1. Regulation of Pensions in Ireland Madeleine Delaney Deputy Head of Enforcement The Pensions Board

2.  Total Live Schemes – 61,232 -DC : 60,192 (81% are single Member) -DB : 1,040  Personal Retirement Savings Accounts ( PRSAs ) 206,936 PRSA contracts with an asset value of €3.46 Billion - 206,936 PRSA contracts with an asset value of €3.46 Billion  Personal Pension Plans/Retirement Annuity Contracts (RACs) 200,000+ contracts (according to Irish Insurance Federation) - 200,000+ contracts (according to Irish Insurance Federation)

3. -200,000 Trustees -173 Registered Administrators -15 PRSA Providers -138 PRSA Products

4. -754,236 Active Members -€75 Billion in assets in OPS

5. 5 Members

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7. 7 Providers Trustees Employers Actuaries Intermediaries Administrators

8. 8 Members Providers Trustees Employers Administrators Intermediaries The Law Central Bank Pensions Board Pensions Ombudsman F S Ombudsman Professional AssociationsRevenue Actuaries

9. 9 Members Providers Employers Intermediaries The Law Central Bank Pensions Board Pensions Ombudsman F S Ombudsman Professional Associations Revenue Irish Economy EIOPA EU IMF Government PolicyGlobal Economy Trustees Administrators Actuaries

10. 10 Members Providers Employers Intermediaries The Law Central Bank Pensions Board Pensions Ombudsman F S Ombudsman Professional Associations Revenue Irish Economy EIOPA EU IMF Government PolicyGlobal Economy Trustees Administrators Actuaries

11. 11 Providers Trustees Employers Administrators Intermediaries The Law Central Bank Pensions Ombudsman F S Ombudsman Professional Associations Revenue Irish Economy EIOPA EU IMF Government PolicyGlobal Economy Members Pensions Board Actuaries

12. 12  Reform is needed because: -Currently poor outcomes for members -Poor understanding by members/poor communication -High Costs

13. 13  Reform must be outcome focussed. We need: -Efficiency -Trust -Transparency -Stability -No conflicts of interest

14. 14 -Investigative Powers -Prosecution Powers -Power to Impose Fines and Demand Remedial Action -Apply to High Court to Suspend/Remove Trustees -Power to Withdraw approval for PRSA Product -Power to Terminate RA Registration -Power to Wind-up under funded schemes

15. 15  Risk Based Approach to Regulation. Risk Priorities 1 st priority misappropriation of pension assets or contributions 2 nd priorityfailure to pay benefits due 3 rd priorityinadequate funding of defined benefit schemes 4 th priorityinappropriate investment 5 th priorityfailure to provide information to members

16. 16 - Annual Scheme Information -Late Renewals by RAs -Schemes with no RA Appointed -Annual Actuarial Data Returns -Trustee Training

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