1. Pensions Regulation in Ireland presentation to the National Federation of Pensioners David Malone Head of Operations The Pensions Board T hursday 25 October 2012 Wynne’s Hotel Dublin

2. The Pensions Board Established by the Pensions Act, 1990 Supervision, regulation and enforcement Policy, legal and actuarialInformation and awareness (Delivers NPAC on behalf of the Government)

3. Numbers in Irish private pensions (as at April 2012)  Company Pension Schemes  532,000 members in 1,098 defined benefit schemes - 993 schemes with 197,000 members are subject to the Funding Standard - 335,000 approx are Public Service employees  240,000 members in over 100,000 defined contribution schemes (includes frozen and AVC schemes) - 50,000 approx are single member schemes  Personal Retirement Savings Accounts (PRSAs) 190,000 PRSAs with asset value of €3.03 billion  Personal Pension Plans/Retirement Annuity Contracts (RACs) (200,000 + contracts – Irish Insurance Federation)

4. Pensions coverage in the Irish workforce

5. Changing Demographics

6. Defined Benefit Pensions Financial environment difficult in the period 2009 to 2011 Scheme numbers relatively steady 2008 to 2010 70% of schemes in deficit at end 2011 Where a scheme has a deficit it must submit a funding proposal to the Board

7. Funding Standard changes October 2011 - Government announces plans to introduce DB changes Social Welfare and Pensions Act 2012 provides for Sovereign Annuities June 2012 - The Pensions Board publishes revised rules for DB and announces deadlines by which trustees must submit funding proposals

8. What now? Trustees assess the current and future position Negotiation with the employer Decision Submit funding proposal

9. Pensions information Enquiry service info@pensionsboard.ie 01-6131900 Information booklets Pension checklists Pension calculators Free Online Trustee Training, Guidance & FAQs, E-mail alerts & Trustee supports

10. and to finish….. Thank you for your time and attention. I hope you found my presentation interesting and of some benefit.