1. The Pensions Board Credit Union Manager’s Association AGM Andrew Nugent Assistant Head of Information Services The Pensions Board

2. Established by the Pensions Act, 1990 Main functions are set out in the Act and include –to monitor and supervise the operation of the Act and pension developments generally Promoting pensions development, information and awareness is an associated support function. Board conducts the National Pensions Awareness Campaign (NPAC) on behalf of Government as recommended in the “Securing Retirement Income” report of the National Pensions Policy Initiative published in 1998 Board also has a policy role

3. The Pensions Board Focus Three key operational areas: Supervision, regulation and enforcement Policy, legal and actuarial Information and awareness

5.  Company Pension Scheme (99,802 schemes with 800,398 members) (66% DB schemes and 34% DC schemes)  Personal Retirement Savings Accounts (PRSAs) (Over 140,000 PRSAs with asset value of €1.24 billion- June 2008) (86,613 employers had signed up with a PRSA provider )  Personal Pension Plans and Retirement Annuity Contracts (RACs) (In excess of 200,000 contracts – Irish Insurance Federation)  Fund assets estimated between €60 to €90 billion  Voluntary regime for supplementary pension provision Types of Irish Private Pensions

6. Trustees Main Duties In broad terms, trustees’ main duties under the Act are: to ensure contributions are received to ensure contributions are remitted to invest the funds to pay the benefits to ensure that Funding Standard is met to keep records and accounts to preserve or transfer benefits to disclose information to ensure equal pensions treatment to apply the resources of the scheme on wind up to register the scheme with the Board

7. Board’s Powers Section 18 Authorisation – furnishing of information Section 58 Prosecution for non-remittance of deductions within 21 days Section 87 High Court order to have company pay ‘unpaid’ contributions to scheme 7

8. On-the-spot fines Introduced in Social Welfare Law Reform and Pensions Act, 2007 Came into force September 2007 Alternative to going to court More efficient way of addressing compliance issues Board gives offender 21 days to remedy the offence and pay the appropriate fine (€2,000)

9. On-the-spot fines On-the-spot fines apply to a range of lesser offences under the Pensions Act, including: Failure to register a scheme with the Board Failure to provide scheme members with appropriate information Failure to respond to requests for information from the Pensions Board Employers not advising employees of pension or PRSA deductions 9

10. Where will your income come from when you retire? The current state social welfare pension is €230.30 per week (or € 11,976 per year) Will this be enough to meet all your needs in retirement? Almost 80% say no!

11. Changing demographics 200620262056 No’s at Work 2,000,1002,268,0002,125,000 Aged over 65 464,000844,0001,532,000 No’s at work per person over 65 4.32.71.4

12. Current policy issues Green Paper on Pensions published in October 2007, followed by consultation phase which is now completed Commission on Taxation to consider how best the tax system can encourage long term savings to meet the needs of retirement Pensions also a commitment in Programme for Government 12