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

7

Members

PRSAs

Other RACs

Schemes

Providers

Trustees

Employers

Actuaries

Intermediaries

Administrators

8

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

9

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

10

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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