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18/07/2016
Consultation Launched On Proposed Changes To Private Pensions Provisions
A consultation has been launched by the Pensions Authority addressing a package of proposals to reform and simplify supplementary private pensions provisions.
The Authority is seeking submissions from all stakeholders and interested parties by the deadline of 03 October.
Welcoming the proposals and consultation, the Minister for Social Protection, Leo Varadkar, said: "The current situation where a majority of our citizens will rely solely on the State pension in retirement is unsustainable and we have a duty to ensure that a better system is now put in place. As a result I regard the development and introduction of a new, universal, workplace retirement saving system for those workers without supplementary pensions as an essential objective of mine as Minister for Social Protection.
"In order to successfully deliver a universal supplementary pension system, there is a need to reform and simplify the pension landscape. This is essential if we are to achieve increased coherence and consistency in the pension system and to increase the confidence and understanding of pension savers. This confidence and trust has been seriously damaged and its repair is essential if any reforms are to be successful."
The Authority is proposing a revised regulatory framework that encompasses the following:
• higher standards for trustees of occupational schemes.
• an authorisation process for new occupational pension schemes.
• closer supervision of pension scheme management.
• better information for members and more transparent charges.
• rationalisation of the number of pension savings vehicles.
The proposals, if implemented, are intended to achieve significant improvements in how supplementary pensions are managed and overseen. The Authority's final proposals, which will take account of responses to this consultation, will be submitted to the Minister for Social Protection. Any consequential proposals for amendments to primary legislation will require the approval of the Minister for Social Protection and the Government.
(MH/LM)
The Authority is seeking submissions from all stakeholders and interested parties by the deadline of 03 October.
Welcoming the proposals and consultation, the Minister for Social Protection, Leo Varadkar, said: "The current situation where a majority of our citizens will rely solely on the State pension in retirement is unsustainable and we have a duty to ensure that a better system is now put in place. As a result I regard the development and introduction of a new, universal, workplace retirement saving system for those workers without supplementary pensions as an essential objective of mine as Minister for Social Protection.
"In order to successfully deliver a universal supplementary pension system, there is a need to reform and simplify the pension landscape. This is essential if we are to achieve increased coherence and consistency in the pension system and to increase the confidence and understanding of pension savers. This confidence and trust has been seriously damaged and its repair is essential if any reforms are to be successful."
The Authority is proposing a revised regulatory framework that encompasses the following:
• higher standards for trustees of occupational schemes.
• an authorisation process for new occupational pension schemes.
• closer supervision of pension scheme management.
• better information for members and more transparent charges.
• rationalisation of the number of pension savings vehicles.
The proposals, if implemented, are intended to achieve significant improvements in how supplementary pensions are managed and overseen. The Authority's final proposals, which will take account of responses to this consultation, will be submitted to the Minister for Social Protection. Any consequential proposals for amendments to primary legislation will require the approval of the Minister for Social Protection and the Government.
(MH/LM)
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