Oecd expert meeting on pensions and insurance in the baltic countries
This presentation is the property of its rightful owner.
Sponsored Links
1 / 27

OECD EXPERT MEETING ON PENSIONS AND INSURANCE IN THE BALTIC COUNTRIES PowerPoint PPT Presentation


  • 104 Views
  • Uploaded on
  • Presentation posted in: General

OECD EXPERT MEETING ON PENSIONS AND INSURANCE IN THE BALTIC COUNTRIES. Mary Hutch Head of Information & Training The Pensions BoardRiga, Latvia Ireland5 October 2004. Agenda. Some Facts on Irish Pensions The Pensions Board Pensions Development / Information / Awareness

Download Presentation

OECD EXPERT MEETING ON PENSIONS AND INSURANCE IN THE BALTIC COUNTRIES

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Oecd expert meeting on pensions and insurance in the baltic countries

OECD EXPERT MEETING ON PENSIONS AND INSURANCE IN THE BALTIC COUNTRIES

Mary Hutch

Head of Information & Training

The Pensions BoardRiga, Latvia

Ireland5 October 2004


Agenda

Agenda

  • Some Facts on Irish Pensions

  • The Pensions Board

  • Pensions Development / Information / Awareness

    • Information Services

    • Guidance Services

    • Trustee Support Services

  • Promulgating the Pensions Message

  • National Pensions Awareness Campaign 2003/2004

  • Some Conclusions


Some facts on irish pensions

SOME FACTS ON IRISH PENSIONS

  • Social Welfare (First Pillar) provides universal basic Flat Rate pension amounting to €167.30 per week

  • Voluntary regime for supplementary pension provision

  • 112,665 occupational (i.e. employers) pension schemes

  • 724,333 members in occupational pension schemes

  • Over 65,000 Retirement Annuity Contracts (i.e. Personal/Self-employed Pensions)

  • 32,920 Personal Retirement Savings Accounts (PRSAs)


Some facts on irish pensions1

SOME FACTS ON IRISH PENSIONS

  • Pension coverage rate for all persons in employment is 52.4%

  • Overall assets of Irish private pension funds are over €52 billion

  • Occupation pension schemes are set up under trust and personal pension plans / PRSAs are contract based

  • Both occupational and personal pensions are encouraged by tax relief on an Exempt/Exempt/Taxed base


The pensions board

THE PENSIONS BOARD

  • 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

  • Board has 2 statutory roles – regulatory and policy

  • Promoting pensions development, information and awareness

    • associated support function

    • incorporated in Board’s Strategy 2002 – 2005

  • Board conducts National Pensions Awareness Campaign (NPAC) on behalf of Government


Pensions development information awareness

Pensions Development / Information / Awareness

Information Services

  • Information Booklets

    • Explains members rights under Pensions Act and under other relevant pensions legislation

    • Women and Pensions

    • Family Law and atypical employment

    • 21 booklets produced to date

  • Frequently Asked Questions (FAQs)

  • Case Studies

  • Distribution network

  • Available free of charge and online

  • Enquiry Service

    • Lo Call 1890 65 65 65


Oecd expert meeting on pensions and insurance in the baltic countries

Pensions Development / Information / Awareness Annual Enquiries


Pensions development information awareness1

Pensions / Development / Information / Awareness

Guidance Services

  • Board has statutory responsibility for providing technical guidance on Pensions Act and its Regulations

  • Guidance is provided for pension practitioners in the form of

    • Legislation Service

    • Guidance Notes

    • Technical Enquiry Service

  • Form of indirect regulation which contributes to protection of consumer interests


Pensions development information awareness2

Pensions / Development / Information / Awareness

Trustee Support Services

  • Board also has statutory duty to provide guidance for trustees on their duties and responsibilities

  • Trustee support services include:

    • Information booklet for trustees

    • Trustee Handbook

    • Codes of Practice

    • Trustee enquiry service

    • Trustee Training

  • Trustees have responsibility for safeguarding retirement income of members and their dependants

  • If trustees do not do their job properly it is members and dependants who will suffer


Promulgating the pensions message

Promulgating the Pensions Message

  • Board recognises:

    • need for awareness among general public that Ireland has robust system of pensions regulation

    • need to encourage greater take up of pensions especially among young persons, women and atypical employees

  • Board utilises various methods of communicating “pensions message”

    • Information presentations

    • Pensions Board Bulletin

    • Pensions Board online

    • Media Relations

    • Public Relations

      - Annual Strategy


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2003


National pensions awareness campaign 2003 2003 campaign overview

National Pensions Awareness Campaign 2003 2003 Campaign Overview

  • Just over half (50.7%)* of the Irish workforce currently have supplementary cover, as identified in the CSO Quarterly National Household Survey, Pensions-2002.

  • €500,000 was made available to carry out a National Pensions Awareness Campaign (NPAC), on behalf of Government in 2003 and again in 2004.

  • The Board established an NPAC – Project Team to devise an awareness strategy and implementation plan for this important project.

  • The primary objective of the campaign is to heighten pensions awareness with the view to increasing pension coverage in Ireland.

    *Increased to 52.4% in 2004 survey


National pensions awareness campaign 2003

National Pensions Awareness Campaign 2003

All the actions within the Campaign are designed to be sharp calls to action. Using our Tag Line - 2003

Think about tomorrow. Today.

  • TVAdverts

  • Radio Adverts

  • Media print supplements

  • Posters

  • Internet Adverts

  • Shopping Till Receipts

  • In-Store Plasma Screens

  • Radio and Press interviews

  • Community Forums

  • National Pensions Awareness Week 13 – 19 October 2003

    all focused on directing people into action – to either talk to their employer, contact their bank, insurance company, building society or financial advisor to discuss pension options.


National pensions awareness campaign 2003 support agencies promoting npac

National Pensions Awareness Campaign 2003Support Agencies promoting NPAC

Contact was made with the wide range of support Agencies who have agreed to assist in delivering the NPAC message to their constituent clients and members.

These include:

Irish Congress of Trade Unions (ICTU)

Irish Business and Employers Confederation (IBEC)

Small Firms Association (SFA)

Chambers of Commerce in Ireland (CCI)

Irish Small and Medium Enterprises (ISME)

Institute of Personnel and Development

Other organisations and group involved in this process include:

Citizen Information Centres

Irish Farmers Association / Irish Country Womens Association

National Library Network

Rural Leader Groups

Area Partnership Companies

Irish Hotels Federation

Licensed Vintners Association

Restaurants Association of Ireland


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign

2004


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

The Pensions Calculatoron-line @ www.pensionsboard.ie


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

“Pensions Checklist”


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

The Pensions Calculator


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

On Street Public Promotion

100,000 Pension Calculators Giveaway


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

Promotions Activity

A2 Bus Posters on 500 Dublin Buses


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

Promotions Activity 2004

5000 A2 Posters in Offices, Libraries, Public Information Centres, GAA, Rugby, Soccer and Sports Clubs throughout the country


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

Promotions Activity 2004

13 – 19 September 2004

48 Sheet Billboard Admobiles travelling nationwide for National Pensions Awareness Week


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

Promotions Activity 2004

On-Line Banner Advertising


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

Promotions Activity 2004

40,000 Women & Pensions booklets distributed at the Mini Marathon


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

Media Coverage

Extensive national and local press coverage in key titles


Oecd expert meeting on pensions and insurance in the baltic countries

National Pensions Awareness Campaign 2004

Media Activity 2004

Display Adverts in 40 Regional Press Titles


Some conclusions

Some Conclusions

  • Essential that pension consumers are aware of their rights under pensions legislation

  • Consumers should be encouraged to

    • monitor financial soundness of their pension arrangements

    • be aware of level and range of their own benefit entitlements

  • Information must be clear, simple and easily accessible

  • Provision of clear authoritative guidance for pension practitioners promotes security for consumers

  • Media can play an essential role in communicating ‘pensions message’ to all groups

  • Regulator should be ‘champion’ and protector of consumer interests


  • Login