Pensions Authority Seminar Wednesday 27 January 2016 The Marker Hotel Grand Canal Dock Dublin 2 The Pensions Authoritys agenda Brendan Kennedy Pensions Regulator Reform and simplification of pensions landscape Mary Hutch Head of Policy The Pensions Authority Agenda Background to reform DC Codes of governance Trustee qualifications Model Disclosure Documents Pensions simplification Background to reform Problems with pensions system Charges Too many schemes Too many trustees Multiple pension products Consultation process Trustee Qualifications Consultation outcome Minimum relevant qualification Meetings with educational providers Consultation process 30 submissions analysed synopsis published Model Disclosure Documents Consultation outcome Need for more simplified information Working group established 7 model documents produced to date SIPPs pending Disclosure regulations need to be reviewed Pensions Simplification Top-down approach Reduce number of pension vehicles Harmonise tax rules Review of Part X Next steps Development of reform proposals through 2016 Further consultation All proposals subject to Government decision If implemented, careful transition essential Thanks for listening The Pensions Authoritys Governance Agenda Grace Guy Head of Legal 27 January 2016 The Pensions Authority Established by the Pensions Act, 1990 Supervision, regulation and enforcement Information and guidance Advice We supervise 200,000 plus trustees - connected to 160,000 (approx.) schemes 142 Registered Administrators 131 PRSA products managed by 14 PRSA providers Pension assets under management 90 billion (circa) Governance Financial Regulation/ IORPS II Authority focus: - Regulatory priorities - Inspections/audits Governance and Trusteeship Pensions Act and regulations Trustees should: know more than their members, have enough time and commitment to do the job properly, and ask the right questions. DC Codes Education/Information Best Practice Recommendations Status of DC Codes Future Developments First Set of Codes DC Codes published today: 1.Governance plan of action; 2.Trustee meetings; and 3.Managing conflicts of interest 1. Governance Plan of Action Identify actions Timeframes Procedures Ownership Monitor progress 2. Trustee Meetings Frequency Timing Agenda Preparation Decisions Minutes 3. Conflicts of Interest Identification Management Monitoring Conflicts register and policy Legal advice Conclusion Good governance and member outcomes are inextricably linked. Governance is a key feature of Authoritys agenda. Thanks for listening Pensions Authority Seminar Questions and Answers