1. “Stop Press” What’s Coming Down The Tracks
IAPF TRUSTEE FORUM
“Stop Press” What’s Coming Down The Tracks
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Mary Hutch
Head of Information and Training
The Pensions Board 22 March 2005

2. AGENDA Policy Regulatory Pensions Information/Awareness
Funding Standard
EU Pensions Directive (IORPS)
Pensions Simplification
National Pensions Review
Regulatory
Occupational Pension Schemes and PRSAs
Pensions Information/Awareness
National Pensions Awareness Campaign 2005
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3. Social Welfare & Pensions Act, 2005
FUNDING STANDARD
Social Welfare & Pensions Act, 2005
AFCs every three years
date of first AFC due after 22 September 2005 unchanged
new period applies to any subsequent AFCs
Grounds for extensions – Regulations
DC schemes to value liabilities - Regulations
Frozen etc. schemes with over 100 active or deferred members
no longer exempt from Funding Standard and certain disclosure obligations
Schemes which fail Funding Standard
recommended disclosure of funding position to members
for consideration in revision to Disclosure Regulations
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4. Social Welfare & Pensions Act, 2005
EU PENSIONS DIRECTIVE
Social Welfare & Pensions Act, 2005
Other Regulations Pending
Trusteeship
Qualification and training requirements for trustees or their advisers
Investment
Prudent, diversification, unregulated markets
Investment policy principles
Borrowing (Working Group to consider prudential and tax issues)
Cross Border Schemes
Social and Labour Law issues
Exemptions from parts of Pensions Act for overseas members
Authorisation
All to be in place by 23 September 2005
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5. POLICY – PENSIONS SIMPLIFICATION
Tax treatment of DC type provision
report with Department of Finance
Draft Disclosure Regulations
to be in line with IORPS and Funding Standard requirements
revised Regulations due mid 2005
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6. POLICY – NATIONAL PENSIONS REVIEW
Statutory review of pensions coverage due September 2006
Minister bringing forward timing to mid-year 2005
Board to submit proposals to address current situation
Progress Report June 2005
Full Report late summer
Representative organisations to support and input through organisations by 3 May 2005
Series of workshops to discuss specific aspects
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7. POLICY – NATIONAL PENSIONS REVIEW Scope and Main Components
Review of NPPI’s main strategic recommendations
Review of coverage targets in NPPI Report (1998)
Review of current position under Second Pillar
Options to address coverage and adequacy
Trusteeship review post NPR
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8. REGULATORY Occupational Pension Schemes
Further prosecutions pending – July
Revisions to S49(3) Guidelines – April
PRSAs
Follow up on 64,000 employer audits
7 prosecutions listed – July
Commitment to ensure employer compliance with access requirements
Guidance Activities
Guidance Notes on Equal Pensions Treatment – May
Revised Guidance Notes on
Determinations by Pensions Board
‘Whistleblowing’ Requirements - June
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9. NATIONAL PENSIONS AWARENESS CAMPAIGN 2005
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10. NATIONAL PENSIONS AWARENESS CAMPAIGN STRATEGIC PLAN 2005
Awareness Levels
The Boards Consumer Awareness Research Audits clearly show a positive increase in pensions and PRSA awareness levels rising from 60% at end of 2003 to over 75% at end of 2004.
However, while awareness levels are significant, the coverage rate remains low.
Key Priorities for 2005
The Board plans to conduct a strategic pensions awareness campaign in 2005 which will encourage the conversion of awareness into positive action and responsibility;
in the form of increased pensions take up.
to build an educational foundation about retirement planning for the future
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11. ACTION & RESPONSIBILITY
In the pursuit of increased pensions uptake NPAC focus for 2005 will include;
Key Target Sectors
Primary Targets
Population aged 25 – 35 years old
Women
Graduates
Farming/Rural Community
Self Employed
Secondary Targets
First time job seekers
Students
Migrant workers
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12. KEY FOCUS TIMES FOR NPAC 2005
March/April First time job seekers/Students
April Migrant workers
May NPAC - Action Week
June Women
July Family Holidays
August Farmers/Rural
September Graduates
October Self Employed
Nov/Dec Save your SSIA into a pension
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13. ACTION & RESPONSIBILITY – NPAC 2005
Take Action - Visit the on-line Pensions Calculator at
The 2005 calculator allows you to estimate the net amount of money you would need to contribute to your pension in relation to your age and current yearly salary to end up with the level of pension you expect in retirement.
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14. ….in actively promoting pension take up !
We all have a responsible role to play…..
….in actively promoting pension take up !
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