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IAPF Yearbook 2018 Going Further Together to Broaden Your Investment Opportunities

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IAPF Yearbook 2018 Going Further Together to Broaden Your Investment Opportunities IAPF Yearbook 2018 Going further together to broaden your investment opportunities. T With the acquisition of Pioneer Investments, Amundi provides you with an enhanced offering all around the world – including active, passive, and alternative strategies as well as real assets investments and a large range of tools and services. Our goal is to fi nd out what best suits your needs. Because that’s what you expect from a trusted partner. Let’s go further together. amundi.com For professional investors only. Not intended for retail investors or for citizens or residents of the United States of America or any “U.S. Persons” as defi ned in the U.S. Securities Act of 1933. This material is not of a regulatory nature and does not constitute a recommendation, advice or an o er or invitation to purchase or sell any fund. The value of all investments can go down as well as up and investors could get back less than they originally invested. Pioneer Investment Management Limited, a member of the Amundi group, and Pioneer Global Investments Limited, a member of the Amundi group, are authorised and regulated by the Central Bank of Ireland. August 2017. | CM_IRLANDE_PAN_EUROPE_Pommes_210x210+3.indd 1 29/08/2017 18:07 IAPF Yearbook 2018 Irish Association of Pension Funds Suite 2, Slane House, 25 Lower Mount Street, Dublin, D02 V029, Ireland +353 1 6612427 [email protected] www.iapf.ie @IAPF_info The IAPF 5 CONTENTS Chairperson’s Message 6 Mission and Goals 12 Council 14 Office 16 Past Chairpersons 18 Structure 20 Committees 20 Benefits Committee 22 Regulatory & Administration Working Group 24 Investment Committee 26 DC Committee 28 Large Funds Forum 30 Regional – Southern Branch 32 IAPF Member Services 35 Member Services 36 Benefits of Membership 37 Representation 38 Communication 40 Research, Submissions and Surveys 42 Events 44 Pensions Quality Standard 50 Membership Directory 53 IAPF Full Membership Directory 53 IAPF Membership Index 152 Advertisers Index 161 ISN’T IT TIME WE CHANGED THAT? Irish Life EMPOWER is a new approach to company pensions that helps change the way your employees think about their future. To see how Irish Life could help empower your employees: Arrange a demo at IrishLifeEMPOWER.ie Call us on 01 704 1845 Talk to your pension consultant We know Irish life. We are Irish Life. All information sourced for Irish Life, June 2015. In the interest of customer service we may record and monitor calls. Irish Life Assurance plc is regulated by the Central Bank of Ireland. IAPF YEARBOOK 6083cb 2018 (NPI 38-17) 6083 (NPI 8-17) EMPOWER Press Ad Resize (210x210) Option B.indd 1 19/09/2017 16:35 4 IAPF YEARBOOK 2018 Section 1 THE IAPF IAPF YEARBOOK 2018 5 CHAIRPERSON’S MESSAGE CHAIRPERSON’S MESSAGE PETER FAHY At the end of 2016 we, together with the Society of Actuaries CHAIRPERSON in Ireland, wrote to the Minister for Social Protection and the Pensions Authority with some suggestions on the INTRODUCTION operation of the Funding Standard and Funding Proposals. We subsequently met with the Department and the Welcome to the 21st edition of Authority to discuss these proposals in greater detail. Our the IAPF Yearbook. We believe it intention was to prevent the wind-up of schemes that might is an essential reference guide for be viable on a longer-term basis. all those involved in pensions in Ireland and we hope you find it The Government subsequently signalled its intention useful during 2018. to introduce legislation which would prevent solvent employers from ceasing contributions to a DB scheme The IAPF is very much a membership organisation and our without ensuring the scheme is funded to the regulatory objective is to ensure the IAPF can help pension schemes Funding Standard level. At the time of writing, we are to navigate the current pension landscape. There continues awaiting amendments to the Social Protection, Pensions to be a growing number of issues that exercise the minds of and Civil Registration Bill which will contain the detail of trustees, employers and members of schemes. this proposed legislation. We welcome this development DEFINED BENEFIT as we have, since the financial crisis, advocated for some minimum level of protection for defined benefit pension The Defined Benefit space remains very challenging. scheme members. The prolonged period of very low yields resulting in low discount rates has led to very high valuations on the liability We also hope that such legislation can facilitate reform of side, although there has been some easing of this in 2017. the more negative aspects of the current Funding Standard. Many schemes have set out to de-risk over the course of the last few years, but negligible or negative bond yields have made the cost of doing so prohibitively expensive. 6 IAPF YEARBOOK 2018 TAILOR-MADE INVESTMENT SOLUTIONS At Irish Life Investment Managers (ILIM), we understand that a Our flexible approach to pensions and investments allows us to work with one-size-fits-all strategy does not work. Blending leading edge investment our clients to engineer bespoke solutions which will suit their individual risk strategies and expert engagement, we ensure that the needs of each client are and return profiles. It is this approach, with over €66 billion* in assets under fully matched. That’s why 8 of the 10 biggest Irish quoted companies choose management that has made us a leading fund manager. Irish Life to manage their pension funds. *As at 30th September 2017. Investments may fall as well as rise. To find out how we can help you, please contact: Eunice Dreelan, Director – Investment Development +353 1 704 2414 For more information see www.ilim.com Irish Life Investment Managers Limited is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland. IAPF YEARBOOK 2018 7 Irish Life Investment Managers and Irish Life is part of the Great-West Lifeco group of companies PENSIONS • INVESTMENTS • LIFE INSURANCE ILA 9994 (REV 10-17) 210x210.indd 1 17/10/2017 07:42 CHAIRPERSON’S MESSAGE The knowledge to benefit your business Pension lawyers you can rely on DEFINED CONTRIBUTION REFORM & SIMPLIFICATION We continue to focus a lot of time on Defined Contribution It has been disappointing that there has been little progress issues. Our DC Committee has a particular focus on in this area in 2017. We still await detail of how an auto- At Eversheds Sutherland we take pension issues Sources remark that Peter Fahy is “client- off your hands and resolve them. Trust our team focused” and has an “extremely high level communications, and, specifically, how to manage member enrolment system might work. We believe it is needed to to provide the right advice in areas such as: of technical knowledge.” expectations. We will continue to highlight the adequacy increase pensions coverage, but that it also has to address – scheme governance – benefit restructuring issues prevalent in current DC savings and promote our the issue of pensions adequacy. It should enhance current Clients highlight Ian Devlin’s “availability Pensions Quality Standard for DC schemes. During 2017 good provision and not detract from it. It is also very – compliance – mergers and wind and pensions knowledge” as particular our DC Committee has been meeting with schemes and DC important that it is introduced in a way that simplifies – documentation ups assets and also describe him as “easy to providers in order to evaluate the areas in which we should rather than adds additional layers of complexity to the – funding – dispute resolution work with and quick to respond.” concentrate our research and analysis. One of the areas we existing system. It is clear that the current system needs a – investment – trustee training. Consultant Fiona Thornton “has a huge have been focusing on is the point of retirement and the radical overhaul. We should have simplified structures with understanding of the cogs and machinery duties trustees and employers have (or should have) to assist common tax rules applicable to them. This is an absolute For more information on how our pensions behind the pensions industry,” according members in making choices in how to access their benefits. imperative before any further changes are introduced. team can help you, please contact: to one client, who goes on to describe her We expect to do detailed research in this area in 2018. Peter Fahy as an “extremely solution-oriented, very EUROPE efficient and productive lawyer.” We also intend to bring forward guidance for both DC Head of Pensions +353 1 6644 206 and DB trustees on the new data protection regime which Our Chief Executive, Jerry Moriarty, continues to play a key [email protected] will come into force next May, under the General Data role representing the IAPF in PensionsEurope, the umbrella body for European Pension Associations. PensionsEurope is Protection Regulation (GDPR). Ian Devlin doing very important work in shaping the EU policy agenda Partner and addressing potential threats to the funded pension +353 1 6644 219 sector in Europe. [email protected] It is important to understand that there are a number Fiona Thornton of policy making bodies in Europe that do not have the Consultant interests of funded occupational pension schemes at heart, +353 1 6644 326 and at the same time there are potentially positive new [email protected] developments in Europe, such as the proposed new Pan European Personal Pension product, which need the input of a body such as PensionsEurope to be made workable in practice. PensionsEurope played a huge role, along with other key players such as Brian Hayes, MEP, in reshaping the IORPs II Directive to remove some of its more dangerous and impractical original elements, such as proposed Europe eversheds-sutherland.ie 8 IAPF YEARBOOK 2018 EDUB.1331 Pensions IAPF Yearbook Advert 2018 v2.indd 1 26/09/2017 18:02 CHAIRPERSON’S MESSAGE The knowledge to benefit your business Pension lawyers you can rely on At Eversheds Sutherland we take pension issues Sources remark that Peter Fahy is “client- off your hands and resolve them.
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