IRELAND - The former chairman of the Irish Pensions Board, Michael McNulty, has stepped down to be be replaced by the CEO of the International Securities Trading Corporation, Tiarnan O Mahoney.
Appointed by the minister for family and social affairs, Seamus Brennan, Mahoney will take up his five year tenure on the newly appointed board with immediate effect.
The 17 strong board, headed by CEO Anne Maher, was elected last year and recently given approval by the minister. It has the task of monitoring the pensions industry and issuing guidelines on the duties and responsibilities of trustees of schemes and also advises the minister.
Brennan is due to publish the long awaited National Pensions Review tomorrow. Compiled by the Pensions Board the review dealt with the issue of pensions coverage and was requested in early 2005.
Brennan said: “I am confident this strong board is ideally placed to work with me in meeting these challenges. One statistic that encapsulates the pension dilemma we are is facing is that out of a workplace of some 2 million, an estimated 900,000 people do not have a private or occupational pension to boost their incomes in retirement.”
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