IRELAND - The implementation of the EU Pensions Directive later this year gives Ireland the opportunity to act as a base for pension funds of multinational companies, said incoming Irish Association of Pension Funds (IAPF) chairman Joe Byrne.
Byrne, deputy managing director and group actuary of Coyle Hamilton Willis, has been elected as the new chair of the IAPF, replacing Gerry Ryan, who has completed his two year term of office.
Warning against over regulation of pensions, Byrne said the new occupational pensions directive represented a major opportunity for Ireland.
“IAPF will be actively involved in the National Pensions Review over the coming months and the practical implications of the EU Pensions Directive which will come into law at the end of September,” he said.
“The new directive which comes into force in September means that multinational employers could chose to move their pension funds to Ireland provided we can offer the right environment and the necessary expertise.”
He added: “Increasing pensions coverage and adequacy remain issues of major concern.”
Byrne is a Fellow of the Institute of Actuaries, Fellow of the Society of Actuaries in Ireland and an Associate of the Society of Actuaries in the US. He has been with Coyle Hamilton for 15 years, prior to which he spent six years in benefits consultancy and actuarial services with Mercer.
Ryan left his position as pension fund administrator at corporate pension fund Eircom earlier this year. He is now company secretary at Kildare-based peat supply group Bord na Mona.
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.