IRELAND - The Pensions Board has tendered for consultancy support for a report it is preparing on possible alternative pension systems going forward, to be presented to Minister for Social and Family Affairs, Seamus Brennan, later this year.
Brennan recently brought the statutory review of pensions coverage in Ireland forward 12 months to mid this year, on the back of growing concerns over the pace of change. The review was originally scheduled to take place in September 2006.
Ian Woods, head of technical services and research at the Pensions Board, said: “The minister’s asked us now to conduct this review and to report to him this year so the assignment really is to assist the Board to prepare the report that is to go to the minister this year.
“Part of the report will be considering alternative pension systems going forward and the assignment is intended to provide consultancy support to the Board in analysing various alternative systems that we might be considering.”
Woods said the Board hoped to present its findings to the minister by late summer.
As part of the review process, which is required under the Pensions Act, the Board commissioned a study from economic consultants Indecon on how to incentivise PRSA coverage in Ireland and recently received the draft report. Head of information and training at the Pensions Board, Mary Hutch, said the report will be considered as part of the Board’s deliberations for the review.
The firm awarded the pension systems assessment contract will be required to provide business development and management consultancy, financial, accounting and research services, according to the Board’s tender notice.
Deadline for tender is April 7.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.