IRELAND - The existing Irish Pensions Board has completed its five year term in office and a new board and chairperson will be appointed at midnight local time.
The names of the new board will then be put forward by the minister for social and family affairs, Seamus Brennan, to the Irish Cabinet for approval. Different groups including the Irish Association for Pension Funds, had the right to make nominations but the Pension Boards are not aware of who they are.
Pensions Board chief executive, Anne Maher said: “We typically have a five year strategy. Normally we would have our objectives done as what we want to do next year. That isn’t the case this moment pending the change. There is more work to be done.”
Post the board appointment the Pensions Board plan to look at the issue of trusteeship and its role and effectiveness in the pension scheme. Maher also added: “We would like to see the continuation of the savings habit and to capture the money when the SSIAs [Special Savings Incentive Scheme] mature. A lot of lobbying has been done to the finance minister Cowen as to how that can be captured.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.