effect of

the Consumer Protection Code and

the Data Protection Acts can work

against the interest of pension scheme

members. Mistakes are inevitable in

pension scheme administration. They

become irretrievable when there is a

gap of this kind in the record.

That said, I want to express my

personal thanks to the pensions

community at large – including

trustees, administrators, investment

managers and consultants, for

the cooperation which this Office

receives in the course of trying to

unite unfortunate individuals with

benefits which have been mislaid.

Finding your pension.The OPO has received quite a few

queries from people who cannot

locate a pension entitlement. In some

cases, these do not exist at all. An

individual who worked for a company

many years ago and participated in

a scheme, whether contributory or

non-contributory, goes back to try

to trace their benefits. Often, the

companies have gone out of business,

merged with others, been struck

off or just abandoned. As a result,

their pension schemes have either

been wound up or amalgamated or,

in the worst cases, left high and dry

because nobody has bothered to

wind them up.

A good many enquiries are brought

by people who think they have an

entitlement. Prior to the Pensions

Act, preservation was by no means

universal, although vested rights rules

had become more common during

the 1980’s.

We have had cases where scheme

members did actually have rights,

but where those rights were lost by

scheme administrators and trustees

in the course of amalgamation of the

schemes or changes of administrator

or provider. It is, unfortunately, not

uncommon to find that individuals

who had paidup insured benefits


EXPERT OPINION

Early Retirement.This was the subject of a good many

approaches to the Office this year.

Trustees of defined benefit schemes

in deficit routinely refuse requests

for early retirement in normal health,

and members sometimes claim that

they have an unqualified right to

retire early. In one or two cases, the

members were right in principle, but

trustees would then invoke Section

59G of the Pensions Act to withhold

consent.

With regard to ill health retirement

in the Public Service, there was

a suspicion in some areas that it

was being used in the past as a

management tool, getting rid of the

individual rather than tackling the

problem. This was an enormously

costly practice, given the “added

years” entitlements that come with

ill-health retirement in Public Service

Schemes. The incidence of ill-health

retirement in the Public Service seems

to have declined somewhat recently,

though we still receive complaints

when it is refused.

Where ill health retirement is being

considered, independent medical

examination of the member is often

required. We have discovered a

number of cases where the medical

examiner was not properly briefed

on the scheme’s requirements for ill-


EXPERT OPINION

health retirement. It is important that

all medical records are made available,

but even more important that the

medical examiner knows exactly what

he or she needs to consider – in other

words, the meaning of the scheme’s

early retirement rule.

We have had cases where trustees and

Public Service scheme administrators

provided doctors with their own

interpretation of the early retirement

provisions of a scheme, which proved

on examination to be inaccurate. In

one case trustees decided that their

rule meant that the member was

permanently prevented from ever

working again in any capacity, even

though another rule gave them the

right to suspend the pension in the

event of recovery!

Occupational health physicians

recognise that, even where the

rules state that the illness should be

permanent, what this actually means

in practice in all ill-health cases is

that the condition from which the

member suffers is likely to persist

until normal pension age – after that,

it is no longer relevant.

Trustees need to exercise great care

in communicating with medical

practitioners in these cases, and

copies of the text of the relevant

scheme rules should always be

forwarded to them.

It’s been another busy year at OPO –

the last full year of separate existence

of the Office. Complaints continue

to flow, but I am happy that lessons

are learned from them, and numbers

are certainly lower than they were a

couple of years ago. I am grateful for

the cooperation that I have received

from the IAPF and its members, this

year and over the past eleven years.

ARTICLE AUTHOR Paul KennyPensions Ombudsman

This ad is for Professional Clients only and is not for consumer use. 1There is no guarantee that this will be achieved. Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and gross of the Ongoing Charge and portfolio transaction costs from launch on 9 September 2013 to 30 September 2014. The figures do not reflect the entry charge paid by individual investors. Source: Invesco Perpetual. Index performance is total return in sterling. Source: Datastream. The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested. Where Invesco Perpetual has expressed views and opinions, these may change. The fund makes significant use of financial derivatives (complex instruments) which will result in the fund being leveraged and may result in large fluctuations in the value of the fund. Leverage on certain types of transactions including derivatives may impair the fund’s liquidity, cause it to liquidate positions at unfavourable times or otherwise cause the fund not to achieve its intended objective. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested resulting in the fund being exposed to a greater loss than the initial investment. The fund may be exposed to counterparty risk should an entity with which the fund does business become insolvent resulting in financial loss. This counterparty risk is reduced by the Manager, through the use of collateral management. The securities that the fund invests in may not always make interest and other payments nor is the solvency of the issuers guaranteed. Market conditions, such as a decrease in market liquidity, may mean that it is not easy to buy or sell securities. These risks increase where the fund invests in high yield or lower credit quality bonds and where we use derivatives. For the most up to date information on our funds, please refer to the relevant fund and share class-specific Key Investor Information Documents, the Supplementary Information Document, the Annual or Interim Short Reports and the Prospectus, which are available using the contact details shown. Invesco Perpetual is a business name of Invesco Fund Managers Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire, RG9 1HH, UK. Authorised and regulated by the Financial Conduct Authority.

One year on and we’re exactly where we hoped to beThe Invesco Perpetual Global Targeted Returns Fund

Our fund aims to deliver positive returns with less than half the volatility of global equities over a rolling, three-year period.1 One year in and we’re on course to achieve this.

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See the results at invescoperpetual.co.uk/investinginideas

IAPF WINTER 14/15

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ANALYSIS

Many countries are grappling with

the social and economic effects

of ageing populations. Global

comparisons can lead to lessons for

government, industry and academia

as they debate how best to tackle this

issue. The Melbourne Mercer Global

Pension Index (MMGPI) is the most

comprehensive global comparison

of retirement income systems

currently available and a key tool in

addressing the challenges facing

both policymakers and individual

savers.

The MMGPI covers 25 countries and

nearly 60% of the world’s population,

How does Ireland’s retirement system rank on the global stage?

"TEXT WRITTEN BY BY PETER BURKE DC Consultant, Mercer

The 2014 Melbourne Mercer Global Pension Index (MMGPI) was presented at the IAPF Annual Benefits Conference in October. This is the first time that Ireland has participated in the MMGPI and the results suggest that a number of areas require significant improvement. Peter Burke, DC consultant at Mercer, outlines the results and discusses some challenges common to many retirement systems around the world.

having grown from 11 countries in

2009. Participant countries are

ranked by measuring more than 40

indicators under three sub-indices:

adequacy, sustainability and integrity.

Global results Denmark continued to hold onto the

top position in 2014, with an overall

score of 82.4. Denmark has a well-

funded pension system with good

coverage, a high level of assets and

contributions, and adequate benefits

and a private pension system with

well-developed regulations.

The MMGPI found again that there is


ANALYSIS

no perfect system that can be applied

universally around the world, but

many common features can be shared

for better outcomes for individuals.

Some of the positive actions taken by

countries to improve the adequacy

and long-term sustainability of their

benefit systems are:

• Increasing retirement age to

reflect increasing life expectancy.

• Promoting higher labour force

participation, particularly at older

ages.

• Increasing coverage of the private

pension system with an element

of compulsion or auto-enrolment.

• Limiting access to savings before

retirement.

• Improving member confidence by

requiring greater transparency.

It is encouraging to see that average

scores within the MMGPI have

increased over time, suggesting that

pension reform is having a positive

effect. The average score for the 14

countries in 2010 was 61.7, compared

with 64.3 for the same countries in

2014.

How did Ireland score?The MMGPI gives Ireland an overall

score of 62.2, which is middle of

the pack with an opening grade of

‘C+’. It is clear that there is a need


ANALYSIS

for improvement before our pension

system can be considered among the

best in Europe.

Although Ireland’s overall debut

ranking was 11th, we scored much

higher than average in terms of

adequacy. In fact, the MMGPI ranked

our system second only to Australia

in terms of the level of benefits

targeted.

In any pension system, there is a

classic tension between the level of

benefits promised and the likelihood

that these benefits will be delivered.

A well-balanced system targets an

average retirement income that is

enough to provide an acceptable

lifestyle yet also affordable over the

long term. Unfortunately, our score in

terms of sustainability placed Ireland

20th out of 25 countries. This reflects

the fact that many Irish people will

rely on the state pension for income

needs in retirement. Given future

expected increases in life expectancy

and our current economic status, the

MMGPI calls the sustainability of the

Irish retirement income system into

serious question.

The shift to defined contributionOne of the most fundamental

changes in pension systems around

the world in recent years has been

the ongoing shift from employer-

sponsored defined benefit (DB)

schemes to defined contribution

(DC) arrangements. In Ireland, as

in many other countries, DB plans

are under significant pressure, with

unprecedentedly low bond yields

driving up liability valuations and

increasing contribution rates. Many

private sector employers are turning

to DC arrangements to help alleviate

this strain on their businesses’

finances.

In a DC retirement savings system,

individuals carry the risks and

responsibilities for decisions about

investments, contribution levels

and the ultimate benefit format.

As such, trustees and sponsors

have a responsibility to ensure that

sufficient information is provided to

allow individuals to make informed

decisions, particularly about the level

of savings they make and the impact

on their retirement outcome.

Irish people are not saving enough for retirementDespite tax benefits, less than half

of the working population in Ireland

has private pension provision.

Further, only 15% of DC pension

scheme members make additional

contributions above those required

under the rules of their particular

arrangement. Based on current


ANALYSIS

average contribution rates, a member

of a typical DC scheme can expect

their retirement fund to replace

roughly 25% of their working income

when they reach normal retirement.

This drop in income could have severe

implications for individuals’ lifestyles

in retirement, particularly given the

sustainability issue surrounding the

state pension. By 2050, there are

expected to be just two workers for

every person in retirement, compared

with five workers per pensioner

today. This will have a profound

impact on the quality of life enjoyed

by pensioners in the future and

may push many into poverty unless

corrective action is taken.

Information is fundamental People need to understand the

retirement challenge they face,

both in terms of the level of savings

required and the extent to which

they can rely on the state pension.

Pension plans must provide relevant

and timely information to improve

members’ understanding, which will

in turn increase engagement with the

system. Clear, relevant information

will also lead to a stronger emotional

connection as members realistically

consider their future financial needs.

Pension plans can help members

using both technological tools

and lessons from psychology and

behavioural finance. Ireland can learn


ANALYSIS

from experience around the world

about the best ways to express the

uncertainties confronting members

and the associated risks.

How can Ireland’s retirement savings system improve?The government now has an

opportunity to reform the pension

system to a world-class standard.

There is already a proposal in place

to introduce an auto-enrolment

system that will automatically

include employees in an occupational

pension scheme unless they opt

out. We should learn from the auto-

enrolment systems implemented

elsewhere (mostly notably in the UK)

and ensure that we avoid the same

pitfalls.

However, in order to maximise the

effect of any new proposal, the first

step must be to simplify the existing

system. At present, there are nine

different types of DC arrangement,

each with their own rules and

requirements. This complexity

increases costs, reduces member

understanding and acts as a barrier

to people saving for retirement.

Any system introduced must be easy

to understand if we are to ensure

that all members have adequate

pension savings. Ultimately, the more

accessible it is, the more members

will engage with it, resulting in

improved and sustainable retirement

outcomes for all.

ARTICLE AUTHOR Peter BurkeDC Consultant, Mercer

Winding down a fund? Illiquid units delaying the process? Have you considered transferring those units to a registered charity?

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Organisations with charitable CHY status from revenue provide an efficient way of transferring illiquid units to a nominated charity where wind up of that fund would otherwise be delayed.

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For more information please contact: Hugh O’Reilly Business Development [email protected] 01 454 8727

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reference numbers are included in the relevant event page of the IAPF Website.

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IAPF Events

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FEATURE

Well 2014 is drawing to a close, and

it has been a busy one for pensions

and the IAPF. Next year will also be

as busy as we work hard to convince

government to earn back the trust

lost in the pension system via the

pensions levy. We plan to ratchet

up our efforts to address the three

major issues that will determine the

success of planning for retirement

in Ireland: coverage, adequacy and

sustainability. One of the assets in our

efforts will be our yearlong project

looking into Employee Attitudes to

Pensions and Retirement.

You may remember I mentioned in

the summer edition of Irish Pensions

that I had completed over 4,500kms

getting out around the country

to meet and engage with IAPF

members. The most common concern

I heard related to engagement and

communication about the company

pension scheme. Trustees and HR

Employee Attitudes to Pensions"

TEXT WRITTEN BY BY GILL BRENNAN IAPF

managers were concerned that

employees did not value the benefit

of having access to such an efficient

and economic savings vehicle which

the pension scheme provides. I

became increasingly worried myself

when I read the Hudson Salary

Survey for 2013 which revealed that

a Contributory Pension Scheme did

not feature among the Top 4 Most

Valued Benefits For Employees, yet

featured as the number one Top Most

Offered Benefit from an employer.

To paraphrase, it appeared from the

Hudson survey that “What we got

here is failure to communicate”. If

this was indeed true the implications

for our mission to lobby government

to increase coverage, adequacy and

sustainability and to make pensions

secure, fair and simple just got harder.

But is that really the case? Do

employees really not value access

to a Contributory Pension Scheme?

The only way to find out was to carry


FEATURE

out our own survey. We invited our

member schemes to contribute and

add the weight of their members to

our efforts to call on government to

drive for positive retirement planning

over the coming years. Over the

summer of 2014 an invitation was

sent to member organisations of

the IAPF asking them if they would

be willing for their employees to

participate in a ten question survey to

learn more about employee attitudes

to pensions and retirement. We asked

if the survey could be distributed to

all employees regardless of whether

they were members of the company

pension scheme or not. As of 31st

October 2014 eleven IAPF member

organisations had distributed the

survey across their workforce. 858

employees have taken the survey

which equates to approximately a

15% response rate of the estimated

combined workforces of these

members.

The survey was divided into three

sections and set out to learn as

much about employees’ knowledge

of pensions and the Irish pension

system as it could. Section 1 covered

“Understanding”, just what do

employees know about pensions

and saving for retirement? Section

2 covered “Value”, how much do

employees value the pension scheme

in relation to the other elements of

their overall comp. & bens. package?

and Section 3 covered “Engagement”,

how successful have pension

information campaigns, both within

organisations and from government,

been in encouraging greater

engagement with and ownership of


FEATURE

an individual's retirement planning?

The results to date are of huge

value and will help to frame the next

iteration of the survey in Q1 of 2015.

Of the 858 that took the survey, 86.6%

were members of their company

pension scheme while 13.4% were

not. Three of the organisations that

took part had a compulsory pension

scheme. So it was very encouraging

to learn that overall a pension as a

benefit of employment was, albeit

slightly, valued ahead of a bonus. This

stands contrary to the Hudson Salary

survey mentioned above. The Top 4

Most Valued Benefits for Employees

in our survey were: 1. Pension Scheme

@ 93.38%, 2. Monetary Bonus @

93.25%, 3. Insurance @ 89.77%, and

4. Increased Annual Leave @ 77.40%.

It was greatly encouraging to see that

for over 75% of our survey participants

the word ‘pension’ was associated

with ‘Saving for the Future’ and that

the word ‘retirement’ meant to most

the opportunity to do things that

they might not get the chance to do

while working. Of course that is all

well and good if one has the means

to pay to enjoy all the ‘Free Time’ one

envisages themselves having when

they stop working. Pensions surveys

to date have shown that a large

portion of the population will depend

on the State Pension to provide

salary replacement in retirement. We

were keen therefore to learn how

much employees taking our survey

know about the State Pension. The

results revealed that over 75% of 20

to 45 year olds did not know when

they would get the State Pension.

This is of concern when considered

alongside the fact that approximately

59% of the workforce is not enrolled

in a private pension scheme and are

presumably thinking that they can

rely and survive on the State Pension

in retirement. It goes without saying

but the State Pension is not going to

pay for the activities people image

themselves being able to do when

they retire – it will at most keep a

person just above the poverty line.

As a result it was therefore interesting

to learn that while most people would

like to retire between the ages of sixty

and sixty-five, when they are faced

with the harsh reality of thinking about

how much they will need to fund that

retirement, over 30% of participants

now saw themselves working up

to and past 69 years of age! This

understanding was prevalent across

gender and age. Salary tended to

affect the extremes of the data, and

perhaps understandably those on

the lower end of the salary scale

saw themselves working past 69,

with those one the higher end of the

salary scale indicating a higher level

of confidence in being able to still

retire at 65.


FEATURE

Our survey told us that over 78% of

employees want to know more about

how to save for retirement and the

best ways to do so. But people still

find pension information Confusing

and Hard to Understand. So it would

appear that we really do have a “…

failure to communicate!” The results

of our survey would suggest that

the message is far from simple. With

Government seriously considering

the implementation of some form

of Auto-Enrolment over the next

decade, communication is going to

be a key factor in ease of adoption.

Our survey did enquire as to attitudes

to Auto-Enrolment and it would

appear from the data returned

to date that indeed the majority

of individuals would prefer to be

automatically enrolled in a pension

scheme on the commencement of

employment. Over 50% of this cohort

would also prefer to have some input

into how much they can contribute

and how their savings are invested

for the long-term. This is encouraging

as it is would appear that the majority

of Irish employees are starting to

think again about how they can save

to provide an income for themselves

in retirement that will go some way

to paying for the type of lifestyle

they would aspire to after a lifetime

of work.

The full survey report can be accessed

via the IAPF website. If you would like

your pension scheme to participate in

this survey in 2015 please contact Gill

Brennan in the IAPF on 01-613 0874 or

[email protected]

ARTICLE AUTHOR Gill BrennanIAPF

The Irish Association of Pension Funds Annual Dinner 2015

The IAPF Annual Dinner will take place on Thursday 26th February 2015 in the

Double Tree hotel, Burlington Road, Dublin 4.

You are invited to book for what has proven to be one of the biggest events in the pension’s calendar in Ireland.

The IAPF Annual Dinner brings together over 700 of our members and guests and promises to be an evening of great food and entertainment, as well as a superb opportunity to

catch up with friends and acquaintances.

BOOKINGS: Click HERE to book your placeCompany Table: €155pp (Tables of 10 and 12 available) | Individual Place: €170pp (Individual Place Price Includes Wine). This is a black tie event.

IAPFAnnual Dinner

2015

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FEATURE

The Irish Association of Pension Funds Annual Dinner 2015

The IAPF Annual Dinner will take place on Thursday 26th February 2015 in the

Double Tree hotel, Burlington Road, Dublin 4.

You are invited to book for what has proven to be one of the biggest events in the pension’s calendar in Ireland.

The IAPF Annual Dinner brings together over 700 of our members and guests and promises to be an evening of great food and entertainment, as well as a superb opportunity to

catch up with friends and acquaintances.

BOOKINGS: Click HERE to book your placeCompany Table: €155pp (Tables of 10 and 12 available) | Individual Place: €170pp (Individual Place Price Includes Wine). This is a black tie event.

IAPFAnnual Dinner

2015

NEW MEMBERS

AvantCard Ireland Pension SchemeAvantCard Ireland is based in Carrick-

on-Shannon, Co. Leitrim. Avant

Tarjeta, Establicimiento Financiero de

Credito S.A.U. trading as AvantCard

entered the Irish market following

the sale of MBNA Europe Bank

Limited (now MBNA Limited) in

2012. Avant Tarjeta, Establecimiento

Financiero de Crédito, SAU trading

as AvantCard, is authorised by the

Banco de España in Spain and is

regulated by the Central Bank of

Ireland for conduct of business rules.

GAM (UK) LimitedGAM is an independent, active investment manager and a member of the GAM

Holding Group. Our aim is to deliver strong, long-term results for our clients using a

selection of the world’s most talented investment professionals. We seek to achieve

and – wherever possible – outperform investment objectives through an exceptional

focus on both producing returns and managing risk. Our perspective is global.

Our insights run deep and our methods are transparent. We actively embrace new

and emerging approaches when we think they’ll give our clients better and more

enduring returns.

Deutsche Asset & Wealth ManagementDeutsche Asset & Wealth

Management (Deutsche AWM)

offers traditional and alternative

investments across all major asset

classes. Deutsche AWM also provides

wealth management solutions and

private banking services to HNW

clients and family offices and is part

of the Deutsche Bank Group, one of

the world’s leading financial services

companies. Deutsche AWM had ¤955

billion in invested assets at June 30,

2014

• Connecting • Growing• Evolving

We are delighted to welcome the following new

members to the IAPF


NEW MEMBERS

Governance Matters LimitedGovernance Matters Limited is an

independent consultancy business

offering executive support services

to the financial services industry.

Headed by Seamus Hughes who

has over 30 years’ experience,

Governance Matters approach is to

take ownership of the specific issue /

project and to ensure a demonstrable

business benefit for the client.

OPDU LtdOPDU protects pension schemes by

providing unique Pension Trustee

Liability Insurance cover for trustees,

administrators and sponsoring

employers. Members of OPDU have

approximately £210 billion fund

assets in trust and over 800 schemes

insured. Our success is due to a

thorough knowledge of our clients’

businesses and the issues facing

them.

KAS BANKKAS BANK is a specialist European

custodian bank, connecting

institutional investors both within

Europe and globally. KAS BANK

pursues a ‘pure play’ strategy,

undertaking no proprietary trading,

investment banking nor asset

management-related activities.

This aids us in maintaining absolute

independence and neutrality for

the benefit of our clients. A low-risk

profile is integral to our services and is

reflected in the quality of our balance

sheet and high solvency ratio. At KAS

BANK we have won awards for our

recent work with pension schemes,

in addition to high recognition for

innovative pension monitoring tools,

empowering investors to remain in

control of their assets.

TMF GroupTMF International Pensions is the

leading independent overseas

pension provider for the international,

expatriate and corporate community.

We deliver innovative, bespoke

international pension solutions to

provide employers, high net worth

clients and professional advisors

with options to maximise pension

scheme benefits, value and return.

We provide a range of International

Pension Plans (IPPs), for Corporates

and Individual clients. As part

of TMF Group, we provide truly

global and customised pension

management plans to serve the

international community in a variety

of jurisdictions.

For all your IAPF membership needs,

please contact Gill Brennan,

Membership Manager

T: +353 1613 0874

M: +353 876 555 900

E: [email protected]

mailto:gill.brennan%40iapf.ie?subject=

The PQS gained great traction in 2014 with many employers, of all sizes, applying for the standard. A further 11 schemes were accredited bring the total number of PQS recipients to 23. Congratulations to the following 2014 recipients:

Does your scheme meet the standard?

— The PQS demonstrates that

appropriate Investment,

Governance and Communication

policies are adhered to in your

scheme

— It highlights the value of your

scheme in the recruitment and

retention of staff

— It demonstrates the commitment

employers have to providing

adequate retirement benefits

— It highlights best practice in DC

schemes

Apply here now!

PQS PQS with Merit

Citibank Ireland The AA Ireland

Oracle Airbus Ireland

Kraft Foods Aughinish Alumina

BASF Bausch & Lomb

Petroceltic

Roadbridge

Shannon Engine Support

Jerry Moriarty, CEO IAPF (centre) accepting the Pensions Personality of the Year Award at

the Irish Pension Awards from Colm O’Regan, host (left) and Bill Kyle (right), CEO Irish Life.

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Tel: +353 1 6612427 Email: [email protected]

IAPF DATES FOR YOUR DIARY 2014 -2015

Event Date Venue

Breakfast Seminar Wednesday 21 January 15 Chartered Accountants House

Trustee Essential Training Thursday 22 January 15 Chartered Accountants House

Trustee Refresher Training Friday 30 January 15 Chartered Accountants House

Trustee Investment Training Thursday 5 February 15 Chartered Accountants House

Trustee Network Thursday 12 February 15 Chartered Accountants House

Annual Dinner Thursday 26 February 15 Double Tree Hotel

Breakfast Seminar Thursday 5 March 15 Chartered Accountants House

Investment Conference Thursday 26 March 15 Print Works, Dublin Castle

Trustee Essential Training Wednesday 15 April 15 Chartered Accountants House

Trustee Network Wednesday 15 April 15 Chartered Accountants House

IAPF Annual Golf Outing Thursday 16 April 15 Carton House

Trustee Refresher Training Thursday 23 April 15 Chartered Accountants House

Seminar (AGM & Seminar) Thursday 30 April 15 Chartered Accountants House

DC Conference Thursday 14 May 15 Print Works, Dublin Castle

Breakfast Seminar Thursday 11 June 15 Chartered Accountants House

mailto:info%40iapf.ie?subject=

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IAPF Trustee TrainingAll new trustees now require training within 6 months of appointment. All trustees require training every 2 years. Failure to do this means the employer is breaking the law.

�� Comprehensive courses in the areas of DB, DC and Investment available in full and half day formatsA newly developed Refresher course is also available for experienced TrusteesFace to face interaction with trainers��Completion of course enables Trustee to meet their legal requirementsOpportunity to meet & discuss issues with other Trustees��Independently run

Book Online

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