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THE PENSIONS BOARD

Explore the role of a supervisor in pension regulation, principles in Ireland, functions of the Pensions Board, various roles, and current issues such as funding and EU Directives.

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THE PENSIONS BOARD

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  1. THE PENSIONS BOARD The Role of the Supervisor Jerry Moriarty – Head of Investigations and Compliance 2/4/2004

  2. The Role of the Supervisor • Sustainability • Different styles of supervisors • EU Pensions Directive

  3. Why? • Unequal Relationships • Knowledge • Stability and Confidence • Assets • Tax Reliefs • Failures

  4. Other Roles – The Irish Example • Trust based Occupational Schemes • Pensions Act, 1990 • Pensions (Amendment) Act, 1996 • Pensions (Amendment) Act 2002

  5. PRINCIPLES OF PENSION REGULATION IN IRELAND • To maintain a balance between necessary regulation and unnecessary cost • Voluntary nature of plans • Trust based system – role of trustees • Information disclosure • Promote pension security • Secure compliance without recourse to legal action unless necessary

  6. PENSIONS BOARD FUNCTIONS Include: • To monitor and supervise the operation of the Act and pensions development generally • To issue guidelines on the duties and responsibilities of pension trustees and codes of practice on specific aspects of their duties • To encourage the provision of appropriate training for trustees and to advise the Minister on standards for trustees • To advise the Minister on the operation of the Act and on all pension matters

  7. Various Roles • Consensus nature of the Board • Policy Role – to advise the Minister • Regulatory Role – promote security and protection and ensure compliance • Guidance and Training Role – provide information and guidance • Pensions Development Role – promote development of structures and participation

  8. Current Issues - Funding • Irish Approach – strike a balance, allow flexibility • UK Approach – Pension Protection Fund • Netherlands Approach – strengthen requirements

  9. Current Issues - EU Directive • “Opportunities” • Regulatory Arbitrage • Challenge

  10. THE PENSIONS BOARD The Role of the Supervisor Jerry Moriarty – Head of Investigations and Compliance 2/4/2004

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