Pensions Authority Seminar Wednesday 27 January 2016 The Marker Hotel Grand Canal Dock Dublin 2

The Pensions Authority’s agenda Brendan Kennedy Pensions Regulator

Reform and simplification of pensions landscape Mary Hutch Head of Policy The Pensions Authority

Agenda Background to reform DC Codes of governance Trustee qualifications Model Disclosure Documents Pensions simplification

Background to reform Problems with pensions system Charges Too many schemes Too many trustees Multiple pension products Consultation process

Trustee Qualifications Consultation outcome Minimum relevant qualification Meetings with educational providers Consultation process 30 submissions analysed – synopsis published

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

Pensions Simplification Top-down approach Reduce number of pension vehicles Harmonise tax rules Review of Part X

Next steps Development of reform proposals through 2016 Further consultation All proposals subject to Government decision If implemented, careful transition essential

Thanks for listening

The Pensions Authority’s Governance Agenda Grace Guy Head of Legal 27 January 2016

The Pensions Authority Established by the Pensions Act, 1990 Supervision, regulation and enforcement Information and guidance Advice

We supervise 200,000 plus trustees - connected to 160,000 (approx.) schemes 142 Registered Administrators 131 PRSA products managed by 14 PRSA providers

Pension assets under management €90 billion (circa)

Governance Financial Regulation/ IORPS II Authority focus: - Regulatory priorities - Inspections/audits

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.

DC Codes Education/Information Best Practice Recommendations Status of DC Codes Future Developments

First Set of Codes DC Codes published today: 1.Governance plan of action; 2.Trustee meetings; and 3.Managing conflicts of interest

1. Governance Plan of Action Identify actions Timeframes Procedures Ownership Monitor progress

2. Trustee Meetings Frequency Timing Agenda Preparation Decisions Minutes

3. Conflicts of Interest Identification Management Monitoring Conflicts register and policy Legal advice

Conclusion Good governance and member outcomes are inextricably linked. Governance is a key feature of Authority’s agenda.

Thanks for listening

Pensions Authority Seminar Questions and Answers