Pensions Authority Seminar
Wednesday 27 January 2016
The Marker Hotel
Grand Canal Dock
Dublin 2
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The Pensions Authority’s
agenda
Brendan Kennedy
Pensions Regulator
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Reform and simplification of
pensions landscape
Mary Hutch
Head of Policy
The Pensions Authority
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Agenda
• Background to reform
• DC Codes of governance
• Trustee qualifications
• Model Disclosure Documents
• Pensions simplification
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Background to reform
• Problems with pensions system
• Charges
• Too many schemes
• Too many trustees
• Multiple pension products
• Consultation process
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Trustee Qualifications
• Consultation outcome
• Minimum relevant qualification
• Meetings with educational providers
• Consultation process
• 30 submissions analysed – synopsis
published
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Model Disclosure Documents
• Consultation outcome
• Need for more simplified information
• Working group established
• 7 model documents produced to date
• SIPPs pending
• Disclosure regulations need to be reviewed
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Pensions Simplification
• Top-down approach
• Reduce number of pension vehicles
• Harmonise tax rules
• Review of Part X
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Next steps
• Development of reform proposals through
2016
• Further consultation
• All proposals subject to Government
decision
• If implemented, careful transition essential
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Thanks for listening
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The Pensions Authority’s
Governance Agenda
Grace Guy
Head of Legal
27 January 2016
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The Pensions Authority
Established by the Pensions Act, 1990
Supervision, regulation
and enforcement
Information and
guidance
Advice
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We supervise
• 200,000 plus trustees - connected to
160,000 (approx.) schemes
• 142 Registered Administrators
• 131 PRSA products managed by 14 PRSA
providers
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Pension assets under
management
€90
billion
(circa)
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Governance
• Financial Regulation/ IORPS II
• Authority focus:
- Regulatory priorities
- Inspections/audits
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Governance and Trusteeship
• Pensions Act and regulations
• Trustees should:
– know more than their members,
– have enough time and commitment
to do the job properly, and
– ask the right questions.
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DC Codes
• Education/Information
• Best Practice Recommendations
• Status of DC Codes
• Future Developments
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First Set of Codes
DC Codes published today:
1. Governance plan of action;
2. Trustee meetings; and
3. Managing conflicts of interest
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1. Governance Plan of Action
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Identify actions
Timeframes
Procedures
Ownership
Monitor progress
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2. Trustee Meetings
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Frequency
Timing
Agenda
Preparation
Decisions
Minutes
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3. Conflicts of Interest
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Identification
Management
Monitoring
Conflicts register and policy
Legal advice
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Conclusion
Good governance and member outcomes
are inextricably linked.
Governance is a key feature of Authority’s
agenda.
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Thanks for listening
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Pensions Authority Seminar
Questions and Answers
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