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APLI/IPEBLA Conference. Governance of Cross-Border Pension Schemes – The Irish Regulator’s Perspective. Anne Maher, Chief Executive and Brendan Kennedy, Actuarial Adviser The Pensions Board 2 June, 2006. Agenda. Background to cross-border governance Irish cross-border governance

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governance of cross border pension schemes the irish regulator s perspective

APLI/IPEBLA Conference

Governance of Cross-Border Pension Schemes –

The Irish Regulator’s Perspective

Anne Maher, Chief Executive

and

Brendan Kennedy, Actuarial Adviser

The Pensions Board

2 June, 2006

agenda
Agenda
  • Background to cross-border governance
  • Irish cross-border governance
  • Ireland as cross-border pensions location (and regulator)

2

background
Background

Instruments

  • EU Directive 2003/41/EC on the Activities and Supervision of Institutions for Occupational Retirement Provision (“IORPs Directive”)
  • Implementation of IORPs Directive into national law
  • Protocol relating to Collaboration of Relevant Competent Authorities

3

background1
Background

Irish Implementation

  • Social Welfare and Pensions Act, 2005 inserts Part XII of the Pensions Act, 1990 (as amended)
  • Occupational Pension Schemes (Cross-Border) Regulations, 2005 cover
    • Authorisation
    • Notification
    • Social and Labour Law

(currently being amended)

  • ‘Minimalist’ implementation

4

cross border governance
Cross-Border Governance

Irish Social and Labour Law

  • Part III of Pensions Act
    • Preservation provisions and minimum value of contributory retirement benefits
  • Part Vof Pensions Act
    • Disclosure of information requirements
  • Section 59B
    • Prohibition on reducing pension payable
  • Section 59C
    • Protects pensions in payment which are integrated with State pension

5

cross border governance1
Cross Border Governance

Funding Requirements

  • Fully funded at time of application
  • Managed for full funding
  • Underfunded schemes – Board approval
  • Pensions Board guidelines
  • EU Commission clarification

6

cross border governance2
Cross Border Governance

Practical Requirements

  • New schemes:
    • Registration / authorisation
    • Notification
    • Waiting period
  • Existing schemes:
    • Authorisation / notification
    • Waiting period

7

ireland as pensions location
Ireland as Pensions Location
  • Tax arrangements
    • Irish law incorporates cross border tax reliefs
  • Investment Opportunities
    • Common Contractual Fund (CCF)
  • Pension tradition/services available
    • Ireland has long established private pension structure
  • Availability of tried and tested pension skills/resources
    • Investment, Actuarial, Accounting, Legal, Benefit consulting, Benefit administration, Compliance skills available in Ireland
  • Regulatory/compliance regime
    • Acceptable and balanced regulation by open and accessible regulators/supervisors in Ireland
  • Ability to accommodate countries outside EU
    • Global services available in Ireland

8

ireland as pensions location1
Ireland as Pensions Location
  • Pan-European Pensions Task Force
    • Examining opportunities in international pensions area
    • Will facilitate initiatives/changes
  • Suite of asset pooling vehicles
    • Unit Trust (Fixed Income Investments)
    • Limited Partnership
    • UCITS CCF (Equities Investments)
    • Non-UCITS CCF (Alternative Investments)

9

ireland as pensions location2
Ireland as Pensions Location

Irish Regulation

  • Balance between reasonable cost and member protection
  • Transparent/open environment
  • Reasonable level of investment freedom
  • Acceptable (we hope “respected”!)

10

next steps
Next Steps
  • Clarification of some Directive requirements
  • Protocol “working” between Member State pension supervisors
  • Consideration and decision on location by pension scheme sponsors and commercial providers

11

in conclusion
In Conclusion
  • Pensions Directive
    • Is first step in single market for pensions
    • Provides a framework for change
    • Investment/asset pooling is happening
    • Liability pooling and centralised administration are next steps
  • Full Pan-European Pension Funds
    • Will take time
    • But WILL come about

12